Ethereum Technical Analysis: ETH Retreats After Touching $2,500 Psychological Level

Daily Ethereum ETH Price Analysis

Last Updated July 23rd 2021
2 Min Read
  • Ethereum price has crossed the 20-day SMA over the last two days.
  • ETH faces a weak-to-moderate resistance barrier at $2,475.
  • Since March 30, the Ethereum price has been riding along the 20-day SMA and jumped from $1,810 to $2,440, growing by almost $630. In fact, ETH even touched the $2,500 psychological level before it retreated. 

    Ethereum Price Has Two Straight Bullish Days After Crossing 20-day SMA

    Over the last two days, the Ethereum price has flashed multiple buy signals:

    1. The 20-day SMA was flipped from resistance to support.
    2. The MACD shows decreasing bearish market momentum.
    3. The parabolic SAR has reversed from negative to positive.

    Image: ETH/USD daily

    Ethereum Daily Chart

    On the upside, there is a moderate-to-weak resistance wall at $2,475. Previously, at this level, almost 90,000 addresses had purchased nearly 160,000 ETH.

    Image: IntoTheBlock

    Ethereum Volume Chart

    Ethereum Whale Addresses Hits New ATH

    Ethereum Whale Addresses

    Santiment shared the above chart to note that the number of whale addresses (>10,000 ETH) has been increasing:

    “The amount of new #Ethereum whale addresses (holding at least 10,000 $ETH) hit a new #AllTimeHigh of 1,311 addresses this weekend. 80.34M tokens are held by wallets with 10k+ $ETH, which currently equates to $198.1B or $151.2M per 10k+ address.”

    Ethereum co-founder Donates $600k Towards India’s Covid-19 relief

    Vitalik Buterin, the co-founder of Ethereum, has donated approximately $600,000 in ETH and MKR towards India’s COVID-19 relief package. Buterin responded to an appeal by Polygon founder Balaji Srinivasan Nailwal who called for donations towards helping India. The country is currently in crisis after witnessing a devastating Covid-19 surge with global partners pledging for support.

    Former Coinbase CTO Balaji Srinivasan also donated about 21.74 ETH valued at approximately $50,000. He said: 

    If you’ve been fortunate enough to do well this year, consider joining me and @VitalikButerin by donating at the addresses below.

    But if all you have is Twitter, help spread the word. For every RT, I’ll donate another $50 to fight COVID in India, up to $100k. 

    According to Nailwal, the funds will be channeled towards acquiring oxygen, food and possibly covering the vaccines’ cost. To uphold transparency, Nailwal affirmed he would publish the spending publicly. 

    Ethereum Price Is Expected To Reach These Levels

    The buyers will need to overcome the $2,475 resistance barrier to conquer the $2,500 psychological level.

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