Ethereum Technical Analysis: ETH Reverses Parabolic SAR From Negative To Positive

Daily Ethereum ETH Price Analysis

Last Updated July 23rd 2021
3 Min Read
  • Ethereum price has had three straight bullish sessions.
  • ETH crashed by ~50% between May 12 and May 23.
  • Over the last three days, the Ethereum price had a hattrick of bullish sessions, during which it jumped from $2,100 to $2,730 – gaining over $600 in its overall valuation. Prior to that, ETH lost almost 50% of its overall valuation as it crashed from $4,200 to $2,088  between May 12 and May 23. Let’s take a closer look with technical analysis.

    Ethereum Price Rally Blocked By The 50-day SMA

    Following the bullish rally of the last three days, the Ethereum price has jumped and reversed the parabolic SAR from negative to positive. ETH reached an intraday high of $2,920 before correcting to $2,730. The MACD shows decreasing bearish market momentum.

    Image: ETH/USD daily

    eth/usd daily chart 052721

    Looking at IntoTheBlock’s IOMAP, Ethereum price faces immediate resistance at the 50-day SMA($2,800). Previously, at this level, over 130,000 addresses had purchased almost 765,000 ETH tokens.

    Image: IntoTheBlocks

    eth/usd volume chart 052721

    Ethereum Gas Usage Goes Up, But Then Transactions Go Down

    ETH Gas Usage

    Glassnode noted that the Ethereum gas usage has gone up quite a bit.

    “ETH Median Gas Usage (7d MA) just reached a 3-month high of 34,623.887 Previous 3-month high of 34,487.756 was observed on 10 March 2021.”

    However, the number of Ethereum transactions seems to have gone down.

    ETH Transactions

    “Number of Transactions (7d MA) just reached a 1-month low of 53,232.679.”

    Along with this the number of sending addresses has also dropped.

    ETH Sending Addresses

    Ethereum More Alluring Than Bitcoin Right Now?

    ETH Exchanges Reserve

    "@JA_Maartun" made this observation on Twitter:

    "I hate it to say, but $ETH seems more attractive than $BTC. $ETH Balance on exchanges are back on pre-dump levels. Combined with the break of the daily price levels (2775$), it is stronger than $BTC which hasn't recovered inflow levels & is at daily resistance"

    GameStop building an NFT platform on Ethereum

    GameStop, one of the largest video game retailers, has recently unveiled a new web portal for a non-fungible token (NFT) platform. The company noted that they are “building a team.”

    We welcome exceptional engineers (solidity, react, python), designers, gamers, marketers, and community leaders.

    The exact scope of the project is currently. However, a link highlighted on the website leads to an Ethereum address, indicating that GameStop's team will use Ethereum as a technology base.

    The smart contract code declared "Game On Anon,” linked to GameStop's NFT page, and indicated that potential GameStop-released NFTs will utilize Ethereum's ERC721 standard. The code also pointed to a dedicated token, GME.

    Reflecting on the intended audience for the NFT offering emerging from GameStop's team, an animated image on the page stated:

    Power to the players. Power to the creators. Power to the collectors.

    In related news, blockchain startup Propy is auctioning an apartment as an NFT. The NFT is attached to a modern, brand new, one-bedroom apartment in Kiev, Ukraine, that Propy previously made history with by making it the first-ever blockchain-based real estate sale.

    Ethereum Price Is Expected To Reach These Levels

    The buyers will need to push the  Ethereum price above the 50-day SMA to take down the $3,000 psychological level.

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