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Ethereum Trading Above $400, ETH Price Found Balance, Aiming High

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

On W1, ETH/USD forms a consolidation wave in an uptrend. The quotations may currently bounce off the upper border of the channel. The asset keeps moving sideways near 23.6% Fibo, which may be a consolidation before a decline. The aim of growth here is 38.2% Fibo. The MACD histogram is above zero, promising further growth. The signal lines of the indicator have formed a Golden Cross, which is yet another signal of growth. The same tendency can be found on the Stochastic, which also features a Golden Cross. The aim of further growth is $500.00 USD.

Photo: RoboForex / TradingView

On D1, the pair keeps correcting after growth – the quotations are forming a pullback to the support level at 23.6% Fibo. The MACD histogram is still above zero. Judging by all the factors, the pair might soon end the correction and resume the growth. The aim of the growth is $500.00 USD. However, the price may still correct to $394.45 USD.

Photo: RoboForex / TradingView

On H4, there is the same correction as on larger timeframes. The Stochastic values are in the overbought area, and a Black Cross there confirms the correction. The aim of the decline is $394.45 USD. After the correction is over, the pair may renew local highs and go on growing, aiming at $500.00 USD.

Photo: RoboForex / TradingView 

Commission fees for transactions in the ETH have increased, and this lets altcoin miners earn more. As Glassnode observations show, the miners managed to earn some $500,000 USD during just an hour. The average price of a transaction on September 1st was about $11 USD – in July it was $1 USD, so the difference is obvious.

On the whole, in August, ETH miners made some $113 million USD on transactions. This is about three times more than BTC miners made on producing the cryptocurrency. The commission fee grew right after users demonstrated increased interest in applications from the decentralized finance sector DeFi. Transactions through such apps are blockchain-based, which increases the load on the blockchain and makes transactions more expensive.

By September, it has become obvious that ETH is popular among users. The  Ethereum (ETH) trading price reached a high of $460 USD. During the 8 months of 2020, the price of the altcoin grew by 254%. The ETH capitalization is currently $52 billion USD, and the average daily volume of trades amounts to $16 billion USD.

Ethereum Trading Above $400, ETH Price Found Balance, Aiming High

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