Ethereum (ETH) Price Still Rangebound but Network Growth Outshines 

2022-10-11 20:26

Ethereum (ETH) price has failed to establish above the $1,360 mark, despite some groundbreaking network growth over the last few days. While long-term prospects look bright, ETH’s short-term momentum lacks immediate bullish catalysts. 

Ether price has remained rangebound in close proximity to the $1,300 mark since Sept 23. While ETH’s short-term price momentum has a larger bearish undertone, there’s more to it than meets the eye. 

ETH price still below $1400

At press time, Ether traded at $1,308.80 noting a 1.29% drop in the daily time frame. ETH’s price after charting a 30% fall from the $1,700 price level on Sept. 23 has consolidated in a tight band between the $1,280 and $1,350 mark. 

ETH/USD 1-day | Source: Trading View 

From a price perspective, ETH’s daily RSI was still in a downtrend as sellers dominated buyers since Sept. 12. As trade volumes maintained low levels presenting a larger market skepticism it was evident that ETH had few short-term catalysts in ETH’s trajectory. 

Going forward, the $890 mark would act as the next solid support for ETH’s price as 9.45 million addresses held over 8.95 million ETH around that price level. Currently, ETH price is battling the $1280 level but a fall below the same could lead to retesting of the lower support level at $890. 

ETH Global In and Out of Money | Source: Into The Block 

Nonetheless, with on-chain metrics glimmering the same could provide a cushion to ETH’s price going forward. 

Network growth peaks 

Ethereum’s network growth presented a massive uptick of over 180% in just one day alongside a healthy rise in daily active addresses indicative of a rather vibrant network despite the rangebound price momentum. 

Source: Sanbase 

Additionally, Ethereum’s Number of New Addresses (7d MA) also made a 4-month high of 3,422.512 which meant that despite the sluggish price momentum participants were still flocking to the network. 

However, a slightly bearish supply-demand signal was that Ethereum Exchange Outflow Volume (7d MA) reached a 22-month low of $8,566,693.60 which meant that even though the network indicators glimmered there were no major exchange outflows as HODLers were still skeptical of ETH’s short-term price momentum. 

Going forward, retail euphoria and larger market conditions could play an important role in ETH’s trajectory. If network growth aids the price, ETH could face the next resistance at the $1,350 mark, however, if bears take over a pullback to the lower $1,200 range could be expected.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here

The post Ethereum (ETH) Price Still Rangebound but Network Growth Outshines  appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Ethereum (ETH) на Currencies.ru

$ 3733.76 (+0.76%)
Объем 24H $37.224b
Изменеия 24h: 0.26 %, 7d: 21.25 %
Cегодня L: $3632.11 - H: $3841.39
Капитализация $448.541b Rank 2
Цена в час новости $ 1276.95 (192.4%)

eth growth network ethereum price prospects long-term

Источник: beincrypto.com

eth growth → Результатов: 126


Ethereum Price Rises Above $1,500, Up 43% This Week, LidoDAO Price Up 159%

Ethereum price continues to show significant upside, rising past $1,500 and trading at $1,538 at the time of writing. ETH saw considerable price growth of over 43% in the past seven days, caused mainly by the “merge trade,” as investors and traders anticipate a network merge in September, which will switch Ethereum’s consensus model from […] The post Ethereum Price Rises Above $1,500, Up 43% This Week, LidoDAO Price Up 159% appeared first on NullTX.

2022-7-20 17:58


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Ethereum Whale and Shark Addresses Offload as ETH Price Struggles

Ethereum’s shark and whale addresses holdings have decreased by over 3 million ETH in the last five weeks, suggesting that the biggest holders are dumping, according to Santiment data. The post Ethereum Whale and Shark Addresses Offload as ETH Price Struggles appeared first on BeInCrypto.

Ethereum sees double ascending channel formation as price nears another fall

The world’s second largest cryptocurrency has been enduring a tough time in October. After exhibiting strong bullish fundamentals in September and recording a growth of over 30 percent, the asset was back under a bearish stronghold and was dwelling under the $200 range, at press time The steep declined on 24 September stripped off its […] The post Ethereum sees double ascending channel formation as price nears another fall appeared first on AMBCrypto.