Moreover, the RSI is hovering around the mid-50s, which reflects some stabilization, but that alone is not enough to shift the broader trend. Therefore, a sustained daily close above $2.4k is still strovemont capital review the minimum threshold buyers need to target to change the price action regime. These are self-executing contracts with the terms of the agreement directly written into lines of code. They run on the blockchain, so they are transparent, immutable, and don’t require a third party to enforce the terms. Users pay a network fee, known as gas, in Ether to execute these smart contracts and other transactions. Get crypto market analysis and curated news delivered right to your inbox every week.
Chart of the day: Bitcoin holds steady above support
The descending channel on the daily chart remains fully intact heading into April. ETH continues to print lower highs beneath a declining 100-day MA (~$2.4k) and 200-day MA (~$3k). The $2.4k resistance band has now rejected the asset decisively after the February low.
KEY STATS
While the MACD was bullish at press time, the amount of large transaction volume was declining. The Large Transaction Volume declined by 3x, from $17.5 billion to $5.67 billion. Ethereum was first proposed in a 2013 white paper by Vitalik Buterin, who envisioned a platform that could do more than just facilitate digital currency transactions. After a successful initial coin offering (ICO) in 2014, the Ethereum blockchain officially launched in 2015.
Crypto ETF FAQs
If these conditions fail to improve, recoveries may quickly be snuffed out with pullbacks taking center stage. AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions. Ethereum price rose nearly 7% on drawing closer to the $2,200 psychological resistance level after reports suggested that the U.S.-Iran war could end soon.
- In the meantime, Algorand, Stable, and Midnight are leading gains over the last 24 hours.
- This is due to a decrease in network activity as well; in just two months, the number of active addresses dropped from 7 million to 4.69 million.
- Hence, the next immediate resistance level that traders would be keeping an eye on lies at $2,200, a level where previous selling pressure has historically intensified.
A break below $65,000 would expose deeper retracement toward the yearly low at $60,000. The turnaround in US-listed BTC ETFs has seen cumulative inflows average $56.12 billion, with net assets under management at $87.46 billion. If inflows remain steady this week, sentiment around Bitcoin could improve and back a sustained price recovery. The cryptocurrency market remains on edge on Wednesday despite minor price increases across the board amid significantly depressed sentiment driven by the Iran war. On the shorter timeframe, ETH has been trading inside a falling wedge pattern since the mid-March rejection at $2.4k. The price is currently north of $2.1k after breaking above the upper boundary of the pattern over the past few days.
On the downside, initial support comes at $1.33, followed by last week’s low near $1.30. As long as XRP trades below $1.44, rallies are vulnerable to selling interest, while a sustained move above that level would be required to shift the bias toward a more constructive recovery phase. Ethereum’s initial resistance sits at the 50-day EMA near $2,160, followed by the recent swing zone at $2,200 and then the mid-March high around $2,386. A clear daily close above $2,200 would open the way for a retest of $2,386, where previous supply aligns with the broader corrective trend context.
On the downside, immediate support is seen at $2,050, ahead of the rising trendline area around $1,950, which is the key level to maintain the current bullish bias. A sustained break below $1,950 would expose further weakness toward $1,900 and shift the focus back to a deeper corrective phase. Its near-term bias is mildly bullish as price holds above the rising support trendline that originates near $1,745, keeping the broader recovery structure intact despite recent consolidation.