The Hourly View for ETH
Last Updated March 2, 2021, 02:048 GMT
Currently, ETH’s price is down $-1.21 (-0.08%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. price action traders may also wish to note that we see a pin bar candlestick pattern on ETH. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
Ethereum Daily price Recap
The choppiness in the recent daily price action of Ethereum continues; to start today, it came in at a price of 1571.49 US dollars, up 10.47% ($148.91) since the day prior. This move happened on lower volume, as yesterday’s volume was down 23.88% from the day before — and down 54.61% from the same day the week before. On a relative basis, the day prior was pretty good: Ethereum bested all 7 of the assets in the Top Cryptos class 🙂 Let’s take a look at the daily price chart of Ethereum.
Ethereum Technical Analysis
First things first: Ethereum crossed above its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to view things another way, note that out of the past 30 days Ethereum’s price has gone up 16 them. Those interested in trading off candles may wish to observe the emergence of a bullish engulfing pattern, which seems particularly noteworthy against the backdrop of a downtrend on the 14 and 90 day time periods.
Overheard on Twitter
For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Ethereum for the past day were:
- From MartiniGuyYT:
- From RyanBerckmans:
1/ ETH the cash machineEthereum’s fees are worth ETH at $2850The price of ETH is below the value of the cash it produces because ethereum’s fees go entirely to miners, who are on track to be paid 8% of all ETH this yearEIP-1559 and proof of stake fix this. Here’s how👇
- From Davincij15:
If you buy silver or gold, you are betting against governments and banks with an asset they control.If you buy #bitcoin or #ethereum you are betting against governments and banks with an asset they cannot control.
In terms of news links for Ethereum here’s one to try:
Full Ethereum Compatibility, Hack the System, February Update | by Li Jiang | Harmony | Mar, 2021 | Medium
We demonstrated how any developer can port an app to Harmony with the same Ethereum tooling and how they can take advantage of cross-chain assets….Come scale your Ethereum applications on Harmony with 2-second finality and low fees….February was another month of building with partners and developers to scale our cross-chain finance ecosystem.