Ethereum nears realized price support, will ETH price rise?
Ethereum has slipped below the $ 1,600 bar, but the chain and technical signals suggest that the market could enter a key accumulation phase.
According to an April 17 analysis by the cryptocurrency contributor Abramchart, Ethereum (Ethn) is negotiated near its price level carried out, historically an area which has preceded significant rebounds. The price made, currently about $ 1,585, served as a reliable signal for accumulation of deep value.
Each major bull in the history of ETH started when the price fell to this level or below this level. Ethereum approaches the lower strip of the price model produced, indicating market cooling and potentially starting long -term holders for the start of the school year.
However, the technical indicators remain mixed. ETH slipped under its 20 -day mobile average and remains well below 200 days, indicating a strong downward trend. The relative force index oscillates just under 40 years, reflecting a weak momentum but not yet completely occurring. Bollinger’s daily bands remain compressed, reflecting lower volatility, but a decisive movement in both directions can be imminent.
If the downward trend Persist, ETH could find support in the range of $ 1,450 to $ 1,550, an area that has historically served as a background. Immediate resistance is around $ 1,670 and stronger air pressure could be felt in the $ 1,930 area.
On the fundamentary level, the capture of Ethereum value on layer 1 has been considerably weakened since the Dencun upgrade, as indicated by a research in Binance of April 16 article. Although the scalability has almost 16 times due to the introduction of Blobs, the change has reduced the revenues of costs L1.
With users migrating to layer 2 cheaper, the role of ETH as “ultrasound money” has decreased, harming its appeal from faster rivals and less compensation as Solana (GROUND) and the BNB channel (Bnb).
Santiment’s apr. 16 analysis revealed that the costs of Ethereum had fallen at lows of 5 years, with an average of $ 0.168 per transaction. This shows a drop in use and congestion, but from a contrary point of view, could refer to a potential rebound.
Historically, low costs of less than $ 1 often precede prices rebounds. As Santly notes, “the more the retail community is leaning out of an asset (in particular one with a development always flourishing), the more the probability of a possible surprise rebound with little resistance.”
A large part of the decline can be linked to a wider macro uncertainty. Santiment has observed that traders are very sensitive to the new price and economic, often delaying the activity of the ETH until greater clarity returns to the global image.
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