On Thursday, Ethereum (ETH) bucked the general market trend, rising 0.06%, to end the day at $1,794. A continued upward trend in ETH staking flows provided support, as investors eye April’s Shapella improvement. Technical indicators remain bullish, with $2,000 in sight.
Ethereum (ETH) was up 0.06% on Thursday. Following a 1.07% gain on Wednesday, ETH ended the day at $1,794. ETH revised the hand to $1,800 for the second session in a row, extending its winning streak to three.
A bullish start to the day saw ETH rally to an early morning high of $1,830. ETH broke above the first major resistance level (R1) at $1,822, before falling to a late-afternoon low of $1,763. Finding support at the first major support level (S1) at $1,768, ETH retested resistance at $1,800, before pulling back.
Pre-Shapella Staking Moves Provide Bullish Signal
ETH staking inflows rise for the third day in a row, a bullish sign. According to CryptoQuant, staking entries increased from 25,824 ETH on Wednesday, to 28,320 on Thursday. The rally came despite plans by the SEC to intensify scrutiny of the digital asset space, with crypto staking as the SEC’s focal point. The total value wagered fell on Thursday before resuming the uptrend this morning, another bullish sign.
Following the SEC’s request to US lawmakers for substantial funding, regulatory activity will remain the focus in the near term. However, we hope that the rulings in the SEC vs. Ripple case materially alter the US regulatory landscape, and remove the powers of the SEC to regulate the digital asset space.
Following the CFTC filing against Binance and the classification of ETH, LTC, and BTC as commodities, the CFTC talk will also play a role.
This afternoon, US economic indicators will likely guide ETH and the broader crypto market. US core PCE price index numbers will be in the spotlight, with a pick-up in US inflation pressure likely to weigh on riskier assets. However, ETH staking entries will continue to attract interest as the Shapella update date approaches.
Ethereum (ETH) Price Action – Technical Indicators
ETH rose 0.55% to $1,804. A mixed start to the day saw ETH drop to an initial low of $1,790, before rising to a high of $1,818.
ETH needs to avoid the $1,796 pivot, to target the first major resistance level (R1) at $1,828, and Thursday’s high of $1,830. A return to $1,820 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 $1863, and resistance at $1900. The third major resistance level (R3) sits at $1,930.
Ethereum has broken above the 50-day EMA, currently at $1772. The 50-day EMA has turned away from the 100-day EMA, with the 100-day EMA pulling away from the 200-day EMA providing bullish signals.
A hold above the 50-day EMA ($1,772) would support a break of R1 ($1,828) to the target of R2 ($1,863) and $1,900. However, a drop through the 50-day EMA ($1,772 would give the bears a run on S1 ($1,761) and the 100-day EMA ($1,743). A drop through the 50-day EMA would send a bearish signal.
By Audy Castaneda
