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TA: Ethereum Faces Key Challenge, Why Fresh Decline Still Possible

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Ethereum started a recovery wave above the $2,840 level against the US Dollar. ETH is now facing a major challenge near $2,905 and the 100 hourly SMA. Ethereum started a decent recovery wave above the $2,840 and $2,850 levels. The price is still below $2,900 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $2,900 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear the $2,900 and $2,915 resistance levels to continue higher. Ethereum Price Faces Resistance Ethereum traded as low as $2,766 before it started a recovery wave. ETH was able to settle above the $2,800 resistance zone. There was a move above the $2,840 and $2,850 resistance levels. Ether even climbed above the 23.6% Fib retracement level of the key drop from the $3,040 swing high to $2,766 low. It is still below $2,900 and the 100 hourly simple moving average. On the upside, an initial resistance is seen near the $2,900 level. There is also a major bearish trend line forming with resistance near $2,900 on the hourly chart of ETH/USD. Besides, the 100 hourly simple moving average is acting as a barrier near $2,900. The next major resistance is near the $2,905 level. It is near the 50% Fib retracement level of the key drop from the $3,040 swing high to $2,766 low. A clear move above the $2,900 resistance might start another increase. Source: ETHUSD on TradingView.com The next major resistance on the upside might be $2,975. Any more gains may perhaps send the price towards the $3,030 resistance. Any more gains might send the price towards the $3,120 level. Fresh Decline in ETH? If ethereum fails to gain pace above the $2,900 resistance, it could start a downside correction. An initial support on the downside is near the $2,860 zone. The first major support is near the $2,850 level. If there is a downside break below the $2,850 support, the price could revisit the key $2,800 support zone. Any more losses may perhaps open the doors for a larger decline towards the $2,600 level or even $2,550. Technical Indicators Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is just above the 50 level. Major Support Level – $2,850 Major Resistance Level – $2,900

Crypto News Ethereum

Ethereum Bullish Signal: 800k ETH Exits From Gemini

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On-chain data shows around 800k ETH has exited wallets of the crypto exchange Gemini, a sign that could prove to be bullish for Ethereum. Crypto Exchange Gemini Observes outflows Of 800k ETH As pointed out by an analyst in a CryptoQuant post, the Ethereum exchange reserve has plunged down to lows not seen since 2018. The “all exchanges reserve” is an indicator that measures the total amount of Ethereum currently stored on wallets of all centralized exchanges. When the value of this metric goes down, it means the number of coins on exchanges are going down. Such a trend, when prolonged, can be a sign of accumulation from investors, and hence can be bullish for the price of the crypto. Related Reading | Bitcoin NUPL Shows Average Holder Back In Profit, But For How Long? On the other hand, an increase in the reserve implies users are depositing their coins right now. Since investors usually transfer to exchanges for selling purposes, this kind of trend can have bearish consequences for ETH. Now, here is a chart that shows the trend in the Ethereum all exchanges reserve over the last couple of months: The value of the indicator seems to have plummeted down over the past 24 hours | Source: CryptoQuant As you can see in the above graph, the Ethereum exchange reserve has observed a crash in the last day as a large number of coins have been withdrawn. The chart also includes data for the “netflow,” which tells us about the amount of ETH entering or exiting exchange wallets (or more simply, it measures the changes in the exchange reserve). Its value is calculated by taking the difference between the inflows and the outflows. Related Reading | Short Positions Over $165 Million Get Liquidated Following The Bitcoin And Ethereum Uptrend This indicator has shown a huge negative spike recently, a trend which makes sense given the exchange reserve has plunged down. The quant notes that these withdrawals took place on the crypto exchange Gemini and amounted to around 800k ETH. Gemini is popularly known to be used by whales. In the past, transfers to and from the exchange have usually had a noticeable impact on the market. As such, such a large number of coins exiting from the exchange can mean Ethereum’s near term outlook might be bullish. ETH Price At the time of writing, Ethereum’s price floats around $1.6k, up 13% in the last seven days. Over the past month, the crypto has gained 45% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the value of the crypto has been moving sideways during the last few days | Source: ETHUSD on TradingView Featured image from Bastian Riccardi on Unsplash.com, charts from TradingView.com, CryptoQuant.com

Analysis Bitcoin

Project Galaxy Price Prediction for Today, May 8: GAL Faces Intraday Correction; Trades at $9.65

Masha Pinita

The Project Galaxy price prediction shows that GAL slips as the price drops to $9.6 and may likely create a new low in the next […]

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