• Ethereum (ETH) price is currently trading at $1,858 and has been in a consolidatory range for over 35 days.
• Technical analysis shows ETH facing resistance around the MA20, but oscillators are clouding judgment.
• On-chain data suggests there has been a shift towards accumulation behavior with more than 600,000 ETH withdrawn from exchanges in recent days.
Ethereum (ETH) Price
Ethereum (ETH) is currently trading at $1,858 as of 24 hours ago (-0.79% change). The market appears to have been rejected by a tough ceiling of resistance at $1,925 and is now in a minor -3.60% retracement move.
The MA20 has formed a critical moving average since April, suppressing upside price moves for over 35 days. However, the RSI remains flat at 51 and the MACD displays an incredibly bullish 8.78 signal reflecting the newfound support above the MA20.
Net Transfer Volume from/to Exchanges have seen a clear reversal of sentiment towards accumulation behavior since May 23 with more than 600,000 ETH moved off exchanges in recent days (with a value of $1.125bn). This could suggest that ETH price is likely to push up due to supply dynamics.
With technical structure fighting to resume and on-chain signaling suggesting accumulation behaviour, the ostensible downside slide of Ethereum might not be all it seems – potentially providing good potential for growth in 2023 if current trends persist.
Ethereum’s (ETH) price consolidation continues with resistance present around the MA20 but promising signs from technical analysis and on-chain data suggest that ETH could provide strong return potential going forward into 2023 if current trends hold true.