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Ethereum Price Analysis: Investors are showing Faith in ETH Coin

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  • ETH coin plunged from $1930 to $1803 on Friday’s trading session
  • The 24-hour volume in ETH coin is at $23,562,230,735 with a 5.08% increase
  • The ETH/BTC pair was trading at 0.03094 BTC with a loss of 0.70%
Source: ETH/USD on TradingView

SMA-20, 50 & 100 acts as another strong support in the coin. SMA-20 (purple) is below the SMA-50 (white), which projects a bearish trend in ETH coin. The price is also above SMA-100 (red). Investors may perceive a negative crossover in the SMA, and the price will also follow the negative trend.

RSI indicator (NEUTRAL), with a value of 50, indicates a neutral signal in the coin. Moreover, Investors can see an upward slope from 63 to 76 in the index, and it may surge more in future trading sessions.

Support And Resistance

Source: ETH/USD on TradingView

The 4-hour technical chart of ETH coin projects a downtrend. According to pivot points, ETH’s critical support level is placed at $1650. Whereas if it moves up, the key resistance level to watch is $1930. While diving into the weekly chart of a 4-hour time-frame, it completes a pin bar candlestick pattern which represents a sharp reversal and rejection in price.

On Chain Flow Distribution

Source: Intotheblock

Inflow volume of USD in ETH coin has been reduced by 10.07% in the past seven days, which can represent a positive impact on traders for the upcoming trading sessions. Which means that investors are showing faith in ethereum despite an increase in gas fees.

ETH Coin May Plunge 

ETH coin price traded at $1802 with a loss of 1.24% in the last 24-hour and 2.65% up in the weekly time-frame. Furthermore, ETH coin plunged from the resistance of $1930. In contrast, the market capitalization stands at $209 billion. Technically, investors can perceive a negative crossover in SMA. Moreover, the price movement can be towards the support of $1650.

Resistance: $1930

Support: $1650

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