Cryptocurrencies

Ethereum at 360 ° # 2: Analysis of May 10, 2021

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Hello everyone, I’ll meet you for the second issue of Ethereum 360 ° with an expected analysis I imagine with the pharaonic performance of Ethereum! As always, on-chain data to end with technical analysis. Ethereum at 360 °, second episode, it’s now!


The price goes up, but is it the best?

It’s hard to say we’re on a top. Already, because predicting a top is really difficult and it is against the trend therefore not necessarily the best to trade, but certain on-chain information can show us the state of mind of the market and anticipate a potential decline. The increase in exchange withdrawals could indicate that the Ethereum ecosystem is growing and people are not selling. A long-term vision is visible in anticipation of ETH 2.0. As we can see on the graph, little resemblance to the top of 2017.


ETH price

An extremely bullish trend.

Needless to say, ETH is bullish. The moving averages are bullish, it is almost 500% since the beginning of the year.

Eth / USD 1D

The resistances are broken with a return to these areas as a pullback before resuming the rise.

An increase despite a drop in volumes

In a 4-hour trend, we can see moving averages very far from the price. This is a testament to an extremely bullish trend but one which may warn us of a potential drop just as fast as the rise in CT. We can also see a drop in volumes which no longer necessarily support the price increase.

Two areas of consolidation are interesting, they are at the origin of these upward movements. A return to these price zones or quite simply a small consolidation which would be almost normal and synonymous with profit taking. The first zone of consolidation coincides with the moving averages. An area that I find interesting in the Short Term (CT).

Finally in 1 hour unit of time, the trend is also upward with a pullback on the last high points. We can see an OB (Order Block) on the level of $ 3650 with liquidity that could be sought by institutions under the candle of $ 3700. An area that could therefore be defended by buyers.

Eth / USDT 1h

Either way, Ethereum is one of the best performing assets right now and is benefiting from the consolidation that Bitcoin has undergone so far. Profit-taking for a Long-term investor is totally possible and even advisable given the strong bullish movements of recent weeks.

It was Akinabourse, I’ll meet you on Wednesday for a Binance Coin analysis! Remember, never invest more than you can afford to lose, and most importantly, LEARN MORE. See you soon on CoinTribune !

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Passionate about technical analysis and technology, I have been diligently following cryptocurrencies since 2017.
Beyond trading and investing, I try to democratize, in my own way, the ecosystem that will undoubtedly change our habits of tomorrow!

DISCLAIM

The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.

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