Ethereum Technical Analysis: ETH Is Stuck Below 50-day SMA
Daily Ethereum ETH Price Analysis
- Ethereum price struggles to enter $1,700.
- ETH development activity is on the rise.
Between March 14 and March 24, the Ethereum price crashed from $1,920 to $1,575. During this downward surge, ETH managed to flip both 20-day and 50-day SMAs from support to resistance. However, the bulls found important support at the 50-day SMA and then bounced up to the $1,700-level finding major resistance at the 50-day SMA.
Ethereum Price Stuck In The Lower Half Of Bollinger Band
The Ethereum price is now stuck at the lower half of the Bollinger band and hugging along the downside of the 50-day SMA.
Image: ETH/USD daily
Upon seeing the IOMAP, we can tell that the 50-day SMA resistance is very strong. 680,000 addresses had entered the market around the $1,700 psychological level buying almost 12 million ETH tokens. This level seems strong enough to absorb a large amount of buying pressure.
Ethereum Development Activity Going Through The Roof
The recent rise in Ethereum price coincides with an impressive increase in development activity for the #2 crypto asset, which is now seeing its highest level of GitHub submission rate in 2021.
Ethereum Price Is About To Reach These Levels
Ethereum price will need a great deal of bullish momentum to break above the 50-day SMA.