This is ETH’s Most Important Level to Watch This Week – ZellaNews

April was a bloody month for crypto, and particularly for Ethereum. The ETH value fell from its month’s highest degree at $3580 to $2700 final evening. Can we anticipate May to carry out higher?

Technical Analysis

Technical Analysis By Grizzly

The Daily Chart

The following chart reveals perpetuals’ alternate knowledge from FTX. ETH is buying and selling on high of the marked lengthy-time period ascending line (in inexperienced).

This development line has supplied assist to the worth since January 2021, based mostly on the earlier 5 makes an attempt. ETH noticed a bullish leg following every of those makes an attempt.

Currently, ETH is heading in direction of the sixth try on high of the road, together with the blue horizontal degree, which intersects with the dynamic development line at $2,500. A breakdown may very well be catastrophic for ETH.

One factor to notice is that purchaser takers are much less dominant, as evident by knowledge from Binance. Past uptrends have been accompanied by elevated purchaser dominance, which is marked on the chart under in yellow. Unfortunately, there is no optimistic sign now.

Key Support Levels: $2800 , $2500 , $2300

Key Resistance Levels: $3000 , $3300

Moving Averages:

MA20: $2961

MA50: $3052

MA100: $2901

MA200: $3456

The 4-Hour Chart

On the 4-hour timeframe, the Fibonacci Retracement degree at 0.786 supplied assist and has thus far prevented ETH from breaking down.

On the opposite hand, the Fibonacci degree at 0.618 additionally acts as a stable resistance degree, presently round $2900. Suppose ETH can get away above the marked falling wedge (in blue), it could sign a reversal within the brief time period. If a better excessive at $3,000 is fashioned, this will improve the bullish sentiment.

On-chain Analysis

Number of Active Addresses (14d Moving Average)

Definition: The variety of distinctive addresses lively within the community, both sender deal with or receiver. Only addresses that had been lively in confirmed transactions are counted.

This metric often accompanies value traits and may be thought of an index of the community’s well being. When the worth strikes upwards, we are able to anticipate a rise within the variety of transactions on the community, which will increase the variety of lively addresses. This metric has been below a downward development and has reached the bottom degree after recording its all-time excessive in November.