The past month has seen the Ethereum price fall by more than 10%, with traders concerned over the true cost of the project’s development now that a critical scaling solution has failed to be implemented. However, some investors remain optimistic that the price will recover from here, and that the largest crypto will maintain its position as the second largest by capitalization.
This week’s price action for ether is a bit of a mixed bag. First, the price is up 12% over last week. Secondly, the price is up 7.6% over last week’s high. Third, the price is up 9% over last week’s low. This has some analysts predicting that Ethereum could be in for a “rally to the moon” over the coming months. Time will tell.
The price of Ethereum has been on a downward trend since peaking at $375 on March 6th, 2018. The price of Ethereum started dropping after Ethereum announced a hard fork to fix the Ethereum network. The fork is scheduled to take place on May 30th, 2018.. Read more about ethereum value and let us know what you think.
Summary of the situation- Ethereum price analysis shows that ETH is up 12% in the last 24 hours.
- Ethereum’s price movement is registering a wave of recovery.
- Ethereum is in consolidation mode after the recent decline and is poised for a sharp rise.
- If Ethereum rises, it will pass the $2,000 mark.
At the time of writing, Ethereum is showing a bullish picture on the price chart and is showing signs of rapid growth towards the $2,050 mark.
Ethereum Price Analysis: Price Overview
Ethereum recently posted its lowest gas or transaction fees since December 2020. Like other leading crypto assets, Ethereum has seen a significant drop in price and capitalization since it hit a record high of $4,362 in mid-May. Currently, Ethereum sells for about $1,990. This is an increase of 4% over the last 24 hours at the time of writing. According to reliable sources, Ethereum is currently down about $2.3 from its price on the 12th. The value in May is $69.92.
There is generally an excellent correlation between network activity and the impact on the ETH price and the evolution of transaction costs. The current low rates show that Ethereum has experienced little interest or acceptance from the various applications that have been modeling to use the technology.
If Ethereum manages to see its price rise, it would indicate that traders, investors and buyers are gaining confidence in the technology and actively using the blockchain. Such a move would likely cause rates to return to their previous, higher levels. Overall, the low cost of gas is a boon for Ethereum investors and users, as they can now make transactions with the cryptocurrency at a lower cost.
Meanwhile, Ethereum’s value has stagnated over the past seven days, as it has only risen 1.4%. However, ETH trading volume had reached $21 billion in the past 24 hours, or 30% of all crypto assets in the market at the time of writing. Ethereum has traded between $1,707 and $2,067 in the last 7 days. Even with its current market value, Ethereum is still 53% below its ATH value of $4,362.
Ethereum price movement in the last 24 hours
Looking at the 24-hour price chart, it’s clear that Ethereum had a crazy 24 hours this week. Ethereum is keeping investors on their toes as it looks poised for another bullish push from a drop towards the $1,820 price area to a rise towards the $2,000 mark.
During this morning’s trading session, Ethereum entered a consolidation phase and formed a bullish trendline, and buyers rushed to support the ETH price. This is evidenced by the fact that the two trend lines are approaching each other. This suggests that appetite and interest in Ethereum is on the buy side.
Ethereum 4-hour chart
According to key technical indicators on the 4-hour price chart, Ethereum appears to be in an uptrend. For example, the moving average convergence divergence shows that Ethereum is bullish when it is above the signal line. As for the relative strength index, Ethereum is in overbought territory, indicating that buyers are still interested in the cryptocurrency. Nevertheless, the RSI indicator seems to be moving downwards. Interestingly, the bullish story comes at a time when Ethereum’s price action appears to be trending downward.
Supplement
Assuming Ethereum makes a strong recovery and breaks through the $2,000 barrier after a brief pullback, the crypto is likely to face some resistance. The first resistance barrier lies between the 0.382 Fibo bearish retracement level and the 20-day moving average at $2,160 and $2,200 respectively.
Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Ethereum Price Analysis 12% | In this video we’re going to talk about the Ethereum price and the potential for growth there.. Read more about ethereum chart and let us know what you think.
Frequently Asked Questions
What will ethereum be worth by 2022?
The price of ethereum is difficult to predict, but it is expected to increase in the future.
What will ethereum be worth in 2020?
Ethereum is expected to be worth $1,000 in 2020.
Will ethereum reach 1000 again?
No, it will not.
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