Ethereum Technical Analysis: ETH Bulls Look To Offset Saturday’s Losses

Last Updated July 23rd 2021
2 Min Read
  • Ethereum price jumped by $100 over the last two days.
    • The MACD shows increasing bullish market momentum.

    The Ethereum price increaseded from $2,000 to $2,105 over the last 48 hours, gaining almost $100 in overall valuation. Prior to Saturday’s drop, ETH jumped from $1,585 to $2,152.45 between March 25 to April 2 – reaching a new all-time high level.

     

    Ethereum Price Makes A Jump For The All-Time High Level

    Looking at the daily Ethereum price chart, it seems like ETH is likely going to touch the all-time high level again. There are two things that shows that this upward climb is in the cards:

    • The MACD shows increasing bullish market momentum.
    • The RSI still hasn’t reached the overbought zone, giving ETH further room for growth.

    Image: ETH/USD daily

    The IOMAP shows us that the nearest healthy support wall for Ethereum price is at $2,030. Previously, at this level, nearly 175,000 addresses had purchased around 3.35 million ETH tokens. Below that, the strong support is at $1,930. At this level, around 112,800 addresses had bought a staggering 8 million ETH tokens.

    Image: IntoTheBlock

    Why Did Ethereum Reach All-Time High?

    According to Santiment, there are three reasons why Ethereum price recently reached new all-time highs:

    1. Rising number of daily active new addresses.
    2. Rising address activity.
    3. Declining number of exchange deposits.

    In fact, when we see the number of daily active addresses entering Ethereum.

    Over the last week, the number of daily active addresses reached a high 194,000 on April 1. This number then dropped to 160,500 over the next two days before rising up to 191,700.

     

    Ethereum Price Is Expected To Reach These Levels

    Ethereum price is like going to touch all-time high levels again.

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