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- 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
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
