Required containers
- ETH is up less than 1% and is now trading above $2,050.
- The bulls secured the $2,000 support zone, and moved up the card again.
Ethereum is up by less than 1% at the time of writing on Friday, reversing the bearish activity that gripped the market on Thursday. The price may go higher soon as buyers have joined in the last few hours.
Onchain data creates a mixed picture of Ether
ETH is trading above $2,050 at press time, but onchain data paints a mixed picture for the top altcoin. Over the past week, investors in various sectors have scrambled under pressure.
According to onchain data, wallets with 10K-100K, which have been the most expensive throughout the recent period, were drained of 340K ETH between March 24-30.
However, wallets went back to buying on Tuesday, gaining 270K ETH in the past two days.
On the other hand, the 100-1K and 1K-10K ETH wallets continued to distribute, lowering their holdings by almost 200K ETH last week.
Additionally, US spot ETH exchange-traded funds (ETFs) have also posted similar results. ETFs have only recorded two daily gains over the past two weeks of trading, indicating bias.
Ethereum Price Prediction: Bulls protect $2k for sentiment
The ETH/USD 4-hour chart is strong and active as Ethereum posted its first monthly gain in six months.
At press time, ETH is trading at $2,062. Its near-term bias remains subdued as ETH is trading below the 20- and 50-day Exponential Moving Averages (EMAs), which are advancing around $2,080 and $2,160.
The Relative Strength Index (RSI) reads 53, slightly above the neutral zone, while the MACD has settled around the middle, both indicating strong growth.
If the recovery continues, the bulls would be immediately challenged at $2,108, followed by $2,389 and then $2,746. A daily close above $2,108 would be the first step to ease pressure and show a higher resistance band at the 100-day EMA and $2,389.
However, if the sellers regain control, ETH will test the first support at $1,911, followed by $1,741 and $1,524.
If ETH continues to trade below $2,108, it may be at risk of returning to the $1,700 area soon.
