On Sunday, Ethereum (ETH) joined the broader market in positive territory, rising 1.83%, to end the day at $1,776. Easing Deutsche Bank’s jitters and sentiment towards the SEC vs. Ripple was supportive, while ETH participation statistics were bearish. However, technical indicators remained bullish, leaving $2,000 in the offing.
Ethereum (ETH) was up 1.83% on Sunday. Reversing a 0.46% loss on Saturday, ETH ended the week down 0.59% at $1,776. Despite the bullish session, XRP was unable to hold the $1,800 level.
A mixed start to the day saw ETH fall to an early low of $1,741. Breaking away from the first major resistance level (R1) at $1,718, ETH rallied to an early afternoon high of $1,801. ETH broke above the first major resistance level (R1) at $1,768 and briefly through the second major resistance level (R2) at $1,791, before ending the day at $1,776.
Shapella Upgrade Silence Left ETH in the Hands of the Broader Market
There were no updates from Shapella for investors to consider, with the update scheduled for mid-April. The lack of news from the network left ETH in the hands of the broader crypto market.
Easing Deutsche Bank (DB) jitters and investor sentiment towards the SEC vs. Ripple provided price support. Over the weekend, there was no frenetic activity in the German capital to spook investors. German lawmakers were quick to point out last week that Deutsche Bank is well capitalized and profitable.
Hopes of a Ripple victory in the SEC vs. Ripple also provided support. However, headwinds persist, with Binance and Coinbase (COIN) joining a growing list of crypto players on the SEC’s radar.
ETH inflows returned to below 10,000 on Sunday, a bearish sign. According to CryptoQuant, staking entries fell from 13,536 ETH on Saturday, to 8,640 ETH on Sunday, the lowest entry since March 5 (3,552). An entry period of less than 10,000 ETH could indicate non-interests outnumbering those interested after the Shapella update.
The total value wagered also decreased on Sunday. While a decline is not uncommon, an extended downtrend would be a bearish sign.
It is a quiet day on the global economic calendar. The lack of external market forces will leave ETH in the hands of news related to the banking sector and crypto news wires. Comments from the Fed and the NASDAQ Composite Index will also need consideration this afternoon. The NASDAQ mini was up 24.5 points this morning.
Ethereum (ETH) Price Action – Technical Indicators
A range-bound start to the day saw ETH rally to an early high of $1,782, before dipping into the red.
ETH needs to move through the $1,773 pivot, to target the first major resistance level (R1) at $1,804. A move through the Sunday high of $1,801 would signal a breakout session. However, crypto news leads must be ETH-friendly to support a breakout.
In the event of a prolonged rally, the bulls would likely test the second major resistance level (R2) at $1833, and resistance at $1850. The third major resistance level (R3) sits at $1,893.
Ethereum has broken above the 50-day EMA, currently at $1,757. The 50-day EMA has turned away from the 100-day EMA, with the 100-day EMA pulling further away from the 200-day EMA, providing bullish signals.
A hold above the 50-day EMA ($1757) would support a break of R1 ($1804) to target R2 ($1833) and $1850. However, a drop through the 50-day EMA ($1,774) would give the bears a run at S1 ($1,744) and the 100-day EMA ($1,721). A drop through the 50-day EMA would send a bearish signal.
By Audy Castaneda