- Ethereum and DeFI have continued to dominate the face of the cryptocurrency market
- Ethereum’s on-chain transaction volume in the past 24 hours was $12.98 billion, recording a decrease of 3.61% in the last 24 hours
- ETH price is likely to retrace $290 – $325 level along with bitcoin in the coming few weeks
Ethereum 2.0 is the hottest speculation at present that is driving the factor supporting the price of Ethereum. The biggest problem on the Ethereum blockchain is the rising congestion and high transfer fees and its time that these problems are resolved through 2.0.
After the Covid-19 crash, Ethereum price surged from the lowest of $87 to the highest $411 on Aug 02, 2020, multiplied 5x faster, and the increase reached 370%. While the largest cryptocurrency in the world, Bitcoin swelled from the lowest at $3800 to the highest $12100 on Aug 02, 2020, multiplied 3.2x, accounted for an increase of 218%. Both in terms of multiples and gains, ETH outperformed Bitcoin by a large margin. The decline in the price of Ethereum recovered on the day, while bitcoin still oscillated below 11500, which is enough to prove Ethereum’s strength.
Ethereum and DeFI have continued to dominate the face of the cryptocurrency market. The cryptocurrency market remained buzzed with Defi’s sharp increase and the announcement of Ethereum 2.0. acted as a catalyst for triggering a small bull market at the end of July. The recent uptrend in Ethereum’s price is the result of Defi Boom, the demand of DApps, DeFi tokens, and their increasing market share is contributing to an increase in Ethereum’s market capitalisation.
Ethereum Price Analysis
Ethereum’s on-chain transaction volume in the past 24 hours was $12.98 billion, recording a decrease of 3.61% in the last 24 hours (from yesterday or the day before?). The number of ETH on-chain transactions in the past 24 hours was 1,255,149 with a drop of 2.25% compared to 24 hours ago. At the time of writing Ethereum was trading at $375, down 4.12 per cent in the last 24 hours. Ethereum dropped below the lower rail and MA120 daily moving average at 14:00 yesterday afternoon, following the correlation between Ethereum and Bitcoin, and then the overall price of Ethereum showed a downward trend.
Ethereum has seen an explosive performance in recent weeks. Ethereum repeatedly failed to breach a $400 mark, facing major resistance. On a weekly time frame, Relative Strength Index or RSI for Ethereum is 77 which is the highest level since 2018 Bull run.
Ethereum price is likely to retrace $290 – $325 level along with bitcoin in the coming few weeks.
The four-hour chart spotted a bull flag however the volume is missing to support a further increase in price. The Ethereum trading volume indicates further sell-off.
Ethereum price must flip the previous resistance level Into support to avoid the drop. Ethereum prices are most likely to rally towards $700 by the end of the year following a push from Defi and Uniswap and most importantly ETH 2.0 will strongly support this trend movement.