April was a bloody month for crypto, and particularly for Ethereum. The ETH worth fell from its month’s highest degree at $3580 to $2700 final night time. Can we anticipate Could to carry out higher?
Technical Evaluation
Technical Evaluation By Grizzly
The Each day Chart
The next chart exhibits perpetuals’ trade information from FTX. ETH is buying and selling on high of the marked long-term ascending line (in inexperienced).
This pattern line has offered help to the value since January 2021, based mostly on the earlier 5 makes an attempt. ETH noticed a bullish leg following every of those makes an attempt.
Presently, ETH is heading in direction of the sixth try on high of the road, together with the blue horizontal degree, which intersects with the dynamic pattern line at $2,500. A breakdown may very well be catastrophic for ETH.
One factor to notice is that purchaser takers are much less dominant, as evident by taking a look at information from Binance. Previous uptrends have been accompanied by elevated purchaser dominance, which is marked on the chart beneath in yellow. Sadly, there is no such thing as a optimistic sign now.
Key Help Ranges: $2800 , $2500 , $2300
Key Resistance Ranges: $3000 , $3300
Shifting Averages:
MA20: $2961
MA50: $3052
MA100: $2901
MA200: $3456
The 4-Hour Chart
On the 4-hour timeframe, the Fibonacci Retracement degree at 0.786 offered help and has to date prevented ETH from breaking down.
Then again, the Fibonacci degree at 0.618 additionally acts as a stable resistance degree, at the moment round $2900. Suppose ETH can get away above the marked falling wedge (in blue), it might sign a reversal within the brief time period. If a better excessive at $3,000 is fashioned, this will improve the bullish sentiment.
On-chain Evaluation
Variety of Energetic Addresses (14d Shifting Common)
Definition: The variety of distinctive addresses lively within the community, both sender tackle or receiver. Solely addresses that had been lively in confirmed transactions are counted.
This metric normally accompanies worth tendencies and may be thought-about an index of the community’s well being. When the value strikes upwards, we are able to anticipate a rise within the variety of transactions on the community, which will increase the variety of lively addresses. This metric has been below a downward pattern and has reached the bottom degree after recording its all-time excessive in November.
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Cryptocurrency charts by TradingView.
