Ethereum (ETH) prices are under pressure but about 7% above the May 2023 lows as of this writing.
Currently, the clearest direction to take is to the north, despite the current sell-off. The range between $1,760 and $1,800 seems to provide some support.
In the medium term, resistance is at the $2,000 and $2,100 areawhich are the vital reaction levels defined in the last six weeks of trading.
In general, ETH remains in a bullish breakout formation and expansion of recent gains could see the coin float even higher in a continuation of the uptrend.
MORE PARTICIPANTS IN ETH AND TRANSFERS FROM OLD USERS
The current state of ETH seems to continue considering the developments in the blockchain.
For example, more holders are opting to stake their coins on the Beacon Chain, safeguarding the mainnet.
The more there are validators, the more robust Ethereum becomes; a positive net result.
Meanwhile, more inactive wallets are moving their coins to different directions.
Earlier this week, an inactive wallet that had 8,000 ETH from the Initial Coin Offering (ICO) recently moved more than $14 million to another address.
It is not clear if this address moved the assets from its hardware to another provider such as Trezor.
In recent weeks, news about the delay of Ledger’s new recovery feature and the revelation that they can share a user’s data with authorities has been met with criticism, causing some Ledger customers find themselves opting for other providers.
Ethereum (ETH) PRICE ANALYSIS
Technically, ETH is in a bullish position after completing a retest following mid-April losses.
At current rates, the path of least resistance is up even with today’s losses.
With this, the ETH has its support fixed around the area of $1,830 and $1,860. Buyers appear to be in control after breaking above the recent consolidation, that had capped raises to about $1,860.
Right now, the bullish bar on May 28 anchors the current bullish formation. Each attempt to decline towards $1,830 or the May 28 lows may offer an entry for aggressive traders targeting $1,900.
On the other hand, conservative traders can wait for a strong, high volume break above $1,930 to double their investmentaiming for $2,000.
Losses below $1,830 back to recent range on declining volumes and reversal of May 28 gains negate this bullish view.
Technical charts courtesy of Trading View.
Disclaimer: The opinions expressed do not constitute investment advice. If you want to make a purchase or investment, we recommend that you always do your research.
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