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Ethereum Price Consolidates Near $1,400 As The Bulls Aim $1,500

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Ethereum Price Consolidates Near $1,400 As The Bulls Aim $1,500

Ethereum climbed higher above the $1,400 resistance zone against the US Dollar. ETH is consolidating gains and might rise further towards the $1,500 level.

  • Ethereum started a fresh increase above the $1,350 and $1,400 resistance levels.
  • The price is now trading above $1,400 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $1,365 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rise further unless there is a clear move below the $1,350 support.

Ethereum Price Turns Green

Ethereum price started a strong increase above the $1,320 resistance. ETH was able to clear the $1,350 resistance zone to move into a positive zone, similar to bitcoin above $17,200.

The price even climbed above the $1,400 resistance zone. A high is formed near $1,437 and the price is now consolidating gains. Ether price is now trading above $1,400 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $1,365 on the hourly chart of ETH/USD.

Recently, there was a downside correction below the $1,420 level. The price declined below 23.6% Fib retracement level of the upward move from the $1,351 swing low to $1,437 high.

However, the price is stable near the $1,400 zone. An immediate resistance is near the $1,435 level. The next major resistance is near the $1,500 level. An upside break above the $1,500 resistance zone could set the pace for more gains.

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Source: ETHUSD on TradingView.com

In the stated case, the price may perhaps rise towards the $1,550 resistance. Any more gains might send the price towards $1,600 or even $1,620 in the near term.

Dips Supported in ETH?

If ethereum fails to clear the $1,430 resistance, it could start a downside correction. An initial support on the downside is near the $1,394 level.

The next major support is near the $1,370 level and the trend line. It is near the 76.4% Fib retracement level of the upward move from the $1,351 swing low to $1,437 high. If there is a move below $1,370, the price might test the $1,350 support. Any more losses might call for a test of the $1,300 zone.

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Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,370

Major Resistance Level – $1,430

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Analysis

Bitcoin, Ethereum Technical Analysis: ETH Nears $1,700, Fed Prepared To Maintain Rate Hikes

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Bitcoin, Ethereum Technical Analysis: ETH Nears $1,700, Fed Prepared To Maintain Rate Hikes

Ethereum closed in on the $1,700 level on Wednesday, as markets reacted to comments from U.S. Federal Reserve Chair Jerome Powell. Speaking after Tuesday’s session, Powell hinted that the Fed could continue to hike rates, should the data show the need for action. Bitcoin was also boosted by the news, climbing back into the $23,000 region.

Bitcoin

Bitcoin (BTC) moved higher on Wednesday, following comments from Federal Reserve Chair Jerome Powell.

Speaking yesterday, Powell stated, “The reality is we’re going to react to the data. So if we continue to get, for example, strong labor market reports or higher inflation reports, it may well be the case that we have to do more and raise rates more than is priced in.”

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BTC/USD rose to an intraday high of $23,367.96 earlier today, less than 24 hours after hitting a low of $22,781.95.

BTC/USD – Daily Chart

Looking at the chart, the move pushed bitcoin to its strongest point in four days, and came as the 14-day relative strength index (RSI) ran into a ceiling.

The index rose to a ceiling at 65.00, however momentum was not strong enough to break out of this point.

As of writing, the index is tracking at 62.92, with BTC falling from earlier highs, and currently trading at $23,195.36.

Ethereum

Ethereum (ETH) extended recent gains today, with prices breaking out of a key resistance point in the process.

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Following a low of $1,628.67 on Tuesday, ETH/USD jumped to a peak of $1,688.53 during the hump-day session.

As a result of today’s gains, the world’s second largest cryptocurrency climbed past a resistance level at $1,675.

ETH/USD – Daily Chart

Similar to bitcoin, this move pushed ETH to its highest point since Saturday, with the RSI also hitting a four-day peak.

At the time of writing, the index is at a reading of 62.97, which is slightly below a ceiling at 64.00.

ETH bulls will likely attempt to break this resistance in the coming days, which will inevitably mean prices move back above $1,700.

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Do you think the Federal Reserve should continue to increase rates? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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altcoin

Ethereum [ETH]: Rising gas fees affect not just the real world, but Web3 as well

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Ethereum [ETH]: Rising gas fees affect not just the real world, but Web3 as well

  • Rising gas prices could affect Ethereum.
  • NFT trades decline, but traders show optimism.

As the Ethereum [ETH] network continues to grow, new data has revealed an alarming trend. Gas fees on the Ethereum network have been steadily increasing since the network’s recent merge. This rise in gas prices might hinder the adoption of Ethereum, as it could make the network inaccessible to users who cannot afford the fees.

Ever since the Ethereum merge, gas prices have been on an uptrend 📈

1/2🧵 pic.twitter.com/TzEl7cAgzA

— hildobby (@hildobby_) February 6, 2023


Read Ethereum’s [ETH] Price Prediction 2023-2024


The growing gas prices have had a direct impact on the number of active addresses on Ethereum. As the cost of transactions increases, fewer users may be willing or able to take part in the network, leading to a decline in active addresses.

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The NFT market gets affected

The cost of transactions also varies depending on the type of transaction, with the highest gas prices seen for Ethereum NFT transactions. This has contributed to a decline in interest in Ethereum NFTs, as the cost of creating and trading these digital assets becomes increasingly prohibitive.

Source: Dune Analytics

Despite the challenges posed by the rising gas prices, there are some signs of optimism on the Ethereum network. One of these is a surge in the velocity of ETH, indicating that the frequency with which ETH is being traded amongst addresses has increased.

At the same time, the MVRV ratio declined, meaning that most Ethereum holders would not make a significant profit if they were to sell their holdings at this time. This reduced the sell pressure on Ethereum and made it less likely that the price will drop in the future.

Source: Santiment

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Traders turn positive

Additionally, traders were becoming increasingly optimistic about Ethereum as long positions on the network increase. According to Coinglass, over 52% of all positions on Ethereum were long positions. This indicated that traders believed that the price of ETH would continue to rise. This growing optimism, coupled with the reduced sell pressure, could contribute to a more stable Ethereum market in the future.


How much are1,10,100 ETH worth today?


Source: coinglass

Overall, the increasing gas prices on the Ethereum network are a cause for concern for holders.

While these rising costs could potentially limit the network’s adoption, there are also indications of growing optimism and stability in the network. Only time will tell whether these positive developments will outweigh the challenges posed by the rising gas prices.

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Interest in digital assets unabated with multiple weeks of consecutive inflows: Report

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Interest in digital assets unabated with multiple weeks of consecutive inflows: Report

  • Digital asset investment products logged the fourth week of consecutive inflows last week.
  • There has been a significant increase in investments in short-bitcoin, indicating that a substantial number of investors remain uncertain about the future trajectory of the market.

Inflows into digital asset investment products totaled $76 million last week, bringing the fourth consecutive week of inflows to $230 million, CoinShares found in a report on 6 February.

Last week’s inflow represented a 35% decline from the $117 million recorded in inflows the previous week.

Source: Coinshares

Coinshares noted that the consistent increase in inflows into digital assets marked a distinct shift in investor sentiment for the start of 2023. It said:

“Digital asset investment products saw inflows totaling US$76m last week, the 4th consecutive week of inflows with year-to-date inflows now at US$230m, highlighting a decisive change in investor sentiment for the beginning of 2023.” 

“Put your money where your mouth is,” Bitcoin says

According to Coinshares, investors mostly directed their attention towards Bitcoin [BTC] during the week, with inflows totaling $69 million. This accounted for 90% of the total inflows recorded last week.

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Coinshares found that a substantial interest in BTC was predominantly observed in the US, Canada, and Germany, with inflows of $38 million, $25 million, and $24 million, respectively.

While BTC remained the primary focus, inflows into short-Bitcoin reached $8.2 million during the same time frame. Coinshares opined that this meant that the market remained unsure of a continued rally in BTC’s price.

“The rest of the inflows were from short-Bitcoin, which totaled US$8.2m over the same period, highlighting opinion remains divided over the sustainability of this rally.” 

Despite being relatively small compared to the long-Bitcoin inflows, the inflows into short-Bitcoin accumulated to $38 million over the past three weeks and comprised 26% of the total assets under management. Nevertheless, the short-Bitcoin trade had yet to be successful year-to-date, with the total short-Bitcoin assets under management declining by 9.2%.

Source: Coinshares

The altcoins did their part

Per Coinshares, Ethereum [ETH] saw only $700,000 of inflows last week, despite the improving clarity around making previously staked ETH coins available with the scheduled Shanghai upgrade.

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Other altcoins, such as Solana [SOL], Cardano [ADA], and Polygon [MATIC], also saw minor inflows of $500,000, $600,000, and $300,000, respectively.

Source: Coinshares

Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.

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