Ethereum’s price is bearish despite massive fundamental growth: here’s what’s next

Ethereum’s price is bearish despite massive fundamental growth: here’s what’s next
фото показано с : coinjournal.net

2020-7-1 18:21

Ethereum has seen its transaction volumes soar, active addresses hit new all-time highs and daily fees surpass Bitcoin, but the price of ETH/USD has failed to spike in past weeks

Ethereum, cryptocurrency’s second-largest by market cap, has added just over 1% to its value in the past 24 hours.

At the beginning of the month, ETH/USD rose to highs of $252 but sideways trading has seen bulls fail to post a major move.

Ethereum price monthly chart. Source: TradingView Price weak despite massive fundamental growth!

June saw an explosion of activity on the Ethereum blockchain, thanks in part to a DeFi boom. The last month’s DeFi assets performance was reminiscent of that seen during the 2017 bull market when initial coin offerings (ICOs) took the market by storm.

Ethereum has also seen a surge in active addresses to all-time highs of over 492,000, with more Ether leaving exchanges as hodlers increase or users lock up value in DeFi protocols.

The network of the second-largest coin has also seen a record transaction volume spike, with network fees hitting multi-year highs to surpass those of Bitcoin. Although some of the volumes were linked to spamming by miners, usage has been hitting new levels to suggest massive fundamental growth.

Ethereum vs. Bitcoin transaction fees. Source: Glassnode

However, the price of the cryptocurrency has failed to follow the skyrocketing bullishness as indicated by the fundamentals. Rather, ETH/USD is more bearish at the moment and a breach below crucial support levels could see sell-off pressure push prices lower.

Ethereum technical short term technical outlook

On the technical side of things, ETH/USD continues to battle seller rejection that is preventing a break above the key boundary at the $230-$250 range.

Over the past week, Ethereum touched price levels near the major resistance at $250. However, buyers could not sustain momentum and ETH/USD plunged more than 6% to touch lows of $215 marked by the 23.6% Fib retracement.

The coin could still break above the rising trend line to post a monthly close above $230. However, if sellers push harder, prices could test last week’s lows at $215 and beyond that, towards the 200 EMA at $200.

Ethereum daily price chart. Source: TradingView

On the upside, immediate resistance is found at the psychological $230 and above that $240 and then $245.90 marked by the 61.8% and 78.6% Fib retracement levels respectively. A break above this level opens up $250 and a rally to June highs.

The RSI is currently flatlining below 50, suggesting Ethereum faces bearish momentum.

As of press time, the pair is trading at $225, having gained 1.57% in the past 24 hours. The cryptocurrency is also posting similar gains against Bitcoin as the pair exchanges hands at 0.02477.

The post Ethereum’s price is bearish despite massive fundamental growth: here’s what’s next appeared first on Coin Journal.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Ethereum (ETH) на Currencies.ru

$ 3086.66 (-0.52%)
Объем 24H $10.958b
Изменеия 24h: -0.06 %, 7d: 3.94 %
Cегодня L: $3055.33 - H: $3131.6
Капитализация $370.79b Rank 2
Цена в час новости $ 226.46 (1263%)

ethereum growth fundamental price bearish massive despite

Источник: coinjournal.net

ethereum growth → Результатов: 126


Ethereum price plummets despite strong network activity growth

Ethereum’s intense uptrend seen throughout 2020 reached a boiling point in early-February, with ETH’s break above $200 allowing it to incur parabolic momentum that led it to highs of $290. Although the crypto has retraced from these highs, its mid-term market structure still remains firmly bullish, and many analysts are now noting that this will […] The post Ethereum price plummets despite strong network activity growth appeared first on CryptoSlate.

2020-2-20 09:00


Ethereum Co-Founder Expects Another Crypto Bubble, Benefits Ecosystem

Could another exponential cryptocurrency bubble be on the horizon? The co-founder of Ethereum believes so, and that each new bubble brings in a wealth of talent to build on fundamentals. Joseph Lubin Comments on the Bubble Effect The meteoric rise of Bitcoin and subsequent growth in Ethereum, fueled by the initial coin offering (ICO) boom,.

2018-8-15 20:30


Фото:

Blockchain Project Luxcore (LUX) Appoints Crypto Pundit John McAfee CEO

Luxcore (LUX), a blockchain solutions and services ecosystem, has announced cryptocurrency pundit John McAfee as CEO. The blockchain company, which focuses on designing and building enterprise ready security and privacy products, says the decision to make John the company’s CEO is among its reorganization strategies that are purposely designed to bring about significant business growth […] The post Blockchain Project Luxcore (LUX) Appoints Crypto Pundit John McAfee CEO appeared first on Ethereum World News.

2018-8-13 21:45


ICO Market Doubled in a Year, Investing up Ten-Fold

Initial Coin Offering–Despite the sinking price of cryptocurrency across the market, initial coin offerings have managed to fair well in terms of growth through 2018. While the entire industry is embroiled in a bear cycle that has continued into the eighth month of the year, ICOs have doubled since 2017, while drastically increasing the amount […] The post ICO Market Doubled in a Year, Investing up Ten-Fold appeared first on Ethereum World News.

2018-8-9 18:27


Peru Shows Signs of “Accelerated Growth” in Crypto Trading

Latin America has turned out to be one of the most promising markets for cryptocurrencies around the world, with a dizzying growth in recent years. According to data from various sources, although other countries have a higher user base, the growth rate of some South American countries far exceeds that of other nations in the […] The post Peru Shows Signs of “Accelerated Growth” in Crypto Trading appeared first on Ethereum World News.

2018-8-5 09:04


Фото:

Ripple Exec: ‘Thrilled’ With Regulators Taking Interest in Cryptocurrency

Ripple (XRP)–Executives at Ripple are giving the impression that they welcome the introduction of regulators and increased scrutiny in the space of cryptocurrency. While some community members and investors are skeptical of increased regulation, seeing it as an attempt to stifle the growth of cryptocurrency and introduce the centralization that the industry has been designed […] The post Ripple Exec: ‘Thrilled’ With Regulators Taking Interest in Cryptocurrency appeared first on Ethereum World News.

2018-7-28 00:08


Фото:

One Week Away from TRON (TRX) ‘Secret Project’ Announcement

TRON (TRX)–On July 30th, TRON will reveal its long-anticipated ‘secret project’ that will mark the next step in TRX growth and innovation. TRON Virtual Machine and ‘Secret Project’ In June, during a celebration live-stream to commemorate TRON’s Independence Day (the official diversion of the TRX genesis block away from its ERC-20 roots), Justin Sun tantalized […] The post One Week Away from TRON (TRX) ‘Secret Project’ Announcement appeared first on Ethereum World News.

2018-7-23 03:08


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Wallet drainer service Pink Drainer to wind down operations

Developers behind Pink Drainer, a notorious wallet drainer service implicated in the theft of over $75 million in assets, have decided to wind down their operations.  “We have reached our goal and now, according to plan, it’s time for us…

Ethereum ETF Dreams Dashed? Analyst Says SEC Approval ‘Slim To None’

For investors hoping for a simple way to gain exposure to Ethereum, the road seems paved with regulatory hurdles. The US Securities and Exchange Commission (SEC) has thrown a wrench into plans for spot Ethereum Exchange Traded Funds (ETFs), leaving the future of these investment vehicles shrouded in uncertainty.