Ethereum (ETH) is marginally up in the last 24 hours at $1,570. Onchain analytics firm Santiment observes a high correlation between the price of Ethereum and the activity of whales holding 1 million to 10 million ETH. According to Santiment, these large investors have remained dormant since January 20, and the market should keep an eye on them as they could continue influencing the price of ETH. It was also noted that Ethereum’s exchange supply is at its lowest in nearly five years. Particularly after the FTX collapse, ETH has been one of the most prominent assets to be moved into self-custody. Generally, less trading means lower future sell-off probabilities. In Shanghai-related news, Ethereum core developer Tim Beiko says the third and final Shanghai testnet, Goerli, will be upgraded on March 14 at 10:25 p.m. UTC. Beiko notes that a mainnet date has not been explicitly agreed upon, but it will “probably” be set during the next developers’ meeting on March 16.
Key Levels
Resistance Levels: $2,300, $2,000, $1,700
Support Levels: $1,500, $1,200, $1,000
ETH/USD Daily ChartThe ETH/USD pair is ranging as Ethereum gains strength. On the daily chart, it may end above $1,500 as of Sunday, March. 5, when it started trading at $1,566. Around 5% of movement continues to occur each day. And it must be kept in mind that as of the previous day, ETH closed above $1,500. Downside apprehensions caused the ETH/USD pair to decline on Saturday.
It consequently decreased in price to a low of $1,550 on the market. If ETH rallied off the lower line of the downward trend, buyers may push the price higher during the following trading session. The moving average (MA 50) at $1,620, however, can provide resistance for traders who are feeling positive during this session. Ethereum needs to stabilize and reclaim the moving average (MA 50) near $1,600.
ETH/USD 4-Hour ChartBefore now, the potential collapse of the rising 4-hour moving average (MA 50 & MA 200) and horizontal support at $1,500 had unnerved leveraged buyers. In the meantime, short-term profit-taking and the buying-the-dips mentality from the $1,550 lift-off zone have sparked a mild rally during today’s session.
The 4-hour moving average (MA 50), which is located around $1,606, represents the first barrier that the bulls must cross to turn the market around. The upside advance can be muted in the meantime if ETH stays below 50. However, if a breach occurs, there’s support in the event of a relapse. The closing today above $1,500 might encourage buyers to hold on and temper the bearish bias.
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