Ethereum (ETH) Closes Last Hour Down $-0.35; Heads Down For the 2nd Consecutive Day, Price Base in Formation Over Past 30 Days

The Hourly View for ETH

Last Updated October 15, 2020, 01:036 GMT

Currently, ETH’s price is down $-0.35 (-0.09%) from the hour prior. This is the 2nd straight hour ETH has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. 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

Ethereum came into today down 0.62% ($2.37) from the open of the day prior, marking the 2nd consecutive day a decline has happened. This move happened on lower volume, as yesterday’s volume was down 10.86% from the day before — and down 24.74% from the same day the week before. Out of the 7 instruments in the Top Cryptos asset class, Ethereum ended up ranking 4th for the day in terms of price change relative to the day prior. Below is a daily price chart of Ethereum.

Ethereum Technical Analysis

The first thing we should note is that Ethereum is now close to its 50 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. 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. For another vantage point, consider that Ethereum’s price has gone up 7 of the previous 10 trading days.

Overheard on Twitter

Over on Twitter, here were the top tweets about Ethereum:

  • From TheCryptoLark:

    Investors are currently buying #Apple valued at 2.1 trillion, and yields only 0.68% dividend. Yet some think that investors won’t buy #Ethereum which could yield 5% and only has a market cap of 43 billion! $eth will go insane over the next few years.

  • From UniswapProtocol:

    2/🦄 88k UNI holders
    🦄 393k unique addresses
    🦄 14M trades
    🦄 14.8k trading pairs
    🦄 1000+ new pairs per week
    🦄 30B all time volume
    🦄 90M all time LP fees
    🦄 2.9B in liquidity
    🦄 25% of all Ethereum transactions
    🦄 182 socks redeemed
    🦄 $5.1M socks traded

  • From BanklessHQ:

    With Ethereum 2.0 approaching, @VitalikButerin will return to the Bankless Podcast……to revisit some of the fundamentals design principles that Ethereum 2.0 has been built on:- Why PoS?
    – Why Sharding?
    – Why ETH Issuance?
    – Why 1559?What questions do you want asked?

In terms of news links for Ethereum here’s one to try:

Camila Russo: Ethereum Is Building the Internet of Value – CoinDesk

The internet is at the cusp of entering a new phase, one where entrenched rulers are dethroned, more power is reclaimed by individuals and value moves as freely as cat GIFs. To understand why we need a better internet in the first place, consider this question: Isn’t it weird the internet isn’t good at money?…The applications we use every day to search, to communicate, even to shop; the companies that dominate the web are very bad at dealing with money, even if they’re very good at making it….Value – that is, money, assets, securities, property – is as native to internet apps as cat videos….Money moves faster, cheaper and globally – just like the rest of the internet does.  And this network isn’t only good at transferring value….The base layer itself, the Ethereum blockchain, is owned by a community of millions who can’t unilaterally change rules, ban or censor apps or individuals.  The fact that the code is open makes it harder for companies to build monopolies….Maybe it’s the Ethereum platform that brings this new internet to the masses, or maybe it’s another network like it.  But there’s no question the internet of value is coming to shake up traditional finance and the current web, for the simple reason that it’s many times better.