Ethereum's price has been experiencing a slow uptrend recently, making its way back to the crucial 100-day moving average at $1760. A successful support of this level could potentially initiate a rally with the target of the $2.1K resistance area. The Exchange Inflow (Top 10) metric, which measures the total amount of coins from the top ten transactions that flow into the exchanges, has declined since July 2022, indicating that the selling pressure is not at high levels yet and overall outlook remaining bullish for the mid-term.

The pressure of the $1.6K support region and the 100-day moving average at $1748 are the two key factors that will decide whether the upward trend will continue or a bearish cascade will follow. In case of a breakdown below the 100-day moving average, the mid-term outlook could become bearish. On the other hand, a continued surge at the same price level could indicate higher prices later on.

The 4-hour timeframe shows that the price has declined after a short-term consolidation around the middle boundary of the ascending channel. This correction was followed by a slight uptrend towards the 100-day moving average. Thus, it could be expected that the quick surge will lead to continued buying pressure and a further rally.

In conclusion, Ethereum's price is currently standing at a major crossroads. Although its short-term outlook seems bullish with the selling pressure remaining low, both the 100-day moving average and the $1.8K support region will decide the mid-term direction. A bearish breakdown of the significant support could easily lead to a bearish cascade. On the other hand, a continued rally could result in higher prices later on.



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