A break is needed – Bitcoin price attempted to break resistance at $35,000, but sellers showed up. After the recent rise in the king of cryptocurrencies, the price is taking a break. For its part, Ethereum is moving above the resistance at $1,770. Will buyers succeed in restarting the rise? Let’s analyze the situation of the prince of cryptocurrencies.
This analysis of the Ethereum price is offered to you in partnership with CryptoTrader and its algorithmic trading solution finally accessible to individuals.
Ethereum price falls 2.7% in 24 hours
Ethereum is less solid than Bitcoin for many months. Indeed, the pair ETH/BTC drop of 13% in one month and of 17% in three months :
Against the dollar, the price of Ethereum drop of 2.7% in 24 hours. However, ETH stagnates in a weekand shows an increase of more than 8% in one month.
The number of active addresses on Ethereum has stabilized since the start of the year
During bull marketsTHE number of active addresses on Bitcoin and on Ethereum tends to evolve upwards. This was particularly the case in 2017, and in 2021:
Since July 2021, we can note that the number of active addresses on Bitcoin is increasing, but not on Ethereum. Overall, we see that this metric fall since the end of the bull market on ETH. However, a stabilization has been in place since the beginning of the year. Is BTC ahead of ETH? This metric shows that the BTC seems to be gradually returning to bullish market conditionsbut the situation still remains fragile for the prince of cryptocurrencies.
Buyers need to react on support at $1,770
For a little over a week, the price of Ethereum has been moving in a tidy enter here lower limit located at $1,770and the upper limit at $1,860 :
Recently, the course was held reject at resistance level at $1,860buyers will have to react at the level of support at $1,770. As long as the support is preserved, the buyers have control over the price in the short term. As a result, a return to $1,860 is possible. On the other hand, a loss of support could bring the price back to the level of the next support located at $1,730. The RSI must regain upward momentumbeyond the bearish trendline so that buyers regain momentum in 4 hours.
Bitcoin is gradually returning to bullish market conditions if we look at the number of active addresses, but this is not yet the case for Ethereum. From a technical perspective, ETH is in a short-term range. The buyers’ objective is to hold the support level at $1,770, and break the resistance at $1,860. In a bull market, or in a bear market, MicroStrategy continues to accumulate BTC.
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