CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$23,285.00
  • ethereum
    ETH$1,610.80
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » ETH » Ethereum Price Analysis: Is ETH Primed for Recovery Following 8% Weekly Correction?

    Ethereum Price Analysis: Is ETH Primed for Recovery Following 8% Weekly Correction?

    Author: CryptoVizArt

    Last Updated Apr 27, 2022 @ 14:45

    Yesterday, much like the stock markets, cryptocurrencies had rough times. Ethereum lost about 9% of its value, and the bears pushed the price toward the support at $2,800.

    Technical Analysis

    By Grizzly

    The Daily Chart

    On the daily timeframe, Ethereum entered a correction phase after failing to break the barrier of Fibonacci Retracement at 0.618. It is currently forming a bullish pattern with the formation of higher highs and lows. However, the main question is whether the bears would allow the support at $2800 to be considered a higher low?

    If this happens, a retest of the horizontal resistance in the range of $3500-$3600 would be slightly more probable. Breaking it and forming another higher high could push the price to $4000. The downtrend momentum seems to have somewhat eased, and sellers are gradually losing power although still holding the upper hand.

    Support Key Levels: $2500 & $2300

    Resistance Key Levels: $3300 & $3600

    2
    Source: TtradingView

    Moving Averages:

    MA20: $3030

    MA50: $3036

    MA100: $2907

    MA200: $3470

    The 4-Hour Chart

    On the 4-hour timeframe, ETH is trading below the descending line (marked red) and the Ichimoku Cloud, which acts as a resistance. What is remarkable is that the downward momentum in this timeframe gradually decreases. If ETH can hold support at $2800 and build a higher high in this zone, one can expect the bulls to retest the resistance at $3000, which is the main barrier in the lower timeframe.

    1
    Source: TradingVIew

    On-chain- analysis

    Exchange Supply Ratio

    Exchange Supply Ratio is calculated as the exchange reserve divided by the total supply for a specific asset such as bitcoin.

    As it is shown in the chart, despite the price decreases, this metric continues the downward trend, which we have already seen in the past uptrends. There is currently no sign of investors’ willingness to deposit their tokens into exchanges.

    3
    Source: CryptoQuant
    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.


    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Ethereum (ETH) Price
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Crypto VizArt
    More posts by this author

    Full-time on-chain Data Analyst and Python Programmer. Passionate about Bitcoin and DataVisualization. Contact: Twitter

  • bitcoin
    BTC$23,285.00
  • ethereum
    ETH$1,610.80
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    13 Biggest Crypto Scandals and Controversial Stories of 2022

    13 Biggest Crypto Scandals and Controversial Stories of 2022

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!