According to the July 12 State of the Network newsletter from Coin Metrics, the quantity of monthly unique active addresses on the Ethereum blockchain has fallen to its lowest level since June 20, 2020.
The number of active Ethereum addresses specifically increased in late 2021 and early 2022, peaking at roughly 9 million in late March 2022. The number has since fallen to as low as 6 million, the lowest level in the previous two years.
Source: Coin Metrics Charting Tool
Early in June, Ethereum fell below the $1700 demand zone, and the king of altcoins had no immediate plans to recover. The $1000 band of support has been held for the past month, while the $1300 resistance has not yet been broken.
Ethereum remaines in a bearish zone below the $1,150 support zone. ETH extended decline below the $1,120 and $1,100 levels. It opened the doors for more losses and the price even moved below $1,080.
The price is now trading below $1,100 and the 100 hourly simple moving average. It traded as low as $1,033 and the price is now consolidating losses. An immediate resistance on the upside is near the $1,060 level. The first major resistance is near the $1,090 zone.
The 23.6% Fib retracement level of the downward move from the $1,275 swing high to $1,033 low is also near the $1,090 level. Besides, there is a major bearish trend line forming with resistance near $1,115 on the hourly chart of ETH/USD. The trend line is near the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
The next key barrier is near the $1,150 level or the 50% Fib retracement level of the downward move from the $1,275 swing high to $1,033 low, above which the price start a decent increase. In the stated case, the price could rise towards the $1,200 resistance zone.
More Losses in ETH?
If ethereum fails to rise above the $1,090 resistance, it could continue to move down. An initial support on the downside is near the $1,035 zone. The next major support is near the $1,000 zone.
A downside break below the $1,000 support may perhaps spark a sharp decline. In the stated case, the price could drop toward the $965 level. Any more losses below the $965 level may perhaps call for a move towards the $880 level in the coming sessions.
Hourly RSI – The RSI for ETH/USD is now near the 40 level.
Major Support Level – $1,000
Major Resistance Level – $1,090
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