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Ethereum (ETH)

Will Ethereum [ETH] glide towards $2K without heckles from the bear?

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The crypto market has been surfing over the volatility wave. The constant tussle between the bear and the bull has left coins like Ethereum [ETH], Binance Coin [BNB], and several others on the fence. While the bulls have been trying to push these assets to a new zone, the bears seemed to be pulling them back into the slump.

As Bitcoin [BTC] resides at $31K, investors have been hoping the king coin wouldn’t slip back below $30K [again].

Ethereum [ETH] has been trying vigorously to push past $2K. But the bears had laid down a strong line of resistance, making it impossible for the asset to leave its current spot. At the time of writing, ETH was trading for $1,986, with a 4.64% surge over the last 24-hours. The last couple of days helped the altcoin recover from the carnage caused by the bear.

Furthermore, the market cap of the asset was at $231.37 billion. This number allowed ETH to secure its spot as the second-largest cryptocurrency. ETH’s ranking wasn’t disrupted despite a slight drop in market cap. The market cap of the third-largest asset was at $61 billion; the disparity between the two is proof enough of how ETH was untouchable.

Ethereum [ETH] one-hour price chart on Binance

Ethereum

The short-term price chart of ETH saw an array of bears hibernating. The signal line took over the MACD line and formed a bearish crossover. This further indicated that ETH would take some time to shatter the barricade imposed at $2K. The Awesome Oscillator indicator followed suit and laid out red closing bars. These bars affirmed the presence of bears in the ETH market.

Even though the Ethereum market was currently harboring the bears, the Relative Strength Index [RSI] indicator suggested a buyers’ sentiment. The RSI marker was over the 50 median and was seen depreciating from the overbought zone.

Ethereum steals investor’s favor as Bitcoin outflows intensify

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While investors have remained cautious due to the tepid market conditions, they have turned toward Ethereum now. According to the latest ‘Digital Asset Fund Flows Weekly’ edition by CoinShares, the world’s largest altcoin, Ethereum witnessed its third 3rd consecutive week of inflows right ahead of its London upgrade next month. In fact, last week’s inflows went up to $11.7 million. This brings the year-to-date inflows near the coveted $1 billion mark.

This comes amidst the digital asset investment products experiencing a rather dull week with minimal net inflows totaling just $2.9 million last week. Inflows to Bitcoin have halted due to severe sell pressure and instead, the outflow has gained traction, a trend that was seen over the last two weeks. The total outflow figures have reached $10.4 million.

However, CoinShares revealed that the outflows are minimal relative to the massive figures observed in May and June this year. Interestingly, even as the market traded poorly the nature of inflows and outflows across different providers was found to be mixed. Hence, the platform stated that it believes the timing of the rollouts of some investment products in the recent weeks, which helped investors to accrue market access for the first time, has induced profit-taking rounds.

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Meanwhile, a similar pattern was seen in the rest of the cryptocurrency market as well. For tokens such as XRP, Polkadot [DOT], Cardano [[ADA], and Stellar [XLM] all had inflows that were less than $0.5 million each. The report also mentioned,

“Volumes in Bitcoin fell to just 38% of the year-todate average, totalling US$3.9bn per day last week. We do not believe this represents something ominous in the market as we saw similar seasonal dips in volumes during the summer months in recent years.”

Ethereum increasingly becoming popular among institutions

Almost $100 billion was wiped off the entire cryptocurrency market in 24 hours as it remained jittery. Despite many alternatives, Ethereum fortifies the infrastructure of a rapidly growing crypto decentralized finance [DeFi] ecosystem. Several applications are being built on top of this new finance system that pushed the entire blockchain marketplace to new heights.

Hence, high-profile financial institutions are not only building the infrastructure to invest in Bitcoin but have also started expanding their footprint across the Ethereum network with the hope that the demand for this digital asset will soar as the applications created on top of them develop.

Ethereum Stumbles Against Bear as Market Enters Red Zone

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The start of the new week spelled misery for the world’s largest altcoin as prices plummeted to 14-day lows. Ethereum’s drastic price action was replicated across all indicators as well with a majority of them siding with the bear. At the time of writing, Ethereum was trading just above the $2000 mark.

The cryptocurrency’s current price hold came at a time when organizations were building new products on the Ethereum platform. India-based CoinDCX recently launched an Ethereum backed token called Liqueth with the intention of making staking accessible to all. Speaking about its latest token, CoinDCX CEO and co-founder Sumit Gupta stated:

“We want to make staking very simple and accessible for our users, which is why we are providing an ETH staking facility to anyone who holds at least 0.1 ETH in their CoinDCX wallet. Ultimately, we believe that this will allow our users to unlock the full earning potential of digital assets—by more actively participating in the token economy and the DeFi space.

Ethereum 1 hour:

eth 1 hr 3

Ethereum’s hourly charts showed signs of the bear’s arrival in the market. After having enjoyed the near $2500 range this month, the cryptocurrency was currently holding immediate support of $1992. Meanwhile, the immediate resistance clocked in at $2398 after which Ethereum dipped sharply.

The RSI surged back into the oversold zone post crashing below it on the 12th. This was a sign that users were buying back into the Ethereum market despite the red streaks on the chart. According to the Chaikin Money Flow, the capital coming into the Ethereum ecosystem had drastically reduced compared to the outflow.

The upper and lower Bollinger bands had converged towards one another indicating a price settlement.

Ethereum 1 day:

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This year has been nothing short of dynamic for the altcoin. After the surge in May, a massive price correction brought Ethereum to its current level of $2014.

The CMF in the long term had turned for the worse but still stayed above the zero line. Reduced capital flow was imminent and if this continues, the outflow may overtake it soon.

Bollinger bands on the daily spectrum moved parallel to each other. An increased sell-off pressure may result in the upper band diverging from the lower band. The Relative Strength index fell below the zero line today as the selling pressure overtook the ETH buying pressure.

Ethereum on-chain activity demonstrates high conviction ahead of London hard fork

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Even as the market reeled under the devastating bearish condition, Ethereum [ETH] has managed to hold its fort above the $2,000 range. One of the main drivers of the demand in the Ethereum ecosystem is the much-anticipated London hard fork.

As the market prepares for this significant upgrade on the network on the 4th of August, on-chain activity saw a major uptick. the flip in the trend has been rather quick as an on-chain activity for the network, in the third week of June, fell to levels that were last seen a year back.

Ethereum on-chain activity intensifies

According to the latest edition of ITB’s weekly report, despite shedding more than 50% in price, the long-term Ethereum holders remain undeterred. The number of hodlers or addresses that have been holding for over one year has maintained an upward trajectory in spite of the volatility in the market.

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The figures are nearing 36 million addresses, meaning that the number of ETH hodlers has been growing steadily regardless of its price action. ITB noted that this trend depicted “high conviction from long-term players,” which is remarkable considering how panic can sway the cryptocurrency market especially during times of high volatility in addition to the anticipation of the upcoming protocol upgrades.

ITB also noted that the on-chain flows depicted intensifying bullish activity especially in terms of funds outflow from centralized exchanges [CEX]. Gauging this indicator, it was observed that investor positioning for Ethereum is positive about the crypto-asset’s price activity.

As a matter of fact, net flows in Ethereum’s case have hit a new record low. On the 2nd of July, a total amount of $1.3 billion worth of ETH had poured out of centralized crypto exchanges. The latest trend in the market could be translated as a bullish one that indicates “holders are leaving exchanges for more secure or yield-generating locations.”

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“Overall, short-term the direction for Ether’s price remains uncertain. At the same time, though, progress and conviction in Ethereum continue to grow as demonstrated by on-chain activity in anticipation of the London hard fork.”

Ethereum’s Winning Streak Catapults Price Above $2.3k

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The global cryptocurrency market went on a solid recovery and surpassed the $1.47 trillion in valuation. Ethereum [ETH] too broke to the upside following the renewed market momentum that extended its weekly gains to 24.90%. With the latest recovery, the digital asset reached a level that was last seen right before the mid-June correction. As the volatility in the market grew, it will be interesting to see whether there is more room for growth.

Over the past 24-hours, Ethereum [ETH] was up by 6.29% which drove its price to $2,328. At the time of writing, the crypto-asset registered a market cap of $272 billion and a 24-hour trading volume of $19.13 billion.

Ethereum [ETH] Daily Price Chart:

ETH

After undergoing a substantial recovery, Ethereum candles climbed above the 200 DMA [Yellow]. However, they were still below the downsloping 50 DMA [Pink] and the 100 DMA [Blue] which recently suffered a bearish crossover. This trend resulted in a minor pullback for the crypto-asset. On the brighter side, the current phase depicted strength which could help in catapulting ETH price candles above the moving averages.

The latest uptick in the trading volume can aid in exploring more upside potential.

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Despite the uptrend, the Chaikin Money Flow [CMF] appeared to be struggling above the half-line as the inflow of capital into the coin market hit a hurdle. The MACD, on the other hand, depicted a phase of increasing buying demand in the market. The RSI, too, finally made a headway above the 50-median line after more than a month demonstrating a sentiment of slowly rising buying pressure in the market. The indicator had previously settled close to the oversold condition after May’s aggressive dip.

The above chart depicted the price gaining traction as several indicators flipped bullish even as the sellers continued to attempt in sinking the crypto-asset. Ethereum needs to breach the 50 and 100 DMAs to target crucial resistance levels of $3,517, and $4,170 and reclaim its yearly highs. Contrarily, the support levels were found to be at $2,102, $1,805, and $1,424 respectively.

Ethereum [ETH] finds its way back over $2K; Bitcoin [BTC] follows suit and moves towards $35K

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The bears were hibernating in the crypto-verse for quite some time. During the course, several coins like Ethereum [ETH], Bitcoin [BTC], XRP as well as Binance Coin [BNB] lost all the gains acquired during the recent rally. Nevertheless, the coins were back on track as the entire market was flaunting the color green.

Ethereum [ETH] seemed to have finally broken off its dry spell as it rose above $2K. At the time of writing, ETH was trading for $2,185, with a 9% surge in the last 24-hours. The last few days were relatively favorable for the altcoin as it bagged gains of about 22%.

In terms of market cap, ETH remained untethered. The altcoin stayed as the second-largest cryptocurrency while its market cap was at $253 billion.

Ethereum [ETH] one-hour price chart on Binance

Ethereum

The short-term price chart of ETH revealed that the altcoin witnessed significant growth. The Parabolic SAR indicator formed a series of dots below the candlesticks, which further acted as a line of support against a downtrend. The Awesome Oscillator indicator drifted away from the red zone and formed green closing bars insinuating the presence of the bull in the Ethereum market.

The Relative Strength Index indicator noted strong buyers’ sentiment as the marker was way over 50 median, almost hitting the overbought zone.

Bitcoin [BTC] one-hour price chart on Binance

Crypto lovers breathed a sigh of relief after Bitcoin [BTC] navigated its way back on to $35K. At press time, BTC was trading for $35,808 with a 4.02% rise in the last 24-hours. The market cap of BTC also observed recovery as it jumped to $669 billion further pushing the overall numbers to $1.46 trillion.

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The one-hour price chart of BTC echoed the same notion found in the ETH market. The Chaikin Money Flow indicator stayed intact in the bullish arena over the zero median. The Klinger Oscillator formed a bullish crossover and affirmed the presence of the bull.

A buyers’ market was noted and confirmed by the Money Flow Index indicator.

Ethereum [ETH] slips below $2K as bears gains control over the entire crypto market

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Little did the crypto-community know that they would be victims of the wrath caused by the bear. Bitcoin [BTC], Ethereum [ETH], Dogecoin [DOGE], and almost every coin in the crypto market were subject to immense loss. This crypto carnage even forced several to pull out funds from the market.

Ethereum emerged as one of the strongest assets during the recent crypto rally. While the altcoin stayed intact above $2K for quite a while, all its efforts were shattered by the bear. At the time of writing, ETH was trading for $1,891 with a 6.42% drop in the last 24-hours. The previous seven days caused turmoil in the ETH market as it recorded a drop of 27%.

The altcoin’s market cap was at $223.4 billion which aided in the asset’s stay as the second-largest cryptocurrency. Additionally, the global market cap of the crypto-verse was noted at $1.30 trillion.

During the same time, Bitcoin was seen trading for a low of $31K as it recorded a drop of 3.55% over the last 24-hours. The last couple of days were particularly hard on the king coin as it slumped by 20%.

Ethereum [ETH] one-day price chart on Binance

Ethereum

The one-day price chart of ETH was strongly inclining towards the bear. The Bollinger Bands indicator revealed that ETH was in for an increase in volatility as the bands were wide apart. The MACD line remained below the signal line forming a bearish crossover. The Awesome Oscillator followed suit as it laid out red closing bars indicating the presence of the bear.

An increase in volatility during a bearish market could be viewed as highly unfavorable for the asset.

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Extreme sellers’ sentiment had struck the ETH market, the Relative Strength Index indicator noted. The RSI marker even suggested that ETH was headed towards the oversold zone.

Additionally, Glassnode revealed that the number of Ethereum addresses in loss had hit a 6-month high of 6,428,573.274. The online analytics platform tweeted about the same and the tweet read,

Ethereum transaction fee revenue takes a hit amidst dramatic decline in on-chain activity

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On-chain activity underwent a serious plunge in the second quarter. In addition to Bitcoin, Ethereum also faced dramatic slow-downs as active addresses and total transfer volume slid back to 2020 and early 2021 levels. In fact, Ethereum’s fall in terms of active addresses has been even larger than Bitcoin as the former depreciated by 30% from the brief peak of around 676k addresses.

According to the latest weekly report by blockchain intelligence platform Glassnode, ETH on-chain activity has now declined to 474k addresses per day. This level was last seen in the first quarter of 2021.

Over the past couple of months, the network blockchain was at the receiving end of some staunch criticisms and garnered stiff competition from its rival networks that targeted the age-long debate of high rates of congestion and transaction fees. However, a lot has changed in a short span of time.

Ethereum Transaction Fee Down

The analytics platform stated that the daily fee revenue for Ethereum miners has dropped by almost 90% from over 15k ETH per day in early May. Currently 1, the seven-day average now stood at 1.9k around $4.34 million. This represents around 10% of total miner revenue being sourced from transaction fees. Glassnode noted,

“We have to look as far back as June 2020, before ‘DeFi Summer’, to find similar levels of transaction fees paid.”

This was the beginning of the DeFi summer which was kickstarted by the popular lending protocol Compound’s launch of its COMP governance token. This was enough to boost demand for decentralized products that enabled the users to lend, borrow, or swap assets with each other without relying on intermediaries for the same like the traditional financial infrastructure. Ethereum has been the hub of DeFi protocols.

However, as the decentralized movement intensified so did the congestion and fees that drove up the need for alternatives. The latest drop in these levels depicted less activity on the Ethereum network. One of the primary driving forces of this could be the back-to-back crackdowns from Chinese authorities. Secondly, it could also be due to the emergence of various Proof-of-Stake [PoS] based platforms that are now housing the DeFi infrastructure.

Ethereum Slips below Support As Market Gets a Visit From Bear

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A bearish sweep over the weekend left the cryptocurrency market in a lurch as several of the top coins witnessed massive slashes on their market caps. Bitcoin, Ethereum, and the rest of the market all suffered double-digit falls in the last week with some of the more significant action coming from the altcoins.

Ethereum’s earlier upswing had resulted in a large influx of investors with a majority of them still HODLing through the price crunch. At the time of writing, Ethereum was trading for $2019 at a market cap of $234.01 billion. The previous week had pegged the cryptocurrency’s value down by 21 percent as the daily trading volume capitulated at $28.53 billion.

Ethereum 1 hour:

eth 1 hr

The hourly charts had bad news for Ethereum as immediate support was broken on June 21. As of now, the immediate support and resistance clocked in at $1997 and $2638.3 respectively. Despite the dip, proponents of the cryptocurrency have been clamoring for more people to enter the Ethereum ecosystem.

A majority of the indicators in the following technical analysis pointed to a bearish signal weakening on the threshold. The Parabolic SAR was above the price of candles which was a sign of the bear’s hold on the market. Although the RSI had fallen below the oversold zone, the following capitulation was a positive sign for the investors. Only the Chaikin Money Flow indicator blinked green for Ethereum as it’s crossed the zero line into bullish territory.

Ethereum 1 day:

eth 1d

Daily charts for Ethereum painted a bearish picture of Ethereum with a break in its 60-day price support. The current price support stands at $1997 with a hold missing in the immediate vicinity. Ethereum’s current price behavior is in tandem with the rest of the cryptocurrency market as billions have been wiped off the market.

The long-term RSI was heading towards the oversold zone as the number of users selling ETH overtook those buying into the market. According to the Parabolic SAR, Ethereum was heading for some more bearish tantrums in the near future. Unlike the hourly charts, the CMF was not forgiving in the long run. The CMF had fallen below the zero line which signified that the capital leaving the ETH market was higher than the influx.

Ethereum [ETH] exhibits a bullish sentiment ahead of the London hard fork

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Painted red, all the assets including Ethereum [ETH] were seen harboring the bear. The second-largest cryptocurrency had a good run this year, both in terms of price as well as its network. Just as the network preps for its imminent London hard fork, the price of ETH isn’t doing so well. This hard fork s scheduled to go live on 24 June 2021 on all the testnets.

Ethereum’s core-dev, Tim Beiko elaborated on the same in a recent blog post. He stated,

“As of now, only the testnets (Ropsten, Goerli, Rinkeby) have been scheduled for London. Once the upgrade has successfully been activated on these networks, a block will be set for the Ethereum mainnet and be communicated on this blog and in other venues.”

At the time of writing, ETH was trading for $2,279 with an insignificant price change of a negative 0.74% in the last 24-hours. Over the week, ETH witnessed nothing but loss. The asset plummeted by 5.96% through the last seven days.

The altcoin stood still as the second-largest cryptocurrency. While its market cap succumbed to $261 billion, none of the other assets had a chance to overtake ETH considering the disparity among them with regard to market cap.

Additionally, all the other coins in the crypto-verse were enduring quite a bit of a slump. Bitcoin [BTC] fell down to a low of $35K, however, this didn’t last for too long. During press time, BTC was trading for $36,367.

Ethereum [ETH] four-hour price chart on Binance

Ethereum

The four-hour price chart of ETH gave out a mixed notion. The Parabolic SAR indicator formed a single dot below the candlesticks after a long stay over the candlesticks in the ETH market. The Awesome Oscillator indicator followed the exact same trend by rolling out a single red closing bar after an array of red bars.

ETH was seen recovering from being oversold. The Relative Strength Index indicator was heading towards the 50 median, however, the existing market was inclining towards the sellers’.