Ethereum Technical Analysis Report | 14th-May-2024

Crypto
ETH

The crypto market has been on an upward trajectory recently, with Bitcoin surging past the $63,000 mark and Ethereum edging closer to the $3,000 milestone. This surge in Ethereum’s value can be attributed to an improvement in investor sentiment, as evidenced by recent on-chain data. Ethereum’s Open Interest Ratio has notably increased, signalling a bullish sentiment among traders. Moreover, Ethereum’s Market Value to Realised Value (MVRV) ratio has decreased to 1.55 from a peak of 1.74. This decline suggests that the realized value is approaching closer to the market value, potentially presenting a buying opportunity as market sentiment stabilizes.

At the time of writing, ETH was trading at $2,948.

Ethereum Tuesday Daily Chart-14th May 2024
Ethereum (ETH) Chart

ETH after making the high of $4,093 witnessed a sharp profit booking and the prices corrected almost by 31% and dropped to $2,817. On the daily time frame, we can see that the asset is making a ‘Descending Triangle’ pattern and is taking multiple support at $2,850, and the longer lower shadow indicates buying around these levels. If the price holds and sustains above the support of $2,850 then the bulls may resume the up move whereas if it closes below $2,850 then the prices may witness further downfall. $3,000 to $3,050 will act as a strong resistance for the asset.

Key Levels:

  Support 2Support 1AssetResistance 1Resistance 2
$2,600$2,850ETH$3,050$3,400

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