Ethereum

Ethereum Price Faces Rejection at $1.7K Amid Potential Death Cross

Published

8 months ago

August 28, 2023

Crispus

Ethereum price has been in the red for the past few days, hovering around its lowest level since June 2023 amid global economic uncertainty. Ethereum, the world’s second-largest cryptocurrency and the biggest altcoin by market cap, has crashed by nearly 13% in the month to date but remains 37% higher in the year to date. At press time, ETH was trading 1.15% lower at $1,639.80. Ethereum’s total market capitalization has slipped over the past 24 hours to $197 billion, while the total volume of the asset traded over the same period jumped by more than 60%.

Fundamentals

Ethereum price has been trading sideways for the past few days amid weak crypto market sentiment and concerns about the Fed’s monetary path. Bitcoin, the largest cryptocurrency by market cap, has dropped below the crucial level of $26,000, weakening the crypto market sentiment further. Altcoins such as XRP, Cardano, Solana, Cardano, Polygon, and Shiba Inu among others, have dipped by more than 2% each over the past week.

Data by Coinmarketcap shows that the global crypto market cap has declined to $1.05 trillion, with the total cryptocurrency market volume increasing by 38% for the day. Bitcoin’s dominance has remained unchanged over the same period. The Crypto Fear and Greed Index shows an extreme fear level of 35, indicating that investors are about to sell irrationally.

The US dollar index, which measures the performance of the greenback against six major currencies, was barely unchanged at 104.135 on Monday, slightly below its highest level since June. The US Treasury yields were also in the red on Monday, with the yield on the benchmark 10-year Treasury yield lower at 4.228% and the 30-year Treasury note at 4.27%.

Investors have remained focused on the remarks made by the Federal Reserve chair Jerome Powell last week during the Fed’s annual Jackson Hole retreat. Powell noted that the inflation rate remains high above the policymakers’ 2% target and that further interest rate hikes were needed to achieve their target. According to the CME FedWatch Tool, markets anticipate an 80% chance of the Fed pausing its hike campaign in its next meeting in September, but the probability of a 25-basis point hike in November is at 51%.

Markets will be closely watching several key economic data slated to be published later this week, hunting for clues on the economic outlook. The Consumer Board Consumer Confidence for August is expected to be published on Tuesday, with the Q2 quarterly GDP set to be released on Wednesday. Additionally, the Fed’s favorite inflation gauge, the core Personal Consumption Expenditures (PCE) Index data for July is due later on Thursday.

Ethereum Price Technical Outlook

Ethereum price has been trading sideways for the past few days, failing to clear the important level of $1,700 against the US dollar. The asset has been range-bound, trading between the tight range of $1,680 and $1,645. As seen on the daily chart, Ethereum remains below the 50-day and 200-day exponential moving averages, as well as the 50-day and 100-day simple moving averages. The asset’s price is facing a potential death across, which happens when the 50-day EMA crosses below the 200-day EMA.

As such, I expect the Ethereum price to continue moving sideways in the ensuing sessions as it struggles to find direction. ETH could start a fresh decline if it breaks below the immediate support level of $1,620. Conversely, a flip above the major hurdle at $1,700 could pave the way for further price increases.

ETH Price Chart

Ethereum

Ethereum Price Hovers Around $2,190: A Delicate Balance Between Profit-Taking and Bullish Sentiment

Published

4 months ago

December 20, 2023

Crispus

Ethereum price has been struggling to hold above the crucial support of $2,190 for the past few days amid profit-taking by investors. At the time of writing, the second-largest cryptocurrency by market cap was trading slightly higher at $2,216.20. Even so, Ethereum’s total market cap remains 1.33% lower for the day at $266 billion, while the total volume of the asset traded over the same period declined by 2.56%.

Fundamental Analysis

Ethereum price has been trading sideways for the past few days amid profit-taking by whales, triggering an increase in selling pressure. The Ethereum price has been positively impacted for the past two months by the recent bullish momentum in global crypto markets, fueled by Bitcoin’s surge to $44,000.

Over the years, ETH has maintained a distinctive market position attributed to its extensive developer community, widespread adoption, and pivotal role in decentralized finance (DeFi) and various blockchain applications. However, the impact of significant holders selling could continue driving the ETH price lower in the ensuing sessions. Despite these concerns, the overall market sentiment remains cautiously optimistic, leaving room for potential further growth in the asset’s price.

According to CoinMarketCap, the global crypto market cap has increased to $1.61 trillion, over the past few days. The Crypto Fear and Greed Index, which measures the key emotions driving the market, has improved slightly over the past day, highlighting an increase in risk appetite.

The recent decline in the greenback…

Ethereum

Ethereum Price Sails Past $2,300 with Bulls at the Helm

Published

4 months ago

December 8, 2023

Crispus

Ethereum price has been on a tear, blasting past the psychological level of $2,300 amid speculation of spot Ether exchange-traded funds (ETF) launching in the markets and broader market cues. The largest altcoin by market cap has climbed by nearly 15% in the past week and more than 96% in the year to date. ETH’s total market cap has increased to $282 billion over the past 24 hours, while the total volume of the asset traded over the same period increased by more than 14%.

Behind ETH’s Rally

Ethereum price has recorded significant gains over the past few weeks, consolidating within a bullish ascending parallel channel since the broader market turned bullish earlier in October. Data by Santiment has revealed that corporate entities and high net-worth investors have continued to double down on their ETH positions.

According to the prominent on-chain tracker, the top 20,000 Ethereum wallets have ramped up their buying spree this week. An increase in the supply held by top addresses is often interpreted as a strong bullish signal. This highlights a buying trend among the largest stakeholders within Ethereum’s ecosystem.

One of the key catalysts behind Ethereum’s price rally is the anticipation of the approval of a spot Ether ETF, which has increased demand and market optimism. On November 30, the US Securities and Exchange Commission (SEC) initiated the review process for Fidelity’s spot Ether ETF proposal filed earlier on November 17. This…

Ethereum

Ethereum Price Reclaims $2,000 on the Back of Crypto Market Renaissance

Published

5 months ago

November 24, 2023

Crispus

Ethereum price edged higher on Friday, reclaiming the critical psychological level of $2,000 after hitting an intraday high of $2,129.29. Ethereum, the second largest token by total market capitalization, has been outperforming the crypto market this week and is on pace to end the week 8% higher. ETH’s total market cap jumped by 4% over the last day to $255 billion, while the total volume of the asset traded over the same period declined by nearly 10%.

ETH Price Outlook

Ethereum price is back to trading above the important level of $2,000 amid positive on-chain data and bullish crypto market sentiment. Data by IntoTheBlock shows that more than 500,000 ETH tokens have left exchanges for non-custodial wallets this month, the highest amount in three months. As such, total outflows increased to $1 billion in three weeks. This suggests that traders and investors have taken advantage of ETH’s recent dip, which has proven profitable.

The crypto market sentiment has also buoyed the Ethereum price rally this week. The global crypto market cap has increased by more than 2% over the past 24 hours to $1.44 trillion, while the total crypto market volume inched slightly lower over the same period. The Crypto Fear and Greed Index has increased to a Greed level of 72, up from 67, hinting at an increase in demand for the risk assets.

Additionally, Bitcoin’s brief…