Ethereum
Ethereum Price Soars 6%: ETH Needs to Clear $2,145 For a Bullish Trajectory
Ethereum price soared on Friday, flipping the important $1.9K level amid positive sentiment in the overall crypto market. At press time, Ethereum was trading 6% higher at $1,990.31. The altcoin’s total market cap has jumped 6.25% over the last day to $239.8 billion, while the total volume of ETH traded increased by 23.51%.
Fundamentals
Ethereum price is set to end the week higher as investors digest the latest interest rate hikes by the US Federal Reserve and the European Central Bank. The crypto market is getting rid of weak hands as markets experience major volatility. The global crypto market cap has increased 2.78% over the last day to $1.22 trillion, while the crypto market volume rose by 14.16%.
The US Federal Reserve announced on Wednesday a 25-basis point interest rate hike, the third rate hike this year. Usually, an environment of higher interest rates has proven to be bearish for risk assets such as stocks and especially cryptocurrencies. However, markets had already priced in the hawkish move by the US Central Bank as no major sell-off was seen in cryptocurrencies.
The European Central Bank (ECB) slowed the pace of its interest rate hikes on Thursday but suggested more tightening to come as it continues to battle inflation. All ECB’s policymakers except one, supported the 25-basis point rate hike to 3.25%, following an unprecedented series of 75 and 50 basis point hikes since last July.
US Treasury yields edged higher on Friday as investors gauged what April’s jobs data means for the economy and the Fed rate hike. The yield on the 2-year Treasury yield ticked higher to 3.918%, while the 10-year Treasury yield rose to 3.435%. The US dollar currency index, which measures the performance of the greenback against other major currencies, inched slightly lower on Friday to 101.282, at the time of writing.
Ethereum Price Prediction
The daily chart shows that the Ethereum price has staged a strong comeback over the last day, jumping above the $1.9K level. Ethereum, the largest altcoin by market cap, has been on a slow but steady upside trajectory for the past few days, climbing more than 4% in the past week and more than 66.19% in the year to date.
The asset has managed to remain above the 50-day and 100-day moving averages, as well as the 50-day and 200-day exponential moving averages. It is also hovering above the 50-day and 100-day simple moving averages. Its Relative Strength Index (RSI) is currently at 58.
As such, a move past this year’s high at $2,145 will likely push the Ethereum price higher to $2,200. However, a drop below the $1,900 level will invalidate the cautiously bullish thesis.
Ethereum
Ethereum Price Hovers Around $2,190: A Delicate Balance Between Profit-Taking and Bullish Sentiment
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
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
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…
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