An aggressive renewal of selling in the cryptocurrency complex may derail the relatively positive outlook for Ethereum price.
The most crucial level of support is the February 20 high at $2,042,
a price that has been resistance and support in April and May on an intra-day and closing basis.
If selling does not halt, the May 23 low will offer modest support, but the vital level is the strategically important 200-day SMA at $1,638.
It should motivate prominent investors and institutions to begin accumulating in size.
Conveying a bullish message for Ethereum price is the Sentiment Market Value Realized Value (MVRV) metric.
The current metric reading is negative despite the 70% bounce in ETH, indicating that the smart contracts giant remains undervalued.
The most crucial level of support is the February 20 high at $2,042,
a price that has been resistance and support in April and May on an intra-day and closing basis.
If selling does not halt, the May 23 low will offer modest support, but the vital level is the strategically important 200-day SMA at $1,638.
It should motivate prominent investors and institutions to begin accumulating in size.
Conveying a bullish message for Ethereum price is the Sentiment Market Value Realized Value (MVRV) metric.
The current metric reading is negative despite the 70% bounce in ETH, indicating that the smart contracts giant remains undervalued.