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Ethereum recovers $ 1,000 but worse?

Ethereum is struggling in the significant support sector. To date, all attempts for uptrend in a shorter time frame have been rejected.

Technical analysis

Through technical analysis Grizzly

Daily Chart

In the daily time frame, the Bulls defended the support sector at $ 900. This level can be extended to the range between $ 900 and $ 700 (in green). The price is moving in a descending channel (in yellow) and touching the low band.

If sellers increase their pressure, it should be noted that in the coming weeks, ETH is likely to move back to the bottom of the channel (~ $ 700). On the other hand, to start the bullish trend requires breaking the horizontal resistance at $ 1300 and moving toward $ 1700. Breaking down the last step is also necessary to reverse the trend.

Key Support Levels: $ 900 & $ 700
Key Resistance Levels: $ 1300 & $ 1500 & $ 1700

1
Source: Trading View

Moving Averages:
MA20: $ 1392
MA50: $ 1793
MA100: $ 2432
MA200: $ 3044

ETH / BTC Chart

Against BTC, the price is currently struggling with the first Fibonacci level at 0.236, at 0.0557 BTC. The support zone is considered in the 0.05 to 0.045 BTC range. The release of basic news, such as a merger event, may persuade buyers to enter the market, but until then, it will be challenging to see cryptocurrency go up significantly.

Key Support Levels: 0.050 BTC & 0.0.045 BTC
Key Resistance Levels: 0.055 BTC & 0.06 BTC

2
Source: Trading View

On-Chain Analysis

Exchange Netflow (Total)

In this chart, it is clear that buyers still cannot dominate the market. The inflow to the exchanges is still high, leading to an increase in exchange reserves, resulting in increased sales pressure. Looking at the successive red histogram bars on the chart, one can expect the oxen to dominate the market.

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Source: CryptoQuant
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Cryptocurrency charts via Trading View.

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