Price Analysis

Ethereum Price Analysis Hints Last Pullback Before a Leap to $4000

Ethereum Price Analysis: The overhead supply at $3525 levels hints the ETH price may witness a minor pullback to regain strength.
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Ethereum Price Analysis Hints Last Pullback Before a Leap to $4000

Highlights

  • The Ethereum’s Fear and Greed index at 82% reflects the extreme greed(bullish) sentiment among market participants.
  • The ETH price breakout from the expanding channel pattern hints the crypto buyers are ready for an even more aggressive rally.
  • The intraday trading volume in Ether is $13 Billion, indicating a 34% loss.

Ethereum Price Analysis: The cryptocurrency market entered March with a surge in volatility as the Bitcoin price rally halted at $64000. A minor shift to sideways action has also impacted major coins like Ethereum, XRP, SOL, and BNB each wavering below their respective resistance. However, the massive inflow of capital in spot BTC ETFs which was one of the key reasons for the recent uptrend is still intact.

As per recent highlights from Lookonchain on March 1st, Grayscale (GBTC) reduced its Bitcoin holdings by 3,606 BTC ($223M), while eight spot BTC ETFs, collectively added 10,999 BTC ($680M) to their portfolios. Blackrock alone accounted for 9,730 BTC ($601M) of this increase, showcasing a significant institutional shift toward Bitcoin investment.

Also Read: Crypto Prices Today: Bitcoin At 62K, Ethereum Above $3400 As SHIB & PEPE Surge Over 50%

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Investors Pull $906M Worth of Ethereum Off Exchanges in Vote of Confidence

Ethereum Price| Tradingview

A look at the daily time frame chart shows the Ethereum price has witnessed intense buying pressure since the second week of February. From a local support of $2268, the coin price surged 51% to current trade at $3426.

This bull run can be attributed to collective events such as increasing inflow into BTC ETF, the steady progress in Ethereum’s hardfork upgrade Dencun, and positive sentiment around Spot ETH ETFs.

In a recent observation by the analytical tool IntoTheBlock, Ethereum (ETH) has seen a notable trend of withdrawal from exchanges, with $906 million worth of ETH leaving exchanges this past week. This marks the eighth consecutive week of net outflows for the second-largest cryptocurrency by market capitalization. 

The sustained movement of ETH away from exchanges could indicate a growing trend of long-term holding among investors or a decrease in selling pressure.

Also Read: Crypto Prices Today: Bitcoin At 61K, Ethereum Drops To 3300 As Solana & XRP Gain

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Is Ethereum Price Poised For a New Correction?

Currently trading at $3425, the Ethereum price witnessed a surge in supply pressure at $3524 evidenced by the daily candle with long rejection wicks. If the supply pressure persists, the coin price will revert to 5% to retest the breached trendline of the expanding channel pattern.

Sustaining this support will provide ETH buyers a suitable foothold to prolong the current recovery to $3924, followed by $4235.

Technical Indicator

  • Exponential Moving Average: The fast-moving 20-day EMA may act as a first line of defense for buyers.
  • Relative Strength Index: The daily RSI(80%) slope rising at the overbought region indicates the ETH price might need a minor pullback region bullish momentum.
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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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