Analysis of on-chain data shows that despite the challenging market conditions, Ethereum investors are accumulating and confident that a rebound is imminent, with support provided by an ascending trendline and the 50-day EMA likely to determine the direction of the largest smart contracts token.
The cryptocurrency market structure is still in a dilapidated state, facing shrinking volumes. Ethereum (ETH) price has been pivoting around $1,800 for several days with the tug of war betwixt the remaining bulls and bears getting fierce.
2 key levels are likely to determine where the largest smart contracts crypto token with $214 Billion in market cap is heading, beginning with an ascending trendline and the 50-day Exponential Moving Average (EMA).
Regardless of the stability exhibited by Ethereum (ETH) following the rejection from $2,000 earlier this year, its downside appears vulnerable. Having stated that support provided by the trendline around $1,750 is bound to play a critical role in what goes on next.
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