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Ethereum’s (ETH) price is not showing strong signs of recovery after a serious retreat from the $2,700 level. However, the price is currently testing an important level, which could soon determine whether the market will recover or decline further.
Ethereum Price Analysis
On the daily timeframe, the price was rejected from $2,700 and the upper boundary of the major ascending channel. The $2,400 level was also breached, and the price is currently being retested from below. If ETH manages to rise above $2,400, an ascent towards the $2,700 level and potentially higher could be expected. On the other hand, a rejection at this level could likely lead to a fall towards the 200-day moving average around $2,000. Looking at the 4-hour chart, the price is slowly advancing towards the $2,400 level. ETH is approaching this level once again after being rejected once before.
The Relative Strength Index is also showing values above 50%, which could indicate that momentum is in favor of buyers. Therefore, a break above the $2,400 resistance zone currently seems more likely. Ethereum’s price is consolidating above the $2,000 level and is unable to sustain upward momentum. Meanwhile, assessing market sentiment could be useful in predicting the potential direction of future price movements.
Coinbase Premium Index
This chart represents the Ethereum Coinbase premium index. The indicated measurement can visualize whether analysts and investors on Coinbase are buying or selling ETH compared to other exchanges. Positive values indicate buying pressure on Coinbase, while negative values show the total supply.
As Coinbase is the preferred cryptocurrency exchange for Americans, it provides a suitable sample to analyze their sentiments. As shown in the data, the index has recently been showing negative values. This could indicate that American investors are selling their assets and generally trending downwards. Since they are an influential group with significant financial resources, their selling pressure could have been the cause of the recent price drop and could lead to further declines in ETH price if sufficient demand is not met.
