Ethereum Could Retrace $3300 If Looms Below This Interesting Zon
Ethereum Could Retrace $3300 If Looms Below This Interesting Zone
The daily ETH/USD chart highlights the formation of an interesting chart pattern.
Ethereum crypto has been under selling pressure for the last couple of weeks
A breakdown could add on the losses dragging the price near the $3300 level.
The Ethereum price seemed to be retreating from the highs in the last couple of weeks. The bears seemed to be returning back after a short bull run. The broader crypto market also seemed to be cooling down in the last month of the 1st half.
However the recent saw the Ethereum price stabilizing near a 50 day Exponential moving average. Also, the daily chart witnessed the formation of an interesting pattern. At the time of writing, the Ethereum price was hovering close to $3507 recording a moderate gain of 0.40%.
Furthermore, The analysts assume one more dip before a possible breakout of the correction phase. Also, there has been a significant development in the daily active addresses in the recent sessions.
Ethereum Crypto: Daily Active Address On the Rise!
Ethereum price saw almost 7% drop in the price this month which may increase if the bearish pressure extends. Despite the price drop, there has been a significant development in the active addresses count in the recent sessions.
<iframe title="Santiment Chart: Price (ETH), Active Addresses 7d (ETH), Active Addresses 24h (ETH)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=ethereum&pt=ETH&df=2024-03-18T18%3A30%3A01.905Z&dt=2024-06-19T18%3A29%3A59.905Z&emcg=1&wm=price_usd%3Bactive_addresses_7d%3Bactive_addresses_24h&wax=0&wc=%2326C953%3B%23FFCB47%3B%23FF5B5B&ws=%7B%22node%22%3A%22area%22%7D%3B%3B" scrolling="no"></iframe>
As per the data obtained by a financial website app.santiment.net, the daily active addresses and 7-day active addresses count have reported a positive growth despite the price drop. The daily active address count has increased from 400.8K in the 1st week of June to 468K. whereas, the 7 day active address count has jumped from 21.8 million to 2.47 Million.
The active address count reveals the number of unique addresses which are involved in transactions over a given period of time. An increased count in the active addresses generally indicate a possible price surge.
Analysts Anticipate One more Dip in ETH!
The daily ETH/USD chart highlights the formation of a symmetrical triangle pattern with the price currently resting near the psychological $3500 level. Any breakdown could further drag the price towards the next major supply of $3300.
On the contrary, if the price surpasses the upper trendline resistance of the pattern, it may indicate a breakout of the correction phase. On the higher side breakout, the bulls may look to surpass the upper levels of $3700 and $3800.
The technical indicator RSI as well as the 14 day SMA line has dropped below the mean line indicating weakness on the charts.
Conclusion.
Ethereum price has been declining in the last couple of weeks, however, the number of daily and weekly active addresses has risen, suggesting increased network activity which could hint at a future price increase.
Moreover, The ETH/USD chart shows the formation of a symmetrical triangle pattern, with the price near the key $3500 level. A drop below this could lead to a decrease towards $3300, while a rise above could signal an end to the correction phase and a potential increase towards $3700-$3800. The RSI and 14-day SMA indicators suggest current market weakness, as both have fallen below the mean lines.
The daily ETH/USD chart highlights the formation of an interesting chart pattern.
Ethereum crypto has been under selling pressure for the last couple of weeks
A breakdown could add on the losses dragging the price near the $3300 level.
The Ethereum price seemed to be retreating from the highs in the last couple of weeks. The bears seemed to be returning back after a short bull run. The broader crypto market also seemed to be cooling down in the last month of the 1st half.
However the recent saw the Ethereum price stabilizing near a 50 day Exponential moving average. Also, the daily chart witnessed the formation of an interesting pattern. At the time of writing, the Ethereum price was hovering close to $3507 recording a moderate gain of 0.40%.
Furthermore, The analysts assume one more dip before a possible breakout of the correction phase. Also, there has been a significant development in the daily active addresses in the recent sessions.
Ethereum Crypto: Daily Active Address On the Rise!
Ethereum price saw almost 7% drop in the price this month which may increase if the bearish pressure extends. Despite the price drop, there has been a significant development in the active addresses count in the recent sessions.
<iframe title="Santiment Chart: Price (ETH), Active Addresses 7d (ETH), Active Addresses 24h (ETH)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=ethereum&pt=ETH&df=2024-03-18T18%3A30%3A01.905Z&dt=2024-06-19T18%3A29%3A59.905Z&emcg=1&wm=price_usd%3Bactive_addresses_7d%3Bactive_addresses_24h&wax=0&wc=%2326C953%3B%23FFCB47%3B%23FF5B5B&ws=%7B%22node%22%3A%22area%22%7D%3B%3B" scrolling="no"></iframe>
As per the data obtained by a financial website app.santiment.net, the daily active addresses and 7-day active addresses count have reported a positive growth despite the price drop. The daily active address count has increased from 400.8K in the 1st week of June to 468K. whereas, the 7 day active address count has jumped from 21.8 million to 2.47 Million.
The active address count reveals the number of unique addresses which are involved in transactions over a given period of time. An increased count in the active addresses generally indicate a possible price surge.
Analysts Anticipate One more Dip in ETH!
The daily ETH/USD chart highlights the formation of a symmetrical triangle pattern with the price currently resting near the psychological $3500 level. Any breakdown could further drag the price towards the next major supply of $3300.
On the contrary, if the price surpasses the upper trendline resistance of the pattern, it may indicate a breakout of the correction phase. On the higher side breakout, the bulls may look to surpass the upper levels of $3700 and $3800.
The technical indicator RSI as well as the 14 day SMA line has dropped below the mean line indicating weakness on the charts.
Conclusion.
Ethereum price has been declining in the last couple of weeks, however, the number of daily and weekly active addresses has risen, suggesting increased network activity which could hint at a future price increase.
Moreover, The ETH/USD chart shows the formation of a symmetrical triangle pattern, with the price near the key $3500 level. A drop below this could lead to a decrease towards $3300, while a rise above could signal an end to the correction phase and a potential increase towards $3700-$3800. The RSI and 14-day SMA indicators suggest current market weakness, as both have fallen below the mean lines.