Ethereum bulls have a tough battle ahead: Will these key levels help?

The $3600-$3650 region had served as resistance back in March and the first half of April but was breached and flipped to support in late May.set to face selling pressure from miners and Mt. Gox and a general lack of demand, ETH bulls might have an uphill battle ahead.AMBCrypto observed that the in/out of money around the price data from IntoTheBlock showed a large amount of ETH was bought in the $2970-$3171 zone, amounting to 2.28 million Ethereum.

As the price approaches this level, the amount of holders at the money would increase, which means this region would be hard to break down. Similarly, any price bounce would struggle to climb above $3.5k, since many of the holders would be near breakeven at that price and would look to sell due to the fearful conditions.The daily active addresses have trended upward in June even though prices have fallen lower. Rising active addresses is a good sign for network usage. But the other metrics were bearishly biased.The mean coin age has dramatically trended downward over the past month.

Together, they were a strong sign of further bearishness. The MCA has to begin trending higher to hint at price recovery.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.

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