Ethereum Technical Analysis: ETH Buyers Try To Take Down $2,060 Resistance

Daily Ethereum ETH Price Analysis

1 Min Read
Last Updated July 23rd 2021
  • Ethereum price tried to break below the $2,060 line this Wednesday.
  • The MACD shows sustained bullish market momentum.
  • Between March 25 and April 2, the Ethereum price jumped from $1,585 to 2 $2,125. Following that, ETH has been pretty much hovering around the $.2060 line. Let’s take a closer look with technical analysis.

    Ethereum Price Faces A Weak Resistance At $2,060

    When we look at the Ethereum price daily chart, we can see that he has flashed two buy signals – the MACD shows sustained bullish market momentum and the parabolic SAR has flipped from bearish to bullish.

    Image: ETH/USD daily

    Looking at the IOMAP, we can see that there is a moderate resistance level at $2,060, wherein 140,000 addresses had purchased 871,000 ETH tokens.

    Image: IntoTheBlock

    CEX vs DEX: A Story Told Through Ethereum Fees

    In the chart above, Ethereum's on-chain fees tell a story of evolution, as DEXs overtake CEXs.

    • Phase 1: CEX trading alongside ICO mania dominate gas fees.
    • Phase 2: Trading activity slows in the bear.
    • Phase 3: DeFi + DEXs + mass CEX withdrawals dominate gas fees.

    Ethereum Price Is Expected To Reach These Levels

    The Ethereum price will likely take over the $2,060 resistance barrier again and aim for the all-time high level again.

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