Ethereum (ETH) Price Near $427.95; Moves Up For the 3rd Day In A Row

The Hourly View for ETH

Last Updated November 6, 2020, 01:037 GMT

At the time of this writing, ETH’s price is up $1.72 (0.4%) from the hour prior. The hourly chart shows that ETH has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Ethereum Daily Price Recap

Ethereum came into today up 3.53% ($14.23) from the open of the previous day, marking the 3rd day in a row an upward move has occurred. As for how volume fared, yesterday’s volume was up 5.21% from the previous day (Wednesday), and up 8.39% from Thursday of the week before. Out of the 7 instruments in the Top Cryptos asset class, Ethereum ended up ranking 6th for the day in terms of price change relative to the previous day. The daily price chart of Ethereum below illustrates.

Ethereum Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For another vantage point, consider that Ethereum’s price has gone up 6 of the previous 10 trading days.

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 bullishgentlemn:

    Ethereum 2.0 is set to launch in December. I expect Chainlink to launch its service contract & staking shortly thereafter. IMO, $Link wasn’t going to launch before $Eth 2.0. Ethereum’s ability to meet growing smart contract demand just wasn’t there – threshold sigs or not.

  • From KevinSvenson_:

    As more & more #ETH🔹 gets locked away for Staking its going to allow for MAJOR price gains!!! #Ethereum🔹 is undervalued and underestimated. The price of $ETH is still down -70% from its all time high. The opportunity is HUGE. Fill your bags NOW! 🗣️🔊

  • From AndrewDARMACAP:

    Amidst the fog of political war, a beacon of light emerged. @ethereum 2.0 deposit contract launch is more eventful in my opinion than all political campaigns combined and I’m thankful to be a witness and participant of the global democratized settlement layer of the economy.LFG❤️

For a longer news piece related to ETH that’s been generating discussion, check out:

What is The Potential Impact of Ethereum 2.0 on The Derivatives Market? | Binance Blog

Below we examine several market indicators that could potentially reveal traders’ sentiment surrounding ETH 2.0. ETH Futures open interest remains strong on Binance Source: Skew Ethereum futures open interest on Binance has risen considerably since the beginning of 2020….The open interest upsurge in the second half of 2020 may suggest that traders have positioned long-term directional bets on Ethereum.  Increasing Futures basis signals investors’ expectations Market analysts often turn to the futures market to understand market expectations….The basis represents the difference between the underlying asset’s spot and futures prices.  In bull markets, futures prices trade higher than spot markets….As such, the futures basis tends to be positive….Looking at the growing demand for Ethereum futures and options, it seems to suggest that investors are still bullish on Ethereum with concentrated activity surrounding the expected launch date of ETH 2.0. Backed by other fundamental factors such as the fast-growing DeFi sector, the demand for Ethereum looks convincing….Retail investors who cannot afford to stake on the new network can gain leveraged exposure to Ethereum through USDT Futures contracts.