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Ethereum Price

Ethereum Stumbles Against Bear as Market Enters Red Zone

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The start of the new week spelled misery for the world’s largest altcoin as prices plummeted to 14-day lows. Ethereum’s drastic price action was replicated across all indicators as well with a majority of them siding with the bear. At the time of writing, Ethereum was trading just above the $2000 mark.

The cryptocurrency’s current price hold came at a time when organizations were building new products on the Ethereum platform. India-based CoinDCX recently launched an Ethereum backed token called Liqueth with the intention of making staking accessible to all. Speaking about its latest token, CoinDCX CEO and co-founder Sumit Gupta stated:

“We want to make staking very simple and accessible for our users, which is why we are providing an ETH staking facility to anyone who holds at least 0.1 ETH in their CoinDCX wallet. Ultimately, we believe that this will allow our users to unlock the full earning potential of digital assets—by more actively participating in the token economy and the DeFi space.

Ethereum 1 hour:

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Ethereum Stumbles Against Bear as Market Enters Red Zone 3

Ethereum’s hourly charts showed signs of the bear’s arrival in the market. After having enjoyed the near $2500 range this month, the cryptocurrency was currently holding immediate support of $1992. Meanwhile, the immediate resistance clocked in at $2398 after which Ethereum dipped sharply.

The RSI surged back into the oversold zone post crashing below it on the 12th. This was a sign that users were buying back into the Ethereum market despite the red streaks on the chart. According to the Chaikin Money Flow, the capital coming into the Ethereum ecosystem had drastically reduced compared to the outflow.

The upper and lower Bollinger bands had converged towards one another indicating a price settlement.

Ethereum 1 day:

eth 1 d 1
Ethereum Stumbles Against Bear as Market Enters Red Zone 4

This year has been nothing short of dynamic for the altcoin. After the surge in May, a massive price correction brought Ethereum to its current level of $2014.

The CMF in the long term had turned for the worse but still stayed above the zero line. Reduced capital flow was imminent and if this continues, the outflow may overtake it soon.

Bollinger bands on the daily spectrum moved parallel to each other. An increased sell-off pressure may result in the upper band diverging from the lower band. The Relative Strength index fell below the zero line today as the selling pressure overtook the ETH buying pressure.

Ethereum May Still Cross $500 in September, Here’s Why

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The volatility reflected on Ethereum’s chart was for everyone to see in the current market. After registering a value of $289 on 1st September 22:00 UTC, the price unceremoniously dipped down to $420, just 11 hours later. The larger ecosystem believed that the resistance implied just below $500 is possible too much to handle for Ethereum. According to Santiments’ recent data on Twitter, its Daily Active Addresses were under a severe decline as well.

ethereum news

The analytics platform believed that the largest altcoin has been indicating weak fundamentals all-throughout August and that’s why the bullish sentiment was quickly flushed over the past 24-hours. They stated,

“Daily Active Addresses vs Price Model continues to show a clear deficit in address activity to justify ETH traders’ bullish euphoria quickly faded.”

However, it is likely that Ethereum’s fundamental weakness might not stop the altcoin’s pursuit of attaining a position above $500.

Deribit ETH options record new highs 

According to Deribit’s recent institutional newsletter, Ethereum concluded a drastically positive period for itself in terms of Options activity. The exchange stated that the total turnover registered by ETH Options topped $15 billion in August 2020, which was 44% more than in July 2020.

ethereum analysis

The number of ETH option contracts recorded was also an all-time high with 2,477,195 ETH contracts traded, up by 32% from July 2020. If the chart above is observed closely, it can be pictured that ETH activity has slowly eclipsed Bitcoin‘s on Deribit in August 2020.

The bullish sentiment attached to Ethereum was verifiably strong in spite of the massive price dump 24-hours before.

How does Sentiment help Ethereum now?

It is extremely important to understand that the lack of Daily Active Addresses has also been a price blessing for Ethereum. The decline of DAA is in direct correlation with the usage of DeFi, as the congestion was pricing out unique transactions taking place on the network.

However, the benefits are evidently being noticed with ETH attaining yearly-highs on a consistent basis.

ethereum price

At the moment, the probability of Ethereum closing above $520 is 14%. In comparison, the probability in July was only 3%, which means that the bullish sentiment was reciprocated strength in spite of weak fundamentals.

In the long-run, it can be detrimental for Ethereum’s adoptions and organic growth is vital for long-term sustenance but for the time being, price-performance meant everything to the market, and Ethereum is standing strong on those foundational grounds.

Ethereum’s 2-Year High of $433 Does Not Match its Network Growth

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In 2020, Ethereum made a name for itself to surprise the community when they least expected a breakout.
On July 21, when Ethereum surged over $170, rising from $230 to $400, ETH proponents were on the verge of believing that anything could happen now. However, people in the crypto space tend to forget about the rally, and over the last 12 days, there has been enough speculation that the ETH rally has been done and dusted.

The largest altcoin managed to pull the rabbit out of the hat, yet again.

Witnessing a surge of 13.10 percent in the last 24-hours, Ethereum went passed its resistance at $400, attaining a high of $433. Right now, the valuation of Ether is at $425 as the altcoin is exhibiting consolidation.

While the Ethereum community rejoiced over the recent rally, metric-wise a lot was going in the network, which was not necessarily positive for the asset.

Ethereum hashrate on a 20-month High; but Daily Active Addresses low

Painting a picture of extreme contraction, it began with Ethereum clocking in a record hashrate of over 201 million GH/s, its highest network rate since mid-July 2018. Now, the increasing hashrate is a notable sign that the network is being used more and more, and activity should be reaching sky-high levels.

Miner revenue from fees and fee ratio multiple

A similar picture was created by the miner revenue, which attained its highest ever levels in Ethereum’s history. ETH miners were earning a profit of 18% on a 30-day average, which indicated the development of the space.

However, Santiment’s chart pictured the extreme opposite of high user involvement.

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The chart is a clear explanation that Ethereum’s network is not what it seems at the moment. According to the bar graph, Ethereum’s daily active addresses are on a 67-day low at the moment, recording only 350,000 addresses on 12th August. The network recorded such a low number back on June 7th, when ETH was priced under $250.

After the recent price surge, Santiment expressed its surprise as well. The analytics platform suggested,

Hence, it can be speculated that even though prices are soaring for Ethereum at the moment, they are legitimate holes in the network that does not match price development with ecosystem growth. On paper, Ethereum is undoubtedly the 2nd best crypto asset out there, however, the situation behind the curtains might be a little worse than expected.

Is Ethereum’s $400 Resistance Becoming Weak or Becoming a Problem?

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Ethereum’s rapid hurrah towards $400 is quickly becoming a price point of concern for its supporters. After Ethereum clocked in above the range of 1st August, ETH bulls were deliriously delighted. They hoped that this is the beginning of Ethereum’s long-awaited bullish rally which will take them above the elusive $1000 price again. The sentiment dropped down quite a notch since the 1st day of the month.

Ethereum daily chart

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At the time of writing, Ethereum’s value has maintained a close trading range, encapsulated under an ascending channel pattern. The problem with the above pattern is that it carries bearish implications for the future. As Ethereum appears to struggle under the $400 range, a legitimate argument can be made that the asset made has reached a dead-end for the time being. Moving Average is maintaining an active support but the bullish momentum is slowly tapering down.

Sellers can be expected to come back anytime at the moment as the Relative Strength Index might move from a position of strength to a position of weakness very fast. MACD also suggested that a possible trend reversal should be expected as the orange line appeared to enter a cross-over with the blue line.

Eth tron 4 hour e1596724225428

However, the concerns were not over yet.

Ethereum’s 4-hour chart did not paint a pretty picture either as the coin appeared to exhibit a rising wedge pattern. A bearish pullback is usually expected from such situations and a drop down to $381 cannot be taken out of consideration.

In the meantime, the dropping trade volume is the biggest red-flag. With the price rise over the past week, Ethereum’s trade volume has continued to dip, indicating the creation of a bearish divergence. Now, such market conditions lead to weak rallies on top and eventually resulting in a massive price drop towards the bottom.

Ethereum’s $400 is weakening, according to Expert

Now, with the above data condoning towards a bearish forecast, not everyone was buying into the negative perspective. For popular crypto trader, Michael Van Poppe, ETH’s resistance at $400 appeared to weaken over the past week.

He tweeted,

With Poppe expecting new highs in the market, it will be interesting how the market turns out over the next couple of weeks. For Ethereum bulls, another rally above $400, and eventually crossing $500 will be huge. However, if the largest altcoin is hit with another strong period of correction, the bull run could be over for Ethereum for the quarter.

Ethereum Price Prediction: ETH May Push Towards $430 if $397 is Crossed

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Ethereum Price Prediction

Ethereum collapsed on August 2nd, it was pretty frightful. After registering a yearly high of $407 due to high liquidations on both the Bitcoin and Ethereum futures, the altcoin was dealt with by a deafening drop. Dropping to $325 at one point in time, the asset has been able to carve its way above $369 in the last 24 hours, injecting a little optimism on the market.

ETH 1-hour chart

ETH price prediction

At first glance, ETH traders will be salivating on 1st glance on the 1-hour chart. Over the past day, ETH has been oscillating between an ascending channel, which is a predominantly bullish sign in the market. The token is currently right under the resistance at $397, which is holding strong for the moment. Considering the breakout is positive from the pattern, and the asset is able to break through the resistance, a re-test above $407 is likely as well.

However, the bearish divergence between trading volume and price is varying sign. The rally hasn’t been supported by high volume, which might be indicating a false rally at the expense of past performance.

ethereum trading view

From a bullish side, if ETH is able to break above $407, the main thing to watch is the Relative Strength Index or RSI. The buying pressure facilitated by RSI is currently under the resistance at 62, nearing the overbought zone again in the charts.

Any move above this region will give the asset enough moment to possibly register a new high at $430, which was last witnessed back in 2018.

ethereum news

Now, market indicators again illustrated a conflicted future-forward. MACD suggested the trend is bearish since the blue line is above the red line at press time. A bullish reversal is plausible in the charts but there is a case to be made for a bearish presence of CMF.

Chaikin Money Flow or CMF suggested that the capital inflows are currently getting dominated by capital going out, therefore the bullish foundation for the next rally isn’t completely rigid. Over the next 24-hours, the trend will attain more clarity whether a new high will be registered or not for the largest altcoin in the cryptocurrency space.

 

Ethereum Price Prediction: Bullish Pennant May Push ETH Above $335

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Ethereum Price Prediction

The price of Ethereum has been on a roll over the last week.  The largest altcoin asset registered its highest weekly hike of 40 percent, surpassing multiple key resistances in the process. The asset was able to gather momentum before Bitcoin itself and currently held its own at the upper end of the price point.

ETH has already taken over its previous yearly high of $289, contributing to an uncharted trading range for the year. At the moment, Ethereum is valued at $318 with a market cap of just under $36 billion.

ETH 1-day chart

ethereum price prediction

The long-term chart of Ethereum describes the recent breakout that took place on the 22nd of July. For over a month, Ethereum’s valuation maintained movement between the trendlines of an ascending triangle. After a bullish squeeze development from 20th-22nd July, the price breached out of the pattern and surged in the charts.

Resistances at $276 and $304 were surpassed in the process, as a new yearly high was registered. After seven days of consecutive green candles, Ethereum witnessed a minor setback on 28th July, but the asset continued to maintained movement between the range of $335 and $318.

The 50-Moving Average continued to be above 100-Moving Average, indicating a strong bullish trend at the moment.

ETH 4-hour chart

ethereum bullish

Now, even though Ethereum had registered a decline in charts in the last few hours, another bullish pattern in the chart that help the asset re-test resistance at $335. As shown in the 4-hour chart, a bullish pennant is taking place in the charts and a positive upward trend following a pattern breach may allow Ethereum to ascend towards $335.

$335 was the yearly high registered during the rally of 2019 hence surpassing that price point who indicates Ethereum’s highest position in the past one year.

The decreasing trading volume alongside the price drop over the past day is suggesting bullish divergence as well.

ethereum price chart

The market indicators for ETHwere contrasting bu insightful. MACD on the 4-chart was unsurprisingly bearish due to the current correction period but for Ethereum’s Relative Strength Index, it was a different situation.

The RSI continued to remain under the momentum of buying pressure and the index appeared to undergo an incline again. A trend reversal is possibly approaching as ETH catches its breath in the market.

For ETH, the time is perfect to surge above $335, before a major correction period takes over.

Ethereum Price Soars Past $300 Since July 2019; DeFi Crosses $4 Billion TVL

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After consolidating under the range of $250 since the 30th of May, Ethereum breached up its long-term resistance with significant bullish momentum. The rally breaking out at the time of writing for the largest altcoin has witnessed the asset surged past its previous yearly high of $289.

ETHer

As observed in the above chart, the value of Ethereum has spiked by 27 percent in the last 72 hours, with the valuation going over $300 for the first time since 9 July 2019. The market cap of the asset is currently above the $33 billion mark, busting past the $30 billion range of the past day.

Is DeFi’s growth finally coming into play?

For many days in the past few weeks, DeFi ‘s impact on Ether has been under a lot of rubble. DeFi ‘s Yield Farming has resulted in a $3 billion surge in Total Locked Value or TVL over the last month. However, the price of Ether was reluctant to register any movement, despite being the primary token of Ethereum. DeFi is currently above $4 billion in TVL, which is over 250 percent growth since June.

The role of Ether for DeFi has been made clear in the past, but several Ethereum proponents believed that the effect of DeFi ‘s growth on Yield Farming would eventually permeate Ether.

After transaction fees and gas prices have reached new highs on the Ethereum platform, the value of Ether has finally undergone a bullish breakout recording a new yearly high in 2020.

In comparison, Bitcoin hasn’t registered much of change in the same time period. Although BTC has been largely positive as well over the past few days, it registered only a hike of 1.01% to Ethereum’s 6.88 percent raise over the past 24-hours.

Ethereum Open Interest surged before the current breakout

arcane

The price situation for Ethereum was developing at press time but positive signs may have risen way early in the week itself. Data from Arcane Research suggested that the Open-Interest on 26th June contracts for ETH was close to $170 million.

Early in July, the OI had drastically declined following June contracts expiry but the options markets had started to get a wind of the bullish market once again.

Considering Ethereum is able to avoid a major correction in the next few days and it maintains its position above the previous yearly-high of $288, the largest altcoin could be looking at a largely lucrative quarter.

Ethereum Faces Decline Under $240 as Bullish Momentum Continues to Fade

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After collapsing below $240 on 14 July, Ethereum faced a massive landslide on 16 July, as the price dropped below $233. It was a collective decline, spearheaded by Bitcoin after the Twitter news wreaked havoc on the largest asset market.

However, alongside BTC, Ether has performed admirably well to recover in the charts, and in the past 24 hours, the largest altcoin has climbed to $240 for its immediate resistance.

The current valuation of $243 seemed to be exciting for ETH users, but the market may move toward another bearish setback. At the time of the press, Ethereum had a market cap of $27.26 billion with a trading volume of $6.19 billion over the past day.

Ethereum 4-hour chart

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The above 4-hour Ethereum chart illustrated two different situations that may provide further insight into the future trend. The recent bearish pullback on 16 July, which occurred at the back of Bitcoin’s decline, was, in fact, predominantly due to the formation of a descending triangle. The price broke out from the pattern of the 16th, which led to the depreciation of $229 below the support.

Now, the asset has sustained an immediate rally, but looking at the volume of trading, it was a mere reaction to a sudden decline, and the price hike over the past 24 hours may not be as strong as we think.

Further, the price ascended from an ascending broadening channel, which should have attained another bearish pullback. Therefore, the recent hike was a fakeout or fake-breakout as popularly termed in the industry.

At the time of writing, Ethereum continued to a maintained position above $240 but it is likely to be a temporary position since the rally before the price hike was extremely weak.

A drop below $240 should prevail in the next few days as the asset continued to attain correction.

ETH

Market Indicators further validate the imminent bearish pullback for Ether. MACD line and the signal line were fast approaching a trend reversal which would tip the market in favor of the bears.

Relative Strength or RSI also exhibited a similar decline with the selling pressure steadily increasing in the charts. In fairness, buyers continued to have an upper-hand but they are slowly losing the plot to the sellers.

Conclusion

After its recent surge, Ethereum is likely to attain a position under $240 again by the end of July.

Ethereum Price(ETH/USD): ETH Faces Re-Test at $240

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Over the past 24 hours, Ethereum managed to breach above $240 again after dropping below the range on 9th July. The asset was valued at $244 at the time of writing and rising to reach $245. With a market cap of $27 billion, Ethereum was the only asset in the top 5 to register a positive incline over the past day. However, analysis suggested that the current scenario could be short-lived as the asset is possibly looking at bearish corrections over the short and long term.

Ethereum 1-hour chart

Ethereum 2

As illustrated in the above chart, Ethereum facilitated the formation of a rising wedge pattern which nears completion over the next few hours. The possibility of a pullback towards $240 increases upon completion and the asset might oscillate between $240 and $236 again over time. Trading volume has continued to remain low in the charts which suggests that the recent hike did not have a strong base, which provides further evidence of weak rally.

However, market indicators remain positive at the time of writing, with the Relative Strength Index taking the side of the buyers in the chart. MACD also exhibited a bullish scenario at the moment with the blue line hovering over the red line at the time of the press.

Calm before the storm?

ETH 1

For Ethereum, the long-term scenario is not panning out to be ideal as well. As observed in the above chart, Ethereum has tested the resistance at $250 for a total of three times since the start of June. Considering the asset re-test support at $216 over the next few weeks, a triple-top pattern will be completed, which may have severe implications on its valuation. Now a case can be made that the asset has maintained higher consolidation over the past month but with volatility decreasing across the industry, buying pressure could be possible exhausted in the current market.

Without the support of another bullish rally, things may take a dire turn for Ethereum but considering the 200-moving average remains a strong support, there is still hope for Ethereum to maintain a higher position in the charts.

Conclusion

Ethereum faces a re-test of resistance at $240 for the time being but the long-term faith could be decided over the next couple of weeks in July.