Ethereum Price Analysis $2,300 |
Ethereum Price Analysis $2,300 | Ethereum continues to stay in a sideways pattern, with a bullish divergence emerging in the price. The author of the blog post suggests that the price action in the short-term stays in a range bound by $1,650 and $2,300, with a potential breakout and a retest of the upper trend line in the near-term.
Ethereum Price Analysis $2,300 | This week’s price analysis for Ethereum is very interesting to say the least. The cryptocurrency has been a drag on the market as of late, and is considered to be a major factor in the declining price of bitcoin. However, it seems that the coin may have bottomed out, as the price has recently shown signs of a comeback.
With the cryptocurrency market in a slump, many are wondering if Ethereum, the second largest coin, will keep its value up? After hitting a high of $2,400 earlier this week, Ethereum has since dropped down to $1,600, losing over $300 (35%) of its value since last week. Whilst it is true that Ethereum is no longer the darling of the market, some experts believe that as Ethereum’s underlying technology, the blockchain, becomes more widely adopted, the cryptocurrency will see a rise in value.. Read more about real ethereum price prediction and let us know what you think.Summary of the situation
- Ethereum price analysis shows that the ETH price has crossed the $2,300 mark.
- The anticipation of an update to the London hard fork seems to be driving up the price of Ethereum.
- Ethereum is showing signs of a long-term rise, with the 2.0 price breaking through the 5% mark for the first time.
During yesterday’s trading session, altcoin pioneer Ethereum saw an impressive upward price movement. Thanks to this price action, Ethereum was able to break through the $2,300 resistance level for the first time in weeks.
Ethereum Price Analysis: Price Overview
After yesterday’s price spike, Ethereum’s weekly gains increased by about 20%, while the crypto asset struggled below the $2,000 mark for quite some time. Nevertheless, Ethereum’s rise above $2,300 was short-lived, as the crypto asset seems to be showing signs of a short-term pullback.
Ethereum is trading at about $2,274 and has a market cap of about $262 billion at the time of writing. This is a 2% increase from yesterday’s low. According to market experts, Ethereum’s recent price rise could be due to the anticipation of a London hard fork expected to start later this month. The planned network upgrade is expected to result in the implementation of EIP-1559. This will introduce a basic reimbursement model on the Ethereum network, which will undoubtedly lead to a significant reduction in ETH fees. Many Ethereum investors are currently pushing for the implementation of EIP-1559. However, the protocol seems to be meeting resistance from miners.
Ethereum price movement in the last 24 hours
Over the past 24 hours, the price movement of Ethereum ETH has seen it reach its highest level in weeks. According to market experts, the sudden jump in price seems to have been influenced by the planned Hard Fork in London, which involves a transition to the EIP-1559 protocol. Moreover, Ethereum reached a high of $2,384 during yesterday’s trading session. At the time of writing, the price of Ethereum has cooled to around $2,274.
Despite the impressive price rally, Ethereum’s trading volumes remained low over the weekend, with the cryptocurrency only pulling in around $18 billion. According to our analysis, Ethereum’s recent price action may also have been influenced by Friday’s expiration of $230 million of option contracts. Because of this market development, Ethereum bulls and bears are throwing around their expectations about the market. However, Ethereum bulls seemed to have the upper hand when the cryptocurrency broke through the $2,200 mark.
Ethereum 4-hour chart
line Source: TradingView
A look at Ethereum’s 4-hour chart shows that the crypto asset has started a downward trend. The main technical indicators point to a partial decline in prices. For example, the MACD (Moving Average Convergence Divergence) indicator is moving downward, signaling the beginning of a price decline.
Nevertheless, Ethereum is expected to remain above the $2,000 support level as global investors and traders continue to show interest in the crypto asset.
For the first time, Ethereum surpassed Bitcoin in terms of address activity during Sunday’s trading session. If this trend continues, Ethereum could overtake Bitcoin in the future to become the world’s largest crypto asset.
Moreover, market watchers from one of the world’s most respected banks, JP Morgan Chase, say blockchain running on energy-efficient platforms is more likely to be adopted. With the long-awaited Ethereum update proceeding as planned, Ethereum seems well positioned for long-term bullish growth.
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.I started this blog with the intention of informing readers of the cryptocurrency Ethereum’s price movements; I do this by keeping a close eye on the charts of the largest exchanges on the market. I monitor the price movements of major cryptocurrencies, including Bitcoin, Ripple, Litecoin and Monero. This blog is a collection of my daily Ethereum price predictions as well as a general cryptocurrency market analysis.. Read more about ethereum news and let us know what you think.
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