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 interaction with $38,000, its highest level in more than a year, has boosted ETH’s price due to its close correlation. The flagship cryptocurrency has been in the green for the past few days amid the ouster of Changpeng Zhao as the CEO of Binance after he pleaded guilty to federal criminal charges presented by the US Department of Justice.

Despite being the most significant liquidity pool for crypto trading, many see Binance’s settlement as a necessary development to allow the crypto industry to move forward. Notably, some analysts have reiterated that the legal action against Binance may clear the path for approving a bitcoin ETF since the exchange’s market dominance has been a significant hindrance. Investors expect the spot bitcoin ETF approval to pump liquidity into the crypto market, sending crypto prices to new highs.

Ethereum Price Technical Analysis

The 4-hour chart shows that the Ethereum price has risen steadily over the past 24 hours, breaking above the psychological level of $2,000. Even so, the digital asset faces resistance at the $2,130 level. ETH has managed to break above the 25-day and 50-day exponential moving averages, supporting its movement. Its Relative Strength Index (RSI) has also increased to 68, suggesting increased buying pressure.

As such, I expect the Ethereum price to continue increasing in the ensuing sessions as it struggles to break above the resistance at $2,130. A break above this level would pave the way for a bullish breakout to the next resistance at $2,190, leading to subsequent gains to $2,500. Conversely, a drop below the immediate support at $2,030 might push the ETH price below the crucial $2,000 level.

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

5 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…

Crypto

Ethereum Price Breaches $2K as BlackRock’s iShares Ethereum Trust Triggers $48 Million Short Squeeze

Published

6 months ago

November 11, 2023

Crispus

Ethereum price has been moving higher over the past few days, outperforming Bitcoin and breaching the important resistance level of $2,000 for the first time since July 2023. Over the last day, Ethereum’s total market cap has increased by nearly 4% to $250.9 billion, while the total volume of the assets traded decreased by 12%. Ethereum, the largest altcoin by total market capitalization, has gained more than 12% in the past week and 71% in the year to date.

Catalysts Behind ETH’s Rally

Ethereum price has been hovering above the much-coveted resistance level of $2,000, its highest level in six months, on the back of the ETF buzz in the crypto markets and broader market sentiment. The cryptocurrency market has experienced a significant upswing over the past few days, fueled by investor anticipation surrounding spot Bitcoin exchange-traded funds (ETFs).

The lack of clear guidelines by the US Securities and Exchange Commission (SEC) and Congress has not dampened the interest of digital currencies. Notably, the potential introduction of ETFs by bigwigs such as BlackRock, Grayscale, and Fidelity, among others, has buoyed the crypto market sentiment. The crypto market cap has climbed over the past few days to $1.42 trillion, its highest level this year. Additionally, the Crypto Fear and Greed Index, which measures the crypto market sentiment by market participants, has increased to a greed level of 77, highlighting an increase in demand for digital assets and risk…