Technical analysis
Key support: $1700 and $1500
Key resistance levels: $2,200 and $2,400
Daily charts
According to the K-chart below, ETH is struggling on a downtrend line (marked blue) that has provided support and resistance for over a year.
This line now prevents the price from falling further and is essential to be maintained by ETH. Another level to watch is $2200 - $2300 (marked in yellow). If bulls can push prices above that level, prices could move up to about $3,000 above the blue line.
However, if sellers resume their downtrend and push prices below $1,700, we can expect the demand area in the $1,300 to $1,500 range to be quickly retested in a matter of days.
However, the line chart below shows a slightly different picture: here, ETH prices have lost dynamic support (marked by red circles) and the trend looks quite bearish.
Ethereum has been unable to form higher highs and lower lows due to its recent sharp declines. $2400 is the key level in this chart (yellow). Buyers should try to consolidate above this support level, otherwise the bearish outlook will remain unchanged.
Moving average:
MA20: $1981
MA50: $2530
MA100: $2726
MA200: $3,167
The ETH/BTC charts
As can be seen from the ETH/BTC pair chart below, bulls can defend 0.06bTC (green) horizontal support after the key 0.065bTC (yellow) level is broken.
However, prices lost their bullish structure as lower lows were forming. The bulls' first task is to return to the yellow resistance top of 0.065, otherwise, the bearish trend is likely to continue.
Key support levels: 0.060bTC and 0.055bTC
Key resistance levels: 0.065bTC, 0.070bTC
Chain analysis
Tokens transferred (total)
Definition: The total number of coins transferred.
The recent market panic has pushed this indicator to its highest level. Volatility has not abated, so investors are expected to continue depositing tokens on exchanges. Only when the indicator starts to decline will the market reach a phase of moderate calm, which will reduce foreign exchange inflows.
