The price of Ethereum now stands at $3,086.08 [Source: FXStreet], and it has changed by -1.28% over the past 24 hours. The trading volume is $16.68 billion, and with a market cap of $371.27 billion, Ethereum holds the spot as the second-ranked cryptocurrency. For the past week, Ethereum has performed a little better than Bitcoin, with a decline of only -2.11%. For the past 30 days, however, it’s done worse than Bitcoin, with a price drop of -11.45%. Ethereum’s 24-hour price change is representing a little downside that has occurred, a little dip that’s occurred in the past day, we see that Ethereum’s price may be headed lower. On the chart, we see support levels and resistance levels that obviously could bounce higher, but as far as the past 24-hour price action [Source: FXEmpire.com].
Ethereum’s key support levels now reside at $3,000 and $2,800, with resistance levels placed at $3,200 and $3,400.
Recent developments have affected Ethereum’s price action and market sentiment. The forthcoming Pectra hard fork—aimed at enhancing Ethereum’s scalability and efficiency—has captured a lot of attention. Yet, the exclusion of the most critical scaling upgrade has some observers questioning what the hard fork’s impact will be on Ethereum’s long-term viability [Source: Cointelegraph.com on MSN.com].
A former team from Coinbase has built a layer-3 gaming chain on Ethereum’s network Base. They are launching a token, which is not a surprise since a crypto project almost always has a token. The game industry has hardly been decentralized, so can this project inspire a more decentralized future for gaming? [Source: decrypt].
Defending the $3,000 support level has been pivotal to Ethereum’s story of late. IntelMarkets, a DeFi project, recently raised more than $7.7 million in funding, which shows interest in the Ethereum ecosystem is quite strong [Source: cryptopolitan]. If IntelMarkets is any indication, ecosystem investors don’t seem too perturbed by the short-term bearish price action that Ethereum is currently experiencing. And while this weekend’s selloff may change once Ethereum absorbs the full brunt of the weekend’s “Crypto-Lockup,” it also begs the question: is the Ethereum ecosystem locked up too?
An analyst recognized for making timely calls on crypto believes that Ethereum is at a crucial moment as it dangles near the $3,000 mark. The ‘moment of truth’ for Ethereum could have a large impact on its price direction, with potential consequences for the overall crypto market [Source: The Daily Hodl].
Ethereum’s price has been tracing a pattern that resembles a descending triangle, a formation that is typically associated with bearish price action. The 200-day moving average and the 61.8% Fibonacci retracement level from the November rally are two key support levels. A decisive break below these could really unleash the bears, but a bounce here could give the bulls new life [Source: FXEmpire.com].
Poring over the volume, we see that Ethereum’s looks to be on the decline, but not because it’s necessarily losing ground. The space is tricky, and we’re navigating very few certainties at the moment, but one clear takeaway seems to be a growing lack of conviction among traders. Until recently, anyway. As of the past week, we’ve seen a pop in volume that might suggest something different, maybe even a potential trend reversal, given that Ethereum was decidedly in downward-plotting territory—right up against $3,000, our predicted bullish support and bearish resistance zone.
Ethereum’s relative strength index (RSI) is now at 45, pointing to a neutral market mood. Yet the MACD is at a bearish crossover, which often indicates more downward movement might be on the way.
Ethereum’s social sentiment metrics are still quite optimistic; investors and analysts are largely anticipating potentially very bullish price movements in the near future. Discussion threads and conversation hairsplitting quite a bit around what the impact of the FED’s FOMC decision will be on Quantitative Easing (QE) and, in turn, on Ethereum’s price. Some expect it to rally quite nicely. And, naturally, much is being made of Trump’s $250 million muy importante investment in crypto vis a vis both market optics and the potential flow of actual cash into actual crypto [Source: FXStreet].
The closely monitored movements of Ethereum whales to and from exchanges have resulted in significant transfers of Ethereum. One noteworthy event has been the Ethereum Foundation deploying 50,000 ETH into decentralized finance (DeFi) platforms. The Foundation’s move has served to highlight not just the continued growth, but also the ongoing ecosystem innovation that Ethereum is known for.
Developer engagement with the Ethereum network is keen, as shown by the continual stream of updates and improvements. The Pectra hard fork—coming this fall—will be an excellent opportunity for the ongoing effort to make Ethereum more scalable and efficient.
The price trajectory of Ethereum is closely linked to what the broader market thinks and to what Bitcoin is doing. Bitcoin, currently at about $101,920.677, holds a 58.72% dominance—a strong influence, to say the least, on the overall market. In the near future, Ethereum has the Pectra hard fork coming up, as well as some possible regulatory moves. These are two obvious items to watch that could impact the price of Ethereum [Source: Cointelegraph.com on MSN.com].
The Ethereum network could face several problems, such as potential hold-ups in the upcoming Pectra hard fork, long-term regulatory uncertainties, and macroeconomic troubles like whatever the Federal Reserve might do next. But when it comes to projecting Ethereum’s price, it’s a pretty stable canvas to work from. To analysts, anyway. In the medium term, they’re seeing a scenario where Ethereum, after possibly making one last stop downward, has it in the engine to sprint upward and reach new heights in the price department [Source: The Daily Hodl].
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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