End of the rise for ETH? – Bitcoin price is stuck at the $43,000 level, but buyers are defending support at $42,000. Which of the two camps will give in? For its part, the price of Ethereum stuck at the $2,400 level, and buyers defended the support level around $2,100. Is Ethereum overheating? Here is the ETH newsletter.
This analysis of the Ethereum price is offered to you in partnership with CryptoTrader and its algorithmic trading solution finally accessible to individuals.
Ethereum price stagnates in 24 hours
The prince of cryptocurrencies stuck at the $2,300 level Currently. The price of Ethereum stagnates in 24 hoursbut he drop of more than 3% in one week :
On the other hand, in one month, the price remains in increase of almost 15%. Also, in three months, ETH displays a increase of almost 40%. Ethereum declines slightly against Bitcoin in one week.
Circulating supply in profit on Ethereum exceeds that of Bitcoin
Since the beginning of the year, the Bitcoin outperforms Ethereum. In fact, the price of Bitcoin is increase of around 160%. For its part, Ethereum is currently showing a increase of around 90%. If performance remains relatively interesting, ETH is doing less well than BTC.
Despite this, it is interesting to note that the percentage of circulating supply in profit on Ethereum is higher than on Bitcoin. Is this the result of a largest accumulation when ETH was moving below $2,000 ? If capital begins to flow more heavily into Ethereum, the trend could continue. Be careful though, this is a relatively high level of profitwhich often leads to pauses, or even trend reversals.
Ethereum price must break resistance at $2,320 and surpass the latest high
With the recent fall, the ETH price closed in 4 hours below the last low at $2,220. This shows some strength on the sellers’ side:
Now the goal of buyers is to break the last high marked at $2,408. To do this, it will be necessary to get rid of the resistance present at $2,320. A break of this resistance could bring the price back to the level of the next resistance at $2,450. On the other hand, in the event of rejection of $2,320the price could return to the level of support at $2,220. A support that buyers will then have to defend. The RSI bounces and tries to break the bearish trendline. If the breakout materializes, the bullish volatility could be put in place.
Ethereum price recently fell below the last 4H low around $2,220. This is a first signal of weakness on the buyers’ side. To invalidate the bearish scenario, buyers will have to break the resistance at $2,320, and the last high marked at $2,408. The percentage of circulating supply in profit on Ethereum has surpassed that of Bitcoin. This metric shows excesses on ETH. Can altcoins benefit from capital turnover?
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