A long time ago, in a 2013 far, far away, Vitalik Buterin proposed the concept of a new cryptocurrency called Ethereum. In 2015, a network based on a single decentralized virtual machine was launched. From that moment, it can be said that a new era of virtual payments, trading and other nonsense, such as NFT, games based on this, such as CryptoKitties and others, began.

At the same time, Ethereum was originally created not so much as a payment system, but as a base for the affordable implementation of blockchain technology in third-party projects. This was the ladder to success for the young cryptocurrency, which brought it incredible popularity, both among traders and in narrower circles. And to its creator, a fabulous profit.

But now, 10 years have passed, ETHUSD is trading around $2,000 per coin, and we are still waiting for a new era. It cannot be said that everything is bad, or good. Everything is fine – the coin is looking great and continues to be in second place in terms of popularity and capitalization. A market cap of over $220 billion is not something to take lightly.

Moreover, Sui Network was born recently, which has a completely new blockchain architecture. They even say that it is capable of bringing about a technical revolution. Although it’s fairly difficult to find a blockchain that doesn’t say it’s capable of this…

But here comes the news that about 1.55 million ETH was withdrawn from the Beacon Chain deposit contract after the activation of Shapella. This is approximately 48,000 validators.

Let’s quickly recall what validators are. These are the nodes in the blockchain system that take on the task of keeping the network running. They distribute staking rewards, provide network statistics, control the integrity of blocks, etc. Validators are the main actors in any particular blockchain network. But to maintain performance and complete the tasks, coins are required, which the community provides.

And Shapella is just another hard fork of Ethereum, where it tries to become a reference Proof-of-Stake system.

In general, news such as this usually has a strong impact on the price of an asset, but not this time. In the economic calendar, you can track their impact.

Nevertheless, the rate of change in the number of validators according to the logic declared by the developers, as well as the stability of the consensus since the hard fork, didn’t change.

Well, since the price has not changed much against the background of fundamental events, it is worth turning to the technical component of the analysis. You can limit yourself to just support and resistance but do not forget about the 200-day moving average.

MA keeps around 1500 and continues to act as support. As you can see, earlier, it had already bounced the price by 50%. This was facilitated by the emergence of interest in purchases against the backdrop of the upcoming hard fork, as well as the hard fork itself when it was possible to test the price of $2100.

In terms of levels, the price has tested the mirror level, which is currently the resistance. It is worth paying attention to the fact that it is very serious, and for further growth, it is very important to break through and consolidate higher. Yes, buyers have already done a lot to get above $1750-$1800. Thus, they have secured strong support for themselves and use it to their maximum benefit.

The next support can be identified in the range of $1300 to $1400. As mentioned earlier, the 200-day moving average beat the price right there, but this does not negate the fact that the level remains relevant, although it is not worth putting high hopes on it. One, two – well, a maximum of three bounces from the level are always expected, but with each time, the probability of such an event decreases. It would be possible to add here the Bernoulli formula, but one does not want to fall into the abyss of mathematical calculations and hypothetical forecasts again. Therefore, we simply see the level, understand how many times it has realized itself as a support, and draw the appropriate conclusions.

We can confirm expectations and strengthen the range with the help of the Volume Profile. You should not forget about it since trading activity with increased volumes is often associated with price reversals; such areas are important. Therefore, all attention is on POC.

The 6-month Periodic Volume Profile on the daily chart helps out in this case. The main point of control is located around $1650. Smaller deviations in the histogram indicate areas with less horizontal volume accumulation but are good indicators that we are moving in the right direction as to where and how the price might react.

You can complete all of the above in a simple way – to draw a parallel channel. And understand that the price is still in an upward movement. Yes, there are corrections, exits from the channel, so you should not take it at face value. But with complex analytics, this tool always helps. It is worth remembering the notorious 2020, when everyone expected the exit from the channel, as another reminder that the market seems to be still alive. But what happened next will never be forgotten. Ah, good times.

In conclusion, it should be said that any analysis can be supplemented with an analysis of the behavior of the main leader of the cryptocurrency market – Bitcoin. But don’t forget about DeFi, because this way, you can better understand the Ethereum ecosystem and its potential for future growth. With the right analytical tools, investors and industry participants can use this insight to make informed decisions about investing in Ethereum.

With the help of advanced analysis, organizations can gain insight into the Ethereum blockchain and, in turn, make better-informed decisions about their investments. This can be especially useful for those involved in cryptocurrency trading or mining.

Ethereum’s analysis can provide valuable data on transaction records, volumes, price trends, and more. This can be used to inform investment strategies, identify market anomalies, and evaluate the overall health of the Ethereum network. In addition, organizations can use analytics to better understand the technology behind Ethereum and its implications for businesses and individuals.

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