Armand Sirignan
Ethereum has gained some strength, but the current situation does not bring relief.
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Ethereum has secured a breakthrough above $3,000, but current conditions suggest that the second-largest cryptocurrency on the market may still face some trouble. The price has started to reverse immediately and could face further selling pressure if Ether falls below $3,000 again.
Ethereum is currently trading around $3,005 with resistance levels at $3,200 and $3,400. If ETH can break through these levels, it could signal a stronger bullish trend than the current one. However, if Ethereum falls below his $3,000, the support levels to watch are $2,900 and his $2,800. A decline below these levels could indicate a worsening of the bearish trend.
Recent price movements indicate that Ethereum is struggling to maintain upward momentum. The 50-day EMA near $3,067 and the 200-day EMA near $2,800 are important levels to monitor. A break above the 50 EMA would be a positive sign, but a break below the 200 EMA could cause further selling pressure.
On-chain data provides additional insights. The number of active addresses on the Ethereum network fluctuates, indicating varying levels of user activity. The number of active addresses is currently around 450,000, down from recent highs. Transactions on the network also vary somewhat, with the number of transactions hovering around 1 million per day.
Net ETH emissions after EIP-1559 are slightly negative, suggesting that more ETH is being burned than minted. For now, the situation has changed as activity in Ethereum's L1 has dropped significantly.
Ethereum’s recent break above $3,000 is an encouraging development, but the asset still faces some issues. The key levels to watch are $3,200 and $3,400 on the upside and $2,900 and $2,800 on the downside.
About the author
Armand Sirignan
