Ethereum

Ethereum Price Analysis: ETH backtests important support, what’s next?

ETH/USD – Ether Returns To 20-day MA Support

Key Support Levels: $3000, $2960, $2890.

Key Resistance Levels: $3170, $3360, $3540.

After surging by almost 94% over the past three weeks, Ethereum has finally seen a meaningful retracement. The coin is now down by a total of around 8% since hitting $3350 at the start of the week.

The cryptocurrency met resistance at $3350 (bearish . 618 Fib) over the weekend and failed to establish momentum above that. There were signs of bearish divergence, which caused ETH to roll over and hit the 20-day MA today. A. 236 Fib further bolstered the support at the 20-day MA, and it allowed ETH to bounce back above $3000 to the current $3050 level.

ethusd-aug18-min — ETH/USD Daily Chart. TradingView.

ETH-USD Short Term Price Prediction

Looking ahead, the first resistance now lies around $3170. This is followed by $3350 (bearish . 618 Fib), $3540 (1. 618 Fib Extension), and $3790 (bearish . 786 Fib).

On the other side, the first support lies at $3000. This is followed by $2960 (. 236 Fib & 20-day MA), $2890 (June highs), and $2720 (. 382 Fib).

As mentioned, the RSI displayed bearish divergence. It has since pulled back from overbought situations. The RSI is still above the midline, which indicates that bulls still control the market momentum.

ETH/BTC-ETH Breaks Under Short-Term Symmetrical Triangle

Key Support Levels: 0. 067 BTC, 0. 066 BTC, 0. 0651 BTC.

Key Resistance levels: 0. 0691 BTC, 0. 07 BTC, 0. 072 BTC.

ETH traded within a symmetrical triangle structure since August’s first week. Yesterday, ETH fell below 0. 068 BTC. Today, ETH dropped to 0. 0665 BTC but is battling to remain above the 20-day MA at 0. 0675 BTC.

Again, the retracement is quite healthy after ETH surged as much as 25% from the July lows to meet resistance around 0. 071 BTC.

ethbtc-aug18-min — ETH/BTC Daily Chart. TradingView.

ETH-BTC Short Term Price Prediction

Moving forward, the first support towards the downside lies at 0. 067 BTC (. 382 Fib). Then, follow by 0. 066 BTC (100-day MA), 0. 0651 BTC (.5 Fib), and 0.064 BTC (50-day MA).

The first resistance is at 0. 0691 BTC (July highs). Then, follow by 0. 07 BTC, 0. 072 BTC (beraish . 618 Fib), and 0. 074 BTC.

The RSI is back at the middleline. This indicates indecision in the market. So long as the RSI does not dip beneath 50, the buyers could be able to force a recovery back above 0. 07 BTC soon.

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Cryptocurrency charts by TradingView.

Ethereum

Ethereum Price Analysis: What’s Ahead for ETH After a 9% Weekly Dip?

Ethereum currently rests at a notable support region near $3.2K, with market participants closely observing the potential for a bullish rebound.

The Funding Rates metric offers valuable insights into the sentiment within the perpetual futures markets, helping to gauge the likelihood of a recovery.

Technical Analysis

By Shayan

The Daily Chart

Ethereum has seen consistent declines following its rejection at the $4K resistance level, indicating the dominance of sellers. Most recently, another sharp decline pushed the price toward a substantial support zone, defined by the 100-day moving average of $3.1K.

This dynamic support is critical as demand concentration near this region is expected to curb downward momentum, with a bullish rebound being plausible if buying interest emerges.

Currently, ETH is trapped between the 100-day MA ($3.1K) and the $3.5K resistance level, forming a tight consolidation range. A decisive move in either direction will likely determine the mid-term trend.

The 4-Hour Chart

On the 4-hour timeframe, Ethereum broke down from an ascending wedge pattern, a bearish structure that typically signals further declines. This breakdown triggered a swift sell-off, pushing the price toward a support zone defined by the 0.5-0.618 Fibonacci retracement levels.

This support zone has the potential to stabilize the price and possibly initiate a short-term bullish rebound. However, persistent bearish pressure could result in a break below this line, intensifying the downtrend.

If Ethereum breaches this critical support zone, it may trigger panic selling, further strengthening sellers’ dominance. Conversely, a sustained rebound could pave the way for a recovery toward the $3.5K resistance level.

Onchain Analysis

By Shayan

Examining the chart, the recent market correction has coincided with a significant decline in funding rates. This shift suggests growing bearish sentiment among speculators, with many traders betting on further decreases in ETH’s price.

However, upon reaching the substantial support zone at $3K, the Funding Rates metric has started to show signs of recovery. A notable bullish spike in the metric suggests an influx of buying interest as market participants begin to open long positions in anticipation of a price rebound.

If this recovery in funding rates continues, it could indicate sustained demand and the potential for a bullish rebound from the $3K support. On the other hand, if the current recovery loses momentum or reverses, it would signal a return to bearish sentiment, paving the way for a deeper correction.

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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.

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Ethereum

Bitcoin Price Stalls at $94K, Ethereum Struggles to Maintain $3.2K (Weekend Watch)

Bitcoin’s volatile end of the week resulted in a price drop toward $91,000 and a subsequent surge to $96,000 before the asset calmed roughly in the middle.

The altcoins continue to struggle as SOL, ADA, and AVAX have charted 4% daily declines.

BTC Calms at $94K

It was nothing short of a volatile rollercoaster of a week for the primary cryptocurrency. It all started quite promising after the most recent MicroStrategy purchase on Monday, as the asset flew past $100,000 for the first time this year and kept climbing on Tuesday morning to over $102,000.

However, that’s when the landscape changed, and BTC slumped hard later that day, and on Wednesday, it slumped to $96,000. Although that was a painful correction on its own, bitcoin kept plunging in the following days to $91,200 (on Bitstamp) on Thursday, which became its lowest price tag in over a month.

The bulls managed to intervene at this point and pushed BTC north. More volatility ensued with several big moves that eventually pushed the asset to $96,000. However, it failed there and has lost almost two grand since then to trade at $94,000 as of now.

Its market cap has risen to just under $1.870 trillion on CG, while its dominance over the alts is up to 54.5%.

ADA, SOL Struggle

Most altcoins are in the red today as well. Ethereum slipped below $3,200 on Thursday, and even though it managed to recover some ground since that low is close to breaking below it now after a 2.3% daily decline. XRP is among the few alts with minor gains today.

In contrast, SOL, ADA, SUI, AVAX, and LINK continue to lose value, with losses of up to 4%. SOL is well below $190 now, while ADA is just over $0.9. More painful losses come from OM, ICP, and RNDR from the larger cap alts.

The total crypto market cap has lost some steam since yesterday and is down to $3.43 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto

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Ethereum

Weekly Bitcoin, Ethereum ETF Insights: The Highs, Lows, and Key Takeaways

After struggling at the end of the year with numerous consecutive days of net outflows, the spot Bitcoin ETFs in the States finally registered some notable inflows on Friday.

The Ethereum counterparts sit in the opposite corner, as they have been mostly in the green since mid-December despite the FOMC aftermath on the entire market.

BTC ETFs Are Back

The latest FOMC meeting that took place in mid-December had a dramatic and immediate effect on US-based investors in terms of their Bitcoin-related activities. Following a superb streak after the presidential elections in which they poured billions of dollars within weeks into the regulated BTC financial vehicles, they did a 180-turn and started taking funds out.

December 19 was the worst day in terms of daily net outflows, with $671.9 million taken out. By January 2, seven out of the nine trading days were in the red, with a total withdrawn amount of roughly $2 billion.

This negative streak was finally broken on Friday as the spot Bitcoin ETFs saw $908.1 million in net inflows. Fidelity’s FBTC led the pack with $357 million, followed by BlackRock’s IBIT at $253.1 million and Ark Invest’s ARKB at $222.6 million. No fund recorded any outflows.

Friday’s numbers were so impressive that they managed to turn the whole week around. After the $415.1 million withdrawn on Monday and $242.3 million on Thursday, the week ended in the green with $256 million in net inflows, given the minor $5.3 million on Tuesday.

BTC’s price actions within the same week were quite volatile as the asset slumped hard on Monday amid the massive outflows to $91,300. However, it pumped to almost $99,000 later during the week as the inflows returned.

Ethereum ETFs’ Landscape

Unlike the BTC ETFs, the funds tracking Ethereum saw fewer days in the red after the aforementioned Fed meeting. Withdrawals were observed on December 19 and 20, but investors started to pour funds into them in the following days.

The past week was less positive, though, as net outflows dominated. $55.5 million was withdrawn on Monday and $77.5 million on Thursday. The $36 million in net inflows on Tuesday and $58.9 million on Friday couldn’t make up the difference, and the week ended with $36.1 million in the red.

ETH’s price tumbled hard on Monday as well but is 6.5% up on a weekly scale, which is more than double the increase for BTC. As of press time, Ethereum’s native token stands above $3,600.

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