Ethereum Technical Analysis Report | 18th-April-2023

More than 1 million Ether worth $2.1 billion has now been pulled from the Ethereum Beacon Chain within the first four days of the Shapella fork, and Ether was back above $2,100 for the first time in 11 months. The 1.03 million ETH withdrawals come from 473,7000 withdrawal requests, with Saturday, April 15 being the largest withdrawal day, with 392,800 ETH. The global volume of the asset has risen by almost 6% while ETH dominance is at 19.8%

At the time of writing, ETH was trading at $2,090.

Ethereum Chart | 18th April 2023
Ethereum (ETH) Chart

ETH after making a ‘Hammer’ candle at the recent bottom of $1,370.4 started to trade in an uptrend and rallied up to $1,850. The asset consolidated in a range from $1,750 to $1,850 for two weeks and gave a range breakout on the upside and surged up to $2,146. ETH has a strong resistance zone from $2,200 to $2,250. Hence, to further rally it needs to break, close and sustain above the key resistance level.

Key Levels:

  Support 2Support 1AssetResistance 1Resistance 2

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