Ethereum is not reassuring. The cryptocurrency market is really struggling emerging from the bear market. If the Bitcoin price remains around $30,000, volumes on exchanges remain very low overall. Also, the drop in the number of pairs available on exchange platforms shows that demand is still not there. For its part, Ethereum is struggling to regain the level at 2,000 dollars. Will sellers take advantage of the situation to continue putting pressure on the price?
Ethereum price falls 1.5% in 24 hours
Ethereum fails to regain the $2,000 level. The Ethereum price falls by 1.5% in 24 h and by 5% in one week.
For the past week, the share price has been in the red. However, the price is rising by almost by 5% in one month and by more than 15% in six months. The pair ETH/BTC has stagnated for a week and climbs 1.7% in one month. Can Ethereum regain its strength against the king of cryptocurrencies?
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Ethereum price climbs, but disinterest is still present
Since the beginning of the year, Ethereum has been on the rise again. In fact, the share price rise by no less than of 55. Although this performance is less than that of Bitcoin (+80%), it’s still a fine achievement after a catastrophic 2022. However, the chart shared by ali_charts on Twitter shows that disinterest is still rife.
According to data from the Glassnode website, theon chain activity seems to be low on the Ethereum network. In fact, the 30-day moving average is below the annual moving average. This shows a downward trend in terms of the number of active addresses, and a divergence with rising share price. During the 2021 bull market, the number of active addresses on the Ethereum network climbed as sharply as the price. These data show that, even if the price does start to rise again, we’re not yet in a bull market. bull market, as in 2021.
Ethereum’s price needs to regain the $1,920 level
Despite the recent fall on theETHit continues to post lows and rising highs.
Buyers now need to retake the $1,920 level. Should this scenario unfold, the price could then return to the level of the resistance at $2,000. Whatever happens, we’ll need to break above this resistance and close above $2,030 to maintain our upward momentum. Should the price fall to support at $1,850, buyers will have to come forward to avoid a new wave of downward pressure. Visit RSI continues to move above the bearish trendline. We should continue to post ascending lows and highs, developing above RSI 55.
Ethereum price recovers in 2023, but network activity fails to keep pace for the time being. This shows that, despite the known increase, we are still a long way from the context of 2021. Ethereum continues to evolve below $2,000. Buyers therefore need to quickly get back to the $1,920 level to avoid falling back to $1,850 or even $1,770.
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