Ethereum Price Prediction: ETH Successfully Reverses Parabolic SAR From Negative To Positive

Daily Ethereum ETH Technical Analysis

2 Min Read
Last Updated July 23rd 2021
  • ETH flashed three different buy signals in the daily chart.
  • 20-day SMA prevents Ethereum price from dropping any further.
  • Between June 4 and June 25, the Ethereum price crashed from $2,850 to $1,800 – losing nearly $1,000 in its overall valuation. During this drop, ETH flipped both the 20-day SMA and the parabolic SAR from bullish to bearish. Let’s see what happened after this.

    Ethereum Price Sits On 20-day SMA

    Between June 26 to June 30, the Ethereum price has had five straight bullish sessions wherein it went from $1,805 to $2,250. During this jump, ETH managed to do flash three different buy signals:

    • Reversed the parabolic SAR from negative to positive.
    • Flipped the 20-day SMA from resistance to support.
    • The MACD indicates increasing bullish market momentum.

    Following this rally, Ethereum dropped to $2,200 this Thursday due to a bearish correction. The 20-day SMA has helped prevent a further fall.

    Image: ETH/USD daily

    ETH/USD daily chart 070121

    Looking at IntoTheBlock’s IOMAP, we can see that the Ethereum price is sitting on crucial support at the 20-day SMA ($2,175). Previously, at this level, over 810,000 addresses had purchased almost 2.85 million ETH tokens.

    ETH/USD volume chart 070121

    Ethereum Price On-Chain Analysis – Santiment

    ETH/USD santiment chart 070121

    "#Ethereum has been volatile since surpassing #Bitcoin's daily address activity for the first time. Our whale tracking data indicates that $ETH whale address holding 10k+ coins now hold 70% or more of the supply for the first time since September 2017."

    Ethereum Price On-Chain Analysis  – Glassnode

    ETH/USD glassnode chart 070121

    "#Ethereum $ETH Mining Difficulty just reached a 1-month low of 6,307,138,653,122,440. Previous 1-month low of 6,439,506,338,764,830 was observed on 22 June 2021."

    ETH/USD glassnode chart 2 070121

    "#Ethereum $ETH NVT Signal (7d MA) just reached a 2-year low of 709.466."

    ETH/USD glassnode chart 3 070121

    “#Ethereum $ETH Miner Revenue just reached a 4-month low of $1,096,941.17. Previous 4-month low of $1,100,953.55 was observed on 01 March 2021.”

    ETH/USD glassnode chart 4 070121

    “#Ethereum $ETH Number of Addresses in Loss (7d MA) just reached a 6-month high of 7,071,460.464.”

    Ethereum Price Is Expected To Reach These Levels

    The Ethereum price needs to bounce up from the 20-day SMA and test the $2,435 resistance barrier. A further rise should take ETH to the $2,500 psychological level.

Top Brokers in
    All Regulated Brokers
    67% of retail clients lose money when trading CFDs with this provider.