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Lately, Ethereum has been attracting attention with its main network activities and its price has remained relatively stable since March. Ethereum Name Service (ENS) continues to break new records in daily activity and total locked value (TVL). This indicates that Ethereum is being used despite the development of many Layer-2 networks on the Ethereum main network, which has a positive impact on the price.
Ethereum Chart Analysis
Yesterday, for the first time since November 8, 2022, the Ethereum price closed below the support. Today, as of the time of writing, it is priced at $1820 with a daily price change of -0.35%. The break of the support line, which has been tested almost 8 times since March, can have a negative impact on the Ethereum price.
For Ethereum, which closed below an important support, the daily EMA 200 average can be considered as a significant support. No closing has been made below this level since March, and the EMA 200 is currently at the level of $1797. If a daily closing is made below the $1797 level, the drop in the Ethereum price may deepen. In the event of a further decline, the important support levels to be followed will be $1798, $1713, $1615, and $1493, respectively.
Possible Mini Rally with Positive News Flow
It should be noted that the breaking of a support that has not been broken for almost five months and the price remaining below the support for two days may be a bear trap. Especially the non-breaking of the daily EMA 200 support supports this situation. Although the positive news flow in the market does not reflect on the prices of many crypto assets, a positive news from the SEC in the near future will be sufficient for the Ethereum price to rise.
With the support of all these possibilities, the primary target for the Ethereum price should be to stay above the daily EMA 200 average. The resistance levels for Ethereum will be $1865, $1914, $2030, and $2140, respectively. The continuation of the increase in total locked value on the Ethereum network and a possible NFT rally will support this situation. The recent activity in the NFT sector has also been noteworthy. In particular, the fact that the famous NFT collection y00ts will be moved to the Ethereum network strengthens this situation.
