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    Home » ETH » Here is the Level ETH Needs to Reclaim for a Bullish Reversal (Ethereum Price Analysis)

    Here is the Level ETH Needs to Reclaim for a Bullish Reversal (Ethereum Price Analysis)

    Author: CryptoVizArt

    Last Updated Jun 5, 2022 @ 15:32

    This week, ETH reached a high of $2016, however, the second-largest cryptocurrency quickly rolled over and lost the $2K mark once again, and currently trades around $1800.

    This analysis will try to highlight the necessary signals before a possible trend reversal.

    Technical Analysis

    Technical Analysis By Grizzly

    The Daily Chart

    In the last year, Ethereum has experienced several seasonal rallies. However, recent ones were much weaker than those of the previous year. With the ROC 30-D indicator added to the price chart, a break above the baseline has confirmed the beginning of an uptrend (in green).

    The ROC is a momentum-based technical indicator that measures the percentage change between the current price and the price over the past 30 days. As can be seen, there is no positive signal yet, on behalf of this indicator, despite its low levels.

    The ROC might be reanalyzed if ETH breaks above the resistance zone at $2200 – $2400. However, until that happens the bears are in complete control of the market. If the current level of $1700 doesn’t hold – ETH will most likely slip to the next range of support between $1300 and $1500.

    Key Support Levels: $1700 & $1500

    Key Resistance Levels: $2200 & $2400


    Moving Averages:

    MA20: $1959
    MA50: $2486
    MA100: $2713
    MA200: $3140

    The ETH/BTC Chart

    The chart against the BTC pair does not reveal a different story, as the bears dominate the market, and attempt to push the price below the critical support level of 0.06 BTC (in blue). In this scenario, the price is likely to reach the next support line at 0.055 BTC (in orange).

    Based on the chart, consolidating above the resistance at 0.065 BTC (in yellow) is the first step towards a possible trend reversal.

    Key Support Levels: 0.060 BTC & 0.055 BTC

    Key Resistance Levels: 0.065 BTC & 0.070 BTC

    On-chain Analysis

    Spent Output Profit Ratio (SOPR) – 21D Moving Average

    Definition: The Spent Output Profit Ratio (SOPR) is computed by dividing the realized value (in USD) divided by the value at creation (USD) of a spent output.

    As this metric moves below the baseline, investors realize in a loss. This metric has reached its lowest level since the Covid Crash of March 2020, indicating that capitulation is ongoing.

    Looking at past performance, the index has often broken above the baseline during uptrends, this should be the first step in order for ETH to turn bullish again.

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    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
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    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

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