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<p>Ethereum’s price has been undergoing a period of consolidation, characterized by fluctuations that have yet to provide a clear directional bias for market participants. Despite this, the cryptocurrency faces two critical support levels, the 100 and 200-day moving averages.</p><h1 id="technical-analysis">Technical Analysis</h1><p><strong>By <a rel="noopener noreferrer nofollow">Shayan</a></strong></p><h2 id="the-daily-chart">The Daily Chart</h2><p>After failing to exceed the $2.1K level and experiencing an impulsive bearish leg, the price reached $1.8K and entered a consolidation phase. However, during this stage, ETH has not shown a clear direction yet and has printed candles that move up and down.</p><p>Nevertheless, the price currently faces three crucial levels: the 100-day moving average at $1748, the 200-day moving average at $1546 as primary supports, and the $2.1K price zone as major resistance. Given the bullish sentiment in the market, in the event of another cascade, the 100 and 200-day moving averages are likely to buoy the price, spurring another upward movement.</p><figure id="attachment_249818" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/05/ETH-Daily-scaled.jpg" rel="noopener noreferrer nofollow"><img class="wp-image-249818 size-full" src="https://cryptopotato.com/wp-content/uploads/2023/05/ETH-Daily-scaled.jpg" alt="eth_price_chart_0905231" width="2560" height="1386"></a><figcaption id="caption-attachment-249818" class="wp-caption-text"> Source: TradingView </figcaption></figure><h2 id="the-4-hour-chart">The 4-Hour Chart</h2><p>After dropping to the middle boundary of the channel, Ethereum’s price has entered a consolidation range that is clearly evident in the 4-hour timeframe. This price action suggests a battle between the bulls and bears at this crucial price level, where buying and selling pressure appear to be evenly matched.</p><p>Despite this, a downward break of the consolidation range would lead to Ethereum’s next stop at the $1.7K range, whereas a resurgence of the bull’s dominance over the bears would likely see the price attack the $2.1K resistance region.</p><figure id="attachment_249819" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/05/ETH-4H-scaled.jpg" rel="noopener noreferrer nofollow"><img class="wp-image-249819 size-full" src="https://cryptopotato.com/wp-content/uploads/2023/05/ETH-4H-scaled.jpg" alt="eth_price_chart_0905232" width="2560" height="1386"></a><figcaption id="caption-attachment-249819" class="wp-caption-text"> Source: TradingView </figcaption></figure><h1 id="on-chain-analysis">On-chain Analysis</h1><p><strong>By <a rel="noopener noreferrer nofollow">Shayan</a></strong></p><p>Ethereum’s price has been trending upward since the start of 2023, with many investors regaining their profitability. The Net Unrealized Profit/Loss (NUPL) metric, as depicted on the chart, reveals the total amount of profit/loss across all the coins, represented as a ratio.</p><p>This ratio may be interpreted as the proportion of investors who are profitable. Values over 0 denote investor profitability, and a rising trend in value indicates that an increasing number of investors are becoming profitable.</p><p>Given the recent uptrend in NUPL, it follows that more investors are achieving profitability, providing a bullish sentiment across the market. Although this could signal the beginning of a new bull market, investors may soon realize their profits, causing short-term corrections due to growing selling pressure.</p><figure id="attachment_249820" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/05/Screenshot-2023-05-09-at-09-22-14-Ethereum-Net-Unrealized-Profit_Loss-NUPL-Glassnode-Studio.png" rel="noopener noreferrer nofollow"><img class="wp-image-249820 size-full" src="https://cryptopotato.com/wp-content/uploads/2023/05/Screenshot-2023-05-09-at-09-22-14-Ethereum-Net-Unrealized-Profit_Loss-NUPL-Glassnode-Studio.png" alt="eth_nupl_chart_0905231" width="1495" height="861"></a><figcaption id="caption-attachment-249820" class="wp-caption-text"> Source: Glassnode </figcaption></figure><p>The post <a href="https://cryptopotato.com/eth-bears-take-control-as-1-8k-support-seemingly-next-to-test-ethereum-price-analysis/" rel="noopener noreferrer nofollow">ETH Bears Take Control as $1.8K Support Seemingly Next to Test (Ethereum Price Analysis)</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

ETH Bears Take Control as $1.8K Support Seemingly Next to Test (Ethereum Price Analysis)

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