Ethereum does not reassure. The cryptocurrency market is struggling to really get out of the bear market. If the bitcoin price remains around 30,000 dollars, volumes remain generally very low at the level of the exchanges. Also, the drop in the number of pairs available on trading platforms shows that the demand is still not there. On his side, Ethereum has trouble getting back to the level $2,000. Will the sellers take advantage of this to continue to put pressure on the price?
Ethereum price drops 1.5% in 24 hours
Ethereum fails to regain the $2,000 level. THE ethereum price fall 1.5% in 24 hours and 5% in one week.
For a week, the price has been in the red. However, the course is in rise from close 5% in one month and more than 15% in six months. The pair ETH/BTC has been stagnating for a week and climb from 1.7% in one month. Can Ethereum regain strength against the king of cryptocurrencies?
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Ethereum price climbs, but disinterest is still present
Since the beginning of the year, Ethereum has regained its colors. Indeed, the price shows a rise no less 55%. Although the performance is lower than that of Bitcoin (+80%), it is still a good performance after a catastrophic year 2022. However, the graph shared by ali_charts on Twitter shows that disinterest is still relevant.
According to data from the Glassnode site, theon-chain activity seems to be weak on the Ethereum network. In fact, the 30-day moving average is below the annual moving average. This shows a downtrend in terms of the number of active addresses, and a divergence with rising price. During the bull market known in 2021, the number of active addresses on the Ethereum network had risen as sharply as the price. These data show that even if the price starts to rise again, we are not yet in bull market situation, as in 2021.
Ethereum price to resume level at $1,920
Despite the recent fall known on the course of theETHit continues to display bottoms and rising tops.
Buyers must now retake the level at $1,920. If this scenario takes place, the price could then return to the level of the resistance at $2,000. Whatever happens, it will be necessary to get rid of this resistance and close above $2,030 to be able to continue on the bullish momentum. In the event of a drop to the support level at $1,850, buyers are going to have to show up to avoid another wave of declines. THE ROI continues to evolve above the bearish trendline. It should continue to show ascending lows and highs, developing above 55 RSI.
Ethereum’s price recovers in 2023, but network activity is not tracking For now. This shows that, despite the known increase, we are still far from the context known in 2021. Ethereum continues to evolve below $2000. Buyers therefore need to quickly recapture the $1,920 level to avoid going back to $1,850 or even $1,770.
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