- Ethereum is travelling in a consolidated zone with a price level of $1197.8 by an intraday loss of 1.85%.
- Ethereum coin has seen a prominent decrease in inflow into the exchange, indicating people’s belief to be increasing on ethereum.
- ETH/BTC pair is at the value of 0.03383 with an intraday gain of 1.2%.
Over the past few weeks, Ethereum has remained in a consolidated zone while 2.5 million Ethereum locked in Ethereum 2.0 wallet. Meanwhile, the new upgrade of Ethereum which is EIP-1599 will help to introduce a base fee for each transaction and will also reduce the spamming. The Exchange inflow of Ethereum coin has been at its lowest level of a year time-frame which hints that big whales are circling around. Pantera Capital, A most prominent Blockchain venture capitalist, indicated that Ethereum is undervalued coin as compared to Bitcoin.
Technical Analysis:
Ethereum is currently trading at a level of $1197.8 with a -10% change in volume while it has seen a positive rise of 10% as per the change of BTC in 90 days cycle. ETH has formed a Doji candle in the previous trading session, which indicates that investors are concerned for Ethereum.
RSI(BULLISH): RSI on ETH is trading at a level of 64.83(at the time of writing) while heading towards a bullish range. The positive slope is observed in the daily chart while indicating bullish momentum can continue.
MACD(BEARISH): MACD on ETH is trading at a positive level. A negative crossover can be seen in Ethereum coin in upcoming days. Bars of the histogram form a negative region with smaller lengths, indicating that the price may see a bearish trend for quite some time.
CONCLUSION :
Ethereum coin has been profitable for investors in quite a long time. It has been a base for the rise of many coins. It can be fruitful in future if done advertently.
Technical levels:
Major support:$1292
Major Resistance:$1146
