Ethereum Bulls support ETH on $1.8K path
Ether is approaching its upper consolidation boundary at $1.85K.
Quick overview
- The altcoin Ether has been trading between $1.74K and $1.87K, nearing its upper consolidation boundary at $1.85K.
- A break above the daily resistance at $1,861 could lead to a rally towards the psychological level of $2K, supported by bullish momentum in the RSI.
- Conversely, if Ether drops below $1.7K, it may retest support at $1,500.
- Recent data shows a significant decline in Ethereum's Exchange Supply Ratio, indicating more ETH is moving to DeFi platforms or cold storage, alongside increased network activity and investor interest.
Live ETH/USD Chart
The altcoin has been settling between $1.74K and $1.87K for the past week. Ether is approaching its upper consolidation boundary at $1.85K.
Should it break and close above the daily resistance at $1,861, the rally may continue to retest its psychological importance level at $ 2 K. The daily chart’s RSI shows bullish momentum near 60, above its neutral level of 50.
On the other hand, ETH might continue to lose if it drops and closes below $1.7K, retesting its next daily support at $ 1,500
The Ethereum Exchange Supply Ratio fell sharply, indicating a change in market behavior. This decline implies that more ETH is leaving exchanges and probably going to DeFi platforms or cold storage.
Ethereum was trading at $1,836 at the time of writing. As a result of less sell-side pressure, less ETH is available for immediate sale on the market. This could raise the price shortly, with fewer coins available to facilitate trading
ETH network activity exhibits positive patterns.
The number of new addresses rose by 32 percent in the past week, which affirms an increase in investor interest. Furthermore, there has been a 6.96 percent increase in Active Addresses, indicating that current holders are active. Retail sentiment is still high, as evidenced by the 120 percent increase in Zero Balance Addresses.
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