Important points
- $ETH The stock is up less than 1% and is currently trading above $2,050.
- The bulls will defend the $2,000 support level and expect further upside.
Ethereum was up less than 1% at the time of writing on Friday, capping the bearish performance that gripped the market on Thursday. The coin could rise in the short term as buyers have stepped in over the past few hours.
On-chain data paints a complex picture of Ether
$ETH Although trading above $2,050 at the time of writing, on-chain data for top altcoins paints a mixed picture. Over the past week, investors from all walks of life have been under pressure.
According to on-chain data, wallets with balances between 10,000 and 100,000, which were the primary buyers throughout the recent downtrend, offloaded 340,000. $ETH From March 24th to 30th.
But on Tuesday, the wallet went back to buying, taking home $270,000. $ETH Over the past two days.
Meanwhile, 100-1K and 1K-10K wallets $ETH Continue distribution and reduce stock holdings by approximately 200,000 $ETH Over the past week.
Plus US spot $ETH Exchange-traded funds (ETFs) are showing a similar trend. Over the past two weeks of trading, the ETF has recorded inflows on just two days, indicating a bearish bias.
Ethereum Price Prediction: Bulls Defend $2000 Psychological Level
of $ETHThe 4-hour chart of /USD is bullish and efficient as Ether posted its first monthly rally in six months.
At press time, $ETH is trading at $2,062. Short-term bias remains slightly bullish. $ETH is trading below its 20-day and 50-day exponential moving averages (EMAs), with prepayment caps at approximately $2,080 and $2,160.
The Relative Strength Index (RSI) is just above the neutral level at 53, and the MACD is stable near the midline, both indicating increasing bullish momentum.
If the recovery continues, the bulls will face immediate resistance at $2,108, then $2,389, and then $2,746. A daily close above $2,108 would be the first step to relieve pressure and expose a higher resistance band towards the 100-day EMA and $2,389.
However, if the seller regains control; $ETH We test the first support at $1,911, then $1,741, then $1,524.
if $ETH If it continues to trade below $2,108, there is a risk of a reversal towards the $1,700 area in the short term.
