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ETH analysis – daily price change outperforms BTC and growth does not end

2 min read

ETH at the last overflow BTC from $ 42,500, it also fell slightly. Interestingly, however, the price of ETH was able to climb to its previous maximum with a higher retracement compared to BTC. In addition, the price also respected MA21. So will growth continue?

ETH continues to grow steadily and at another low tests support at the MA21 level. Relative volume change within the growing leg, it also maintained values ​​similar to the previous growth. RSI, meanwhile, points to negative divergence and creates a symmetrical triangle.

ETH / USD 4H.  Source: TradingView
ETH / USD 4H. Source: TradingView

Price created maximum at $ 2,700, which is the 1,272 extension region of the previous growing leg. The nearest the bull target is at $ 2,900. On the other hand, we will follow as well support at the level of $ 2,320, where the point of control and the area of ​​the previous local maximum are located.

ETH still sideway

In the long run, however, we still observe a sideway structure similar to other cryptocurrencies. This structure has been going on for almost 2 and a half months and has still not been broken. The boundary of this sideway structure is between $ 1,700 and $ 2,900. The band is relatively wide. Until then the price does not exceed the level of $ 2,900, so we are still in the storage zone.

At the level of long-term support of $ 1,700, there is a triple bottom and so far in the short term, the price does not go to this support. Instead, it is important to watch the nearest support $ 2,320 and then $ 2,125.

From a fundamental point of view however, this does not look rosy with ETH. Rising fees certainly affected investors’ expectations. Phase one, which introduces scalability through sharding, has been postponed to 2022. In addition, the decentralized nature of DeFi for ETH may not be as beneficial as it seems at first glance.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
BlackRock (IBIT), the Grayscale Bitcoin Trust (GBTC), Fidelity (FBTC), Ark Invest/21Shares (ARKB), Bitwise (BITB), Franklin (EZBC), Invesco/Galaxy (BTCO), VanEck (HODL), Valkyrie (BRRR), WisdomTree (BTCW), Hashdex (DEFI)

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