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Ethereum Price Could See “Liftoff” If ETH Clears This Resistance

Ethereum price started a recovery wave above the $1,780 level against the US Dollar. ETH must clear $1,820 to start a decent increase in the near term.

  • Ethereum is currently consolidating below the $1,820 resistance zone.
  • The price is trading below $1,820 and the 100-hourly Simple Moving Average.
  • There is a major bearish trend line forming with resistance near $1,818 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a decent increase if it settles above the $1,820 resistance.

Ethereum Price Recovery Faces Hurdle

Ethereum’s price extended its decline below the $1,800 zone. ETH even declined below the $1,780 level before the bulls appeared near $1,760, similar to Bitcoin.

A low was formed near $1,761 and the price is currently attempting a recovery wave. It is trading above the 23.6% Fib retracement level of the key decline from the $1,872 swing high to the $1,761 low. Ether is now trading below $1,820 and the 100-hourly Simple Moving Average.

There is also a major bearish trend line forming with resistance near $1,818 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the key decline from the $1,872 swing high to the $1,761 low.

Immediate resistance is near the $1,818 zone and the trend line. The first major resistance is near the $1,820 level. A close above the $1,820 resistance could send Ether toward $1,845.

Ethereum Price

Source: ETHUSD on TradingView.com

The next resistance sits near $1,875, above which Ethereum could rise toward $1,920. Any more gains above the $1,920 resistance zone could push the price toward the $2,000 resistance.

Fresh Decline in ETH?

If Ethereum fails to clear the $1,820 resistance, it could start another bearish wave. Initial support on the downside is near the $1,785 level.

The next major support is near the $1,760 zone or the recent swing low. If there is a close below the $1,760 support, the price could start another major decline. In the stated case, the price might drop toward the $1,700 support zone. Any more losses may perhaps send the price toward the $1,660 level in the coming days.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is above the 50 level.

Major Support Level – $1,785

Major Resistance Level – $1,820

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Ethereum Price Plunges Again: Start of Another Decline Or Buying Opportunity

Ethereum price started a fresh decline below the $1,820 support against the US Dollar. ETH is showing bearish signs and might decline further toward $1,700.

  • Ethereum is currently moving lower below the $1,820 support zone.
  • The price is trading below $1,800 and the 100-hourly Simple Moving Average.
  • There are two bearish trend lines forming with resistance near $1,790 and $1,820 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue lower toward the $1,720 and $1,700 levels.

Ethereum Price Extends Losses

Ethereum’s price failed to recover above the $1,850 resistance zone. ETH started a fresh decline and traded below the $1,820 support zone, similar to Bitcoin.

The decline gained pace below the $1,800 level. The price tested the $1,760 zone. A low is formed near $1,761 and the price is now consolidating losses. Ether is trading below $1,800 and the 100-hourly Simple Moving Average. There are also two bearish trend lines forming with resistance near $1,790 and $1,820 on the hourly chart of ETH/USD.

Immediate resistance is near the $1,785 zone and the first trend line. It is close to the 23.6% Fib retracement level of the downward move from the $1,873 swing high to the $1,761 low.

The first major resistance is near the $1,820 level and second the trend line. It is close to the 50% Fib retracement level of the downward move from the $1,873 swing high to the $1,761 low. A close above the $1,820 resistance could send Ether toward $1,850.

Ethereum Price

Source: ETHUSD on TradingView.com

The next resistance sits near $1,880, above which Ethereum could rise toward $1,920. Any more gains above the $1,920 resistance zone could start a steady increase toward the $2,000 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,820 resistance, it could continue to move down. Initial support on the downside is near the $1,760 level.

The next major support is near the $1,720 zone. The main support could be near $1,700. If there is a close below the $1,700 support, the price could accelerate lower. In the stated case, the price might drop toward the $1,640 support zone. Any more losses may perhaps send the price toward the $1,600 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is below the 50 level.

Major Support Level – $1,760

Major Resistance Level – $1,820

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Ethereum Encounters Resistance At Critical Level, Vital Trading Levels to Monitor

Ethereum started the week with a promising performance, experiencing a gain of over 3%. However, the bullish momentum was short-lived as the altcoin failed to sustain its position above a key resistance level. Within the past 24 hours, ETH’s market value has declined by nearly 3%.

Throughout the week, the ETH price has shown limited progress, with the bears dominating the price movement. The altcoin’s technical outlook indicates a decline in buying strength, accompanied by low demand and accumulation on the daily chart.

To prevent further strengthening of the bears, it is crucial for Ethereum to surpass its immediate resistance in the upcoming trading sessions.

Failure to do so may lead to additional pressure from sellers, potentially causing Ethereum to breach its immediate support level and experience a significant loss in value during future trading sessions. Additionally, the fall in the ETH market capitalization suggests an increase in selling strength, as observed on the daily chart.

Ethereum Price Analysis: One-Day Chart

Ethereum

At the time of writing, the trading price of ETH was $1790. Despite attempting to trade within the $1800 price range, the altcoin encountered selling pressure, resulting in its depreciation. The current overhead resistance for Ethereum is $1810. If the altcoin surpasses this resistance level, it has the potential to trigger a rally in its price.

On the other hand, if the present price level experiences a decline, Ethereum is likely to decline further to $1750 before eventually reaching the $1700 price mark. The recent session saw a decrease in the volume of Ethereum traded, indicated by the red colour, indicating a weak buying strength.

Technical Analysis

Ethereum

Throughout this month, Ethereum experienced a decline in demand, resulting in reduced buying strength. The Relative Strength Index (RSI) dropped below the midpoint line, suggesting a decrease in demand and an increase in selling pressure on the chart.

Additionally, the price of Ethereum fell below the 20-Simple Moving Average (SMA), indicating that sellers were dominating the market’s price momentum.

Given that Bitcoin’s price movement remains uncertain, several altcoins, including Ethereum, have followed a similar price trajectory. However, if Ethereum gains broader market strength, there is a possibility that demand could return, causing ETH to surpass the 20-SMA line and potentially climb higher.

Ethereum

Due to the absence of demand, ETH did not exhibit significant buy signals. The Moving Average Convergence Divergence (MACD), a tool used to indicate price momentum and potential trend reversals, showed small green histograms that do not provide conclusive buy signals at this point.

The Bollinger Bands, which measure price volatility and potential fluctuations, have maintained a parallel shape. However, they displayed slight convergence, suggesting that ETH may trade within a relatively stable range without substantial price fluctuations.

To reclaim the $1800 price level, it is crucial for buyers to re-enter the market at the current price level. Their participation is essential for Ethereum to regain strength and potentially push the price higher.

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Ethereum Staking Hits Over $40 Billion After Shanghai Upgrade: What It Means For ETH

The Ethereum (ETH) network has reached a significant milestone following the highly-anticipated Shanghai upgrade, as staking activity soars to new heights.

According to crypto analytics platform Cryptorank, the Ethereum deposit contract balance has exceeded $40 billion, with users depositing over 4.4 million ETH since April 12 (the date of the Shanghai upgrade launch).

This surge in staking activity marks a pivotal moment for ETH and its transition to a proof-of-stake (PoS) consensus algorithm.

Staking Frenzy: A Post-Upgrade Milestone

The recent data shared by CryptoRank reveals that the ETH deposit contract balance on May 23 stood at 22.6 million ETH, equivalent to $41.1 billion. This substantial increase in deposits can be attributed to the introduction of the latest feature allowing validators to withdraw their staked tokens.

Ethereum staking exceeds $40 Billion.

The Ethereum network has experienced a surge in interest, with users seizing the opportunity to participate in staking and earn rewards for supporting the network’s security and consensus mechanism.

Alongside the growth in deposit contract balance, Ethereum has offered attractive staking returns. As of today, the staking annualized rate of return for running an ETH validator stands at 8.66%, providing a meaningful incentive for users to engage in staking.

This figure remains significant, further driving the interest in staking among Ethereum investors seeking to maximize their returns.

Furthermore, according to recent data from Token Unlocks, since the implementation of unstaking on the Ethereum network, investors have deposited 4.68 million ETH into ETH 2.0 contracts.

Simultaneously, approximately 2.83 million ETH has been withdrawn, indicating ongoing investor engagement and confidence in the staking process.

The Future Of Ethereum Staking

With the Ethereum network surpassing the $40 billion mark in deposit contract balance, the growth in staking activity signifies a strong commitment from the community toward the PoS consensus mechanism. This development also highlights Ethereum’s transition to Ethereum 2.0, where staking will play a vital role in securing the network and achieving scalability.

As ETH continues to evolve, the surge in staking participation not only contributes to the network’s security but also offers an opportunity for ETH holders to earn passive income through staking rewards. By actively participating in staking, users can contribute to the growth and decentralization of ETH while reaping the benefits of staking returns.

Meanwhile, as ETH staking continues to surge, Ethereum founder Vitalik Buterin has warned of potentially overloading the network consensus. In a recently published blog post, Buterin noted “Don’t overload Ethereum’s consensus.”

The Ethereum founder further added that using Ethereum’s network consensus for other things could bring “high systemic risks to the ecosystem and should be discouraged and resisted.” However, following the warning, ETH staking hasn’t seen any decline so far but only an uptick.

Over the past 24 hours, ETH has seen a plunge, down by 3.6%. The second-largest crypto asset by market capitalization has dropped from a high of trading slightly above $2,000 in recent weeks to trade below $1,800, at the time of writing.

Ethereum (ETH)’s price chart on TradingView

 

Featured image from Shutterstock, Chart from TradingView

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Ethereum Price Trims Gains and Could Revisit Key Range Support

Ethereum price failed to surpass $1,880 and declined against the US Dollar. ETH is struggling and might continue lower toward the $1,790 support.

  • Ethereum is currently moving lower from the $1,880 resistance zone.
  • The price is trading below $1,830 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance near $1,840 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could accelerate lower toward the $1,790 and $1,780 levels.

Ethereum Price Fails Again

Ethereum’s price attempted a fresh increase above the $1,850 resistance zone. However, ETH bears remained active near the $1,880 level and the price started another decline, similar to Bitcoin.

The price declined from the $1,873 high and traded below the $1,850 support. There was a clear move below the 50% Fib retracement level of the upward move from the $1,792 swing low to the $1,873 high. Ether price is now trading below $1,830 and the 100-hourly Simple Moving Average.

There is also a connecting bearish trend line forming with resistance near $1,840 on the hourly chart of ETH/USD. Immediate resistance is near the $1,830 zone and the 100-hourly Simple Moving Average.

Ethereum Price

Source: ETHUSD on TradingView.com

The first major resistance is near the $1,840 level and the trend line. A close above the $1,840 resistance could send Ether toward $1,880. The next resistance sits near $1,920, above which Ethereum could rise toward $2,000. Any more gains above the $2,000 resistance zone could start a steady increase toward the $2,120 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,840 resistance, it could continue to move down. Initial support on the downside is near the $1,810 level and the 76.4% Fib retracement level of the upward move from the $1,792 swing low to the $1,873 high.

The next major support is near the $1,790 zone. The main support sits at $1,770. If there is a close below the $1,770 support, the price could gain bearish momentum. In the stated case, the price might drop toward the $1,720 support zone. Any more losses may perhaps spark a move toward the $1,650 support zone in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is below the 50 level.

Major Support Level – $1,775

Major Resistance Level – $1,840

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Ethereum: Experts Predict Imminent Bull Run Toward $1,900

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, appears to be on the verge of a potential reversal.

Technical analysis shows a compelling case for Ethereum’s potential reversal toward the $1,900 mark. The coin has shown signs of finding support at its current levels, and with mounting buying pressure, a bullish trend could be on the horizon.

As the crypto market continues to evolve, all eyes are now on Ethereum and its potential reversal.

Decreasing Volatility, Trading Volume Indicate Potential Reversal For Ethereum 

Ethereum’s price charts reveal a notable decline in volatility, indicating a potential shift in market sentiment. Volatility, which measures the frequency and magnitude of price fluctuations, is on the decline, suggesting that the bearish sentiment surrounding Ethereum may be losing steam. 

This drop in volatility often precedes trend reversals and signifies a market that is maturing and finding consensus among investors.

Accompanying the decreasing volatility, Ethereum has also experienced a decline in trading volume, a crucial indicator of market activity and investor interest. The reduced trading volume is significant as it signifies a decrease in selling pressure, creating an environment conducive to potential price spikes. 

For Ethereum, the diminishing trading volume sets the stage for a bullish reversal and hints at the possibility of an upward price surge.

Amidst these positive indicators, Ethereum continues to ride the wave of success, with CoinGecko reporting an impressive price of $1,862, reflecting a remarkable 3.1% rally in the past 24 hours alone. Furthermore, the cryptocurrency demonstrates a promising seven-day increase of 2.8%, adding to its growing momentum.

Mixed Signals: Staking Inflows Down

Despite Ethereum’s positive price momentum and decreasing volatility, recent data from CryptoQuant reveals a decline in staking inflows. On Sunday, staking inflows stood at 93,952 ETH but dropped to 71,648 ETH on Monday. Although still higher compared to recent dips, the decrease in staking inflows suggests a potential shift in investor behavior.

On the other hand, the total value staked continues to climb. This indicates that while the rate of increase has slowed down, there is still ongoing interest in staking Ethereum, potentially driven by the prospect of earning passive income through staking rewards.

Another aspect to consider is the withdrawal profile, which has presented mixed signals. Overnight, there was a notable spike in principal withdrawals, indicating a bearish sentiment. However, projections for the morning session suggest a more bullish outlook, with expectations of principal ETH withdrawals falling to below-normal levels.

These withdrawal patterns contribute to the overall uncertainty surrounding Ethereum’s short-term market outlook. While staking inflows decrease and withdrawal activity remains inconsistent, investors and analysts are closely monitoring these indicators to gauge the direction of the market and the sentiment of Ethereum holders.

-Featured image from WSJ

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Ethereum Price Sees Bullish Breakout And Why Dips Turn Attractive

Ethereum price climbed above the $1,840 resistance against the US Dollar. ETH is showing positive signs and might aim a move toward the $1,920 resistance.

  • Ethereum is currently gaining pace above the $1,840 resistance zone.
  • The price is trading above $1,820 and the 100-hourly Simple Moving Average.
  • There is a key bullish trend line forming with support near $1,835 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rise further if it stays above the $1,835 and $1,820 support levels.

Ethereum Price Gains Bullish Momentum

Ethereum’s price formed a base above the $1,800 support level. ETH started a decent increase above the $1,820 resistance level and averted more losses, similar to Bitcoin.

There was a clear move above the $1,830 and $1,840 resistance levels. The price even spiked above $1,870. A high is formed near $1,873 and is currently consolidating gains above the 23.6% Fib retracement level of the recent wave from the $1,793 swing low to the $1,873 high.

Ether is now trading above $1,820 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $1,835 on the hourly chart of ETH/USD.

Immediate resistance is near the $1,880 zone and the recent higher. The first major resistance is near the $1,920 level. A close above the $1,920 resistance could spark more bullish moves. The next resistance sits near $1,940, above which Ethereum could rise toward $2,000.

Ethereum Price

Source: ETHUSD on TradingView.com

If the bulls remain in action, Ethereum could rise toward $2,040. Any more gains above the $2,040 resistance zone could start a steady increase toward the $2,120 resistance.

Are Dips Supported in ETH?

If Ethereum fails to clear the $1,880 resistance, it could start a downside correction. Initial support on the downside is near the $1,850 level.

The next major support is near the $1,835 zone and the trend line. It is close to the 50% Fib retracement level of the recent wave from the $1,793 swing low to the $1,873 high. The main support sits at $1,820. If there is a close below the $1,820 support, the price could move into a bearish zone. In the stated case, the price might drop toward the $1,780 support zone.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is above the 50 level.

Major Support Level – $1,830

Major Resistance Level – $1,880

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Ethereum (ETH) Beacon Chain Shatters Records With $7.7 Billion Inflows

Ethereum’s (ETH) Beacon Chain has seen significant inflows since staking withdrawals were enabled on April 12th, with over $7.7 billion worth of Ethereum deposited into the contract. This is despite some initial predictions of a flood of outflows following the Shanghai Upgrade.

The Beacon Chain is a core component of Ethereum 2.0, the next generation of the Ethereum blockchain. It is a Proof-of-Stake (PoS) blockchain responsible for coordinating validators, validating transactions, and proposing and finalizing blocks in the Ethereum network.

Ethereum Beacon Chain Defies Critics

According to the research firm Arkham Intel, The total amount of deposited Ether now exceeds the April 12th balance by around 1.25 million ETH, with daily deposits varying widely, sometimes reaching up to 225,000 ETH (over $400 million in a single day). The inflows chart shows a noticeable spike following the Shapella upgrade, which coincided with the full enablement of withdrawals from the Beacon Chain.

Ethereum

At the forefront of these deposits is Lido’s stETH address “0xae7”, which has consistently been the top depositor with a lifetime deposit amount of well over $15 billion, accounting for over a third of the ETH locked in the deposit contract, according to Arkham. 

Following the enabling of stETH Unstaking, Lido’s deposit address has now been transferred to a new address, “0xfdd”, which has already become the 4th deposit address since April, with a total deposit amount of over 214,000 ETH, or over $386 million, despite only being active for the past three days.

Furthermore, the growth of Ethereum 2.0 and the Beacon Chain has been accompanied by a surge in staking services and Liquid Staking Tokens with Frax. This stablecoin project aims to provide a more stable and reliable alternative to traditional fiat currencies, being one of the notable players in this space. Frax offers a product called frxETH, which allows users to stake their ETH and receive liquid-staked ETH tokens (sfrxETH) in return.

Although Frax ranks 14th on the leaderboard of depositors, their total stake of 72,400 ETH since April 1st represents a significant portion of their total Frax ETH supply, accounting for 33.6% of the total frxETH supply of 215,000.

The growth of staking services and liquid staking tokens is a positive development for the Ethereum ecosystem, as it provides users with more options for earning rewards on their ETH holdings. This growth is also a testament to the popularity of Ethereum 2.0 and the Beacon Chain, which offer a more efficient and sustainable network for decentralized applications.

ETH’s Price Action Suggests A Bearish Future

According to Michael Van de Poppe, a well-known cryptocurrency analyst, ETH’s price resembles more of a bear flag than a consolidation pattern. He believes that the Relative Strength Index (RSI) is higher on ETH, and when combined with the chart pattern, it is likely that ETH will experience another leg down, making it more probable than Bitcoin (BTC).

Van de Poppe points out that for him to change his mind about ETH, the resistance level that needs to be broken is $1,867. However, if the candle closes below $1,735, there is a high likelihood of continuation toward the range of $1,675 to $1,712, with the lower $1600 as the next potential support level.

Despite the current short-term uncertainty in the cryptocurrency market, the long-term outlook for Ethereum and the broader digital asset industry remains positive. However, while it can be challenging to predict short-term price movements, Michael Van de Poppe’s analysis suggests that the short-term outlook for Ethereum may be bearish.

Ethereum

Featured image from Unsplash, chart from TradingView.com 

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Role Reversal: Ethereum Defies Expectations With Lower Volatility Than Bitcoin

Ethereum (ETH), the second-largest digital asset in the cryptocurrency sector, is currently captivating traders’ attention as volatility gauges indicate an intriguing shift in market dynamics. 

Contrary to the customary pattern, these indicators are suggesting that Ether may experience relatively smaller near-term price fluctuations compared to Bitcoin, according to Bloomberg.

This unexpected reversal has injected a fresh element of anticipation and curiosity among investors, who are now closely monitoring the evolving landscape of cryptocurrencies. 

Narrowing Gap Between Ethereum And Bitcoin Volatility

The T3 Ether Volatility Index, an innovative tool, lies at the core of this phenomenon. It has emerged as an indispensable barometer for assessing and foreseeing price volatility in the Ether market.

The data compiled by Bloomberg reveals that the difference in volatility between Ether and Bitcoin, as measured by the 180-day realized or historical volatility, is currently at its smallest since 2020. Furthermore, this difference is only marginally positive, indicating a remarkably close alignment between the volatility of Ether and Bitcoin.

 

Caroline Mauron, co-founder of crypto derivatives platform OrBit Markets, told the publication:

“Lower volatility typically helps institutional investors to allocate more capital to crypto, as it becomes cheaper to buy protection and manage exposures… the volatility spread compression may drive more exposure to Ether from long-term investors.”

Implications Of Ethereum Price Fluctuation

The changing flux of Ether’s volatility behavior have significant implications. Notably, the Bitcoin and Ether implied volatility indexes, which rely on options pricing, have experienced declines after reaching recent highs in March. 

However, Ether’s implied volatility has decreased at a faster pace. Additionally, a broader measurement of cross-asset fluctuations in global markets has also witnessed a decline.

The implications of Ether’s changing volatility behavior are multifaceted. The faster decline in Ether’s implied volatility suggests that market participants have become less uncertain or less anxious about the future price movements of Ether compared to Bitcoin. This could be influenced by various factors such as regulatory developments, market maturity, or growing investor confidence in Ether’s long-term potential.

Furthermore, the broader decrease in cross-asset swings indicates a potential reduction in risk aversion among investors, as they perceive a more stable and predictable market environment. This could impact investment decisions and trading strategies, as market participants may adjust their risk management approaches and allocation of resources based on the evolving volatility landscape.

The changing volatility of Ether, as reflected in the Bitcoin and Ether implied volatility indexes and the broader measure of cross-asset swings, highlight the evolving nature of the cryptocurrency market. 

-Featured image from Coinnounce

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$120 Million Of Aave Funds Stuck In Polygon, Good For Bears?

Following a recent update, over $120 million of Aave v2, a decentralized finance (DeFi) protocol for lending and borrowing tokens, user assets are “stuck” on Polygon.

Bug On Aave v2 On Polygon

The bug affecting withdrawals from Aave v2 deployed on Polygon, an Ethereum side-chain, has been pinned to the recent implementation of “proposal 224”. 

Proposal 224 sought to make parameter changes “for the benefit of the protocol” in light of “shifts in the crypto market .” The adjustment received majority support and was implemented. 

However, after the execution, the DeFi protocol was notified of several issues affecting the interest rate strategy contracts applied to the wrapped versions of Bitcoin, Ethereum, MATIC—the native currency of Polygon, and USDT—the world’s most liquid stablecoin.

The development team has said the root cause was because the updated version, especially relating to the “LendingPool to call the rate strategy of an asset” applied on Polygon, was slightly different from that integrated with Ethereum. While users can’t withdraw assets, the DeFi protocol emphasizes that all funds are safe.

Beyond the explainer released by Aave, analysts pin the specific problem on the incompatibility issue between the ReserveInterestRateStrategy contract and the underlying Polygon network. 

Since the contract was designed to work specifically on Ethereum, as Aave mentioned, it couldn’t work on Polygon, causing it to fail. Subsequently, users couldn’t withdraw their tokens.

Compatibility Problems

The ReserveInterestRateStrategy contract is a core contract in Aave that helps calculate and apply interest rates to borrowed loans. 

To correctly function, the autonomous contract factors in several things, including prevailing market forces, the risk of user defaulting, and the collateralization ratio. 

In Aave, all loans are overcollateralized, meaning a borrower must commit more collateral than the amount they wish to borrow.

The Aave team plans to fix the bug, subject to the result of the ongoing vote. Though the community wants the problem to be fixed, affected users will only begin withdrawing assets from Aave v2 later this week.

Considering governance times, if approved, the fix will be applied in approximately seven days from now: 1 day of delay to start voting, three days of voting, one day of time lock on Ethereum, and two extra days of time lock on Polygon.

Despite the flaw, AAVE prices are stable. However, since the problem was first brought to light on May 19, the token has been lower but inside the bull bar of May 17.

Aave Price On May 22| Source: AAVEUSDT On Binance, TradingView

It is yet to be seen how prices will react in the course of the week. Presently, the token is down 25% from April 2023 and remains in a bearish formation.

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Ethereum Price Remains Range Bound As Bulls Await The Next Major Move

Ethereum price is facing a barrier near the $1,840 resistance against the US Dollar. ETH could attempt another upside break if it clears the $1,825 and $1,840 resistance levels.

  • Ethereum is currently facing many barriers near the $1,840 resistance zone.
  • The price is trading below $1,810 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance near $1,805 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a decent increase if it clears the $1,825 and $1,840 resistance levels.

Ethereum Price Stuck Below $1,840

Ethereum’s price failed another time to clear the $1,840 and $1,850 resistance levels. ETH declined below the $1,800 level to remain in a range, similar to Bitcoin.

However, the price remained stable above the $1,785 support. A low is formed near $1,791 and the price is now consolidating losses. It is slowly moving higher above the 23.6% Fib retracement level of the recent decline from the $1,828 swing high to the $1,791 low.

Ether is now trading below $1,810 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,805 on the hourly chart of ETH/USD.

Immediate resistance is near the trend line zone. The first major resistance is near the $1,810 level and the 100-hourly Simple Moving Average. It is close to the 61.8% Fib retracement level of the recent decline from the $1,828 swing high to the $1,791 low.

Ethereum Price

Source: ETHUSD on TradingView.com

The next resistance sits near $1,825, above which Ethereum could rise toward $1,840. If there is a close above the $1,840 resistance level, the price might gain bullish momentum toward the $1,920 level. Any more gains above the $1,920 resistance zone could start a steady increase toward the $2,000 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,810 resistance, it could start another decline. Initial support on the downside is near the $1,785 level.

The next major support is near the $1,770 zone. If there is a close below the $1,770 support, the price could gain bearish momentum. In the stated case, the price might drop toward the $1,720 support zone. Any more losses may perhaps take the price toward the $1,700 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is below the 50 level.

Major Support Level – $1,770

Major Resistance Level – $1,825

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Crypto Expert Predicts Ethereum (ETH) To Reach $457,000 – Here’s How

The world of crypto is filled with fascinating possibilities and unexpected growth. In a recent series of tweets, Adam Cochran, a partner at CEHV, sparked a wave of Ethereum discussions by presenting a compelling case for Ethereum’s token, ETH, to potentially surge to as high as $457,081.

Revealing The Analysis

Cochran addressed skeptics who questioned the feasibility of ETH experiencing a 20x increase, comparing it to the market capitalizations of tech giants like Apple and Amazon. He emphasized that Ethereum should not be viewed as a traditional company, but rather as a groundbreaking blockchain-based infrastructure that transcends conventional boundaries.

Cochran’s analysis took inspiration from the sheer magnitude of securities processed through clearing houses, reaching an astounding $2.5 quadrillion last year. Contemplating the possibility of conducting this process on the Ethereum blockchain with a meager 0.05% gas fee, Cochran envisioned an annual burn of $1.25 trillion worth of ETH, equivalent to 5.7 times the current market cap.

Building upon this foundation, he extrapolated a forward-looking multiple that projected Ethereum’s potential value to approach $35 trillion.

Cochran’s projection gained more momentum as he introduced the concept of a compounding burn rate. Assuming an annual compounding burn rate of 2% or more over a 20-year period, the value per ETH could potentially skyrocket to $457,081.

Moreover, Cochran acknowledged that achieving a scenario where 100% of global securities settlement occurs on Ethereum within two decades might be unlikely, but settling 10% within a decade appeared feasible.

Ethereum Value And Market Reach

Beyond the securities market, Cochran proposed that Ethereum could capture additional value-based markets, further propelling its growth. He argued that settling 10% of global securities and tapping into other value markets could realistically lead to a 30x-35x increase in value within the next decade, even accounting for a 33% margin of error.

Notably, Cochran’s analysis sheds light on Ethereum’s potential to disrupt traditional intermediaries, offering reliable and affordable settlement solutions. With trillions of dollars in annual turnover up for grabs, the prospect of eliminating trusted intermediaries become increasingly enticing for various markets worldwide.

While Cochran’s projections may seem audacious, they highlight the boundless possibilities within the crypto space. Ethereum’s unique position as a blockchain infrastructure opens doors to innovation and disruption, ultimately challenging the status quo of trusted intermediaries.

Meanwhile, Ethereum’s price hasn’t made any significant movement in the past week but a slight upward trend, up by 0.6%. ETH has surged from a low of $1,805 seen last Friday to trade at $1,815, at the time of writing. 

Ethereum (ETH)’s price chart on TradingView

Ethereum market capitalization has also recorded little gains in the past seven days. ETH’s market cap has surged nearly 1% from a cap low of $217 billion to a high of $218 billion on Friday. Meanwhile, ETH’s daily trading volume has also plunged throughout the week from a high of $7 billion last Monday to $3.6 billion in the last 24 hours.

-Featured image from Shutterstock, Chart from TradingView

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Gas Crisis Averted: NFT Marketplaces Witness Dramatic Reduction in Ethereum Fees

Ethereum gas consumption landscape is transforming significantly as Non-Fungible Token (NFT) marketplaces no longer dominate the network’s gas usage. According to a report by Nansen, a crypto analytics platform, NFTs have fallen behind in doing the most in Ethereum gas fees. 

Notably, while Ethereum’s transition to proof-of-stake, in an event known as “The Merge,” is anticipated to address high gas prices, investors are now exploring alternatives like Cardano, which boasts greater cost-efficiency following its recent Hydra upgrade.

Ethereum’s Gas Consumption Shift

According to data revealed by Nansen on Friday, there’s currently a noteworthy shift in Ethereum’s gas consumption patterns. NFT marketplaces, which once held the top spot, now account for a mere 3% of total gas usage.

Surprisingly, decentralized exchange (DEX) Uniswap has emerged as the primary gas consumer, representing 31.99% of gas consumption. This shift indicates a diversification in Ethereum’s transactional activity and a reduction in NFT-related gas usage. Nansen noted:

Gone were the days of NFTs topping the Ethereum gas-consuming charts. This week, of the top 20 gas consumers, OpenSea and Blur accounted for less than 10% combined. And against all gas consumers, the NFT marketplaces were just over 3%. Uniswap in contrast was 10x more – 31.99%.

This substantial decline in NFT-related gas consumption can be attributed to various factors, including the network’s congestion caused by an influx of meme coin trading, notably the recently hyped frog-themed meme coin PEPE.

This surge in meme coin transactions resulted in heightened gas prices, prompting users to explore alternatives and alleviating the burden on NFT marketplaces.

Navigating the Gas Crisis

Ethereum‘s gas crisis has persisted despite The Merge, which is said to enhance scalability and reduce gas fees by migrating the network to a proof-of-stake consensus model. In response, some investors have sought solace in blockchain platforms offering cost-efficient alternatives.

With its recent Hydra upgrade, Cardano has gained attention for its ability to handle transactions more economically. The implementation of Hydra’s layer-2 scaling solution has positioned Cardano as a viable option for users seeking relief from Ethereum’s high gas prices.

The recent decrease in NFT marketplaces’ gas consumption marks a significant turning point in Ethereum’s gas crisis. As decentralized finance (DeFi) protocols and other transaction-heavy platforms take the lead in gas consumption, the burden on NFT marketplaces has lessened.

However, the broader Ethereum community anticipates the implementation of updates on the mainnet to address the persistent gas issues and improve scalability on the network. 

Meanwhile, Ethereum’s price has experienced an upward trend in the past week, up by 2.4%. ETH has surged from a low of $1,771 seen last Friday to trading as high as above $1,800 later this week. 

Ethereum market capitalization has also recorded huge gains in the past 7 days. ETH’s market cap has surged over 2% from a cap low of $215 billion to a high of $218 billion on Friday. Meanwhile, ETH’s daily trading volume has plunged throughout the week from a high of $10 billion last Friday to $5.5 billion in the last 24 hours.

Ethereum (ETH)’s price chart on TradingView

Interestingly, the asset has picked up from where it left off, rallying 1.1% in the last 24 hours. ETH currently trades slightly above $1,800 with a price of $1,811 at the time of writing.

Featured image from Unsplash, Chart from TradingView