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Ethereum (ETH) Breaks $3,000: Are We Saved?

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Thu, 16/05/2024 - 12:47
Ethereum (ETH) Breaks $3,000: Are We Saved?
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Ethereum has secured a breakthrough above $3,000, but the current state of things suggests that the second-biggest cryptocurrency on the market might still face some troubles. The price has started an immediate reversal, and Ether could face additional selling pressure if it falls below $3,000 again.

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Currently, Ethereum is trading around $3,005, with resistance levels at $3,200 and $3,400. If ETH can break through these levels, it could signal a stronger bullish trend than now. However, if Ethereum falls below $3,000, the support levels to watch are $2,900 and $2,800. A drop below these levels could indicate an aggravation of the bearish trend.

ETHUSD
ETH/USD Chart by TradingView

Recent price action shows that Ethereum is struggling to maintain its upward momentum. The 50-day EMA around $3,067 and the 200-day EMA near $2,800 are critical levels to monitor. Breaking through the 50 EMA would be a positive sign, while falling below the 200 EMA could trigger more selling pressure.

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On-chain data provides additional insights. The number of active addresses on the Ethereum network has been fluctuating, indicating varying levels of user activity. Currently, the number of active addresses is around 450,000, down from recent highs. Transactions on the network have also shown some variability, with daily transactions hovering around one million.

The net ETH emission after EIP-1559 has been slightly negative, suggesting that more ETH is being burned than minted. For now, the situation has changed as activity on the L1 of Ethereum dropped substantially. 

Ethereum's recent breakthrough above $3,000 is a promising development, but the asset is still facing some issues. Key levels to watch are $3,200 and $3,400 on the upside, and $2,900 and $2,800 on the downside.

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