- ETH flashed three different buy signals in the daily chart.
- 20-day SMA prevents Ethereum price from dropping any further.
- Reversed the parabolic SAR from negative to positive.
- Flipped the 20-day SMA from resistance to support.
- The MACD indicates increasing bullish market momentum.
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:
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
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.
Ethereum Price On-Chain Analysis – Santiment
"#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
"#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."
"#Ethereum $ETH NVT Signal (7d MA) just reached a 2-year low of 709.466."
“#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.”
“#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.