Ethereum Technical Analysis: ETH Flatlines After Threatening To Break Past $1,850

Last Updated July 23rd 2021
1 Min Read

Daily Ethereum ETH Price Analysis
  • Previously, the Ethereum price has flipped the 20-day and 50-day SMAs from resistance to support.
  • The daily ETH chart has flashed multiple buy signals.

On March 26, the Ethereum price jumped from $1,585 to $1,845 on March 30, gaining over $250 in its overall valuation. However, it seems like the entire bullish rally has been blocked by the $1,845 resistance barrier and drops to $1,815.

Ethereum Price Blocked By $1,845 Resistance

Over the last three days, the Ethereum price surge has flashed multiple buy signals?

  • The 20-day and 50-day SMAs have flipped from resistance to support.
  • The MACD shows that market momentum has reversed from bearish to bullish.
  • The parabolic SAR has reversed from bearish to bullish.

eth/usd daily chart 040121

Image: ETH/USD daily

When you look at the IOMAP, there is a very robust support zone at $1,760, which sees a confluence of the 20-day and 50-day SMAs. Previously, at this level, around 711,000 addresses had purchased nearly 12 million ETH tokens. This level is robust enough to absorb a lot of selling pressure.

eth/usd volume chart 040121

Image: IntoTheBlock

Scepticism Surrounds Ethereum Price

As per Santiment, the skepticism surrounding Ethereum price is at its highest level since September 2020.

Santiment Chart

"#Ethereum has wobbled its way back above $1,800, and the crowd has serious doubts on whether it'll last. This extreme level of crowd scepticism is historically bullish for #crypto coins."

Ethereum Price Is Expected to Reach These Levels

The Ethereum price will probably retest the $1,845 resistance and make for the $1,900 level once again.

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