Ethereum Technical Analysis: ETH Flips 20-day SMA From Resistance to Support
Daily Ethereum ETH Price Analysis
- Ethereum price faces immediate resistance at the 50-day SMA.
- The MACD has reversed from bearish to bullish.
The Ethereum price has had four bullish sessions out of the last five, during which it jumped from $2,265 to $2,845. As things stand, ETH is reaching last week’s high of $2,900. During this upward climb, ETH has managed to flip the 20-day SMA from resistance to support.
Ethereum Price Faces Immediate Resistance At 50-day SMA
Having conquered the 20-day SMA, the Ethereum price now faces immediate resistance at the 50-day SMA. Due to this surge, ETH has managed to flip the MACD from bearish to bullish. Do note that the parabolic SAR shows that the present market sentiment is positive.
Image: ETH/USD daily
According to the IOMAP, the Ethereum price faces strong resistance at the $3,000 line. Previously, at this level, nearly 54,500 addresses had purchased over 1.5 million ETH tokens.
Ethereum Gas Fees Continues To Crash
"#Ethereum is ranging at $2,800, and one of the positive signs for the #2 #crypto asset is the fact that its fees are back to low mid-January levels. At just a $5.48 average gas fee per transaction, this allows traders to move assets more comfortably."
4.5% Of ETH Supply Locked Up In Eth2 Deposit Contract
“4.51% of $ETH supply is now staked in ETH 2.0
- ETH 2.0 Staking Rate (%): 4.51%
- Total Value Staked: 5,232,992 ETH
- # of Unique Depositors: 27,332”
BTC and EzH To Be Accepted By Philips For Banksy Auction
Philips is auctioning a famous artwork called “Laugh Now Panel A” created by the anonymous street artist Banksy. Jonathan Crockett, Asia Chairman at the company, announced that BTC or ETH is accepted as a means of auction payment.
In a recent Bloomberg interview, Crockett revealed that the seller insisted on the move as it would grant him more potential buyers and a higher price as an outcome:
We’re really doing this because the seller was open to the idea of opening bidding to a new pool of potential buyers and therefore achieving a higher sale price as a result.
Additionally, Crockett outlined cryptocurrencies’ recent success as many investors gained profits from their growth in terms of USD prices throughout the years. He went further, stating that Philips’ move was ”inevitable.”
The Asia Chairman explained that the buyers would not be able to use multiple digital assets to purchase the piece of art, but only BTC and ETH. The standard way of payment remains Hong Kong dollars for those who prefer fiat money. The price of Banksy’s ”Laugh Now Panel A” is estimated to range between $2,820,000 to $4,100,000.
Crockett agreed that many Asian companies had shown interest lately in the potential of cryptocurrencies. He noted that Philips is only testing the matter with this move as they have never dealt with digital assets before.
In yet another auction, presented by Goldin Auctions earlier this year, an anonymous buyer purchased a signed football card of Tom Brady for about $1.68M worth of the cryptocurrency Litecoin (LTC). The company revealed that this is the most expensive item to be paid in digital assets since it started accepting such payments.
Ethereum Price Is Expected To Reach These Levels
If the Ethereum price manages to cross the 50-day SMAs it will encounter resistance at the $3,000 psychological level.