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TA: Ethereum Eyes Fresh Rally If It Clears This Key Breakout Zone

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TA: Ethereum Eyes Fresh Rally If It Clears This Key Breakout Zone

Ethereum remained supported above the $1,550 zone against the US Dollar. ETH is rising and might gain pace if there is a clear move above the $1,670 level.

  • Ethereum found support near $1,560 and started a fresh increase.
  • The price is now trading above $1,620 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $1,660 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh rally if there is a clear move above $1,660 and $1,670.

Ethereum Price Remains Supported

Ethereum extended its decline below the $1,650 level. ETH even traded below the $1,600 support zone to move into a short-term bearish zone.

However, the bulls were active near the $1,550 and $1,560 levels. The price remained stable above the 50% Fib retracement level of the upward move from the $1,354 swing low to $1,785 high. Ether price is now rising and trading above the $1,600 level.

There was a break above the 23.6% Fib retracement level of the downward move from the $1,785 high to $1,559 low. It is now trading above $1,620 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,650 level.

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Source: ETHUSD on TradingView.com

There is also a major bearish trend line forming with resistance near $1,660 on the hourly chart of ETH/USD. The first major resistance is near the $1,670 level. It is near the 50% Fib retracement level of the downward move from the $1,785 high to $1,559 low. A clear move above the $1,670 level could start a steady increase to $1,700. If the bulls remain in action, the price may perhaps rise towards the $1,750 resistance zone.

Fresh Decline in ETH?

If ethereum fails to rise above the $1,670 resistance, it could start another decline. An initial support on the downside is near the $1,620 zone.

The next major support is near $1,560, below which there is a risk of a sharp decline. In the stated case, ether price may perhaps decline towards the $1,505 support in the near term. Any more losses might call for a test of the $1,450 level.

Technical Indicators

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

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

Major Support Level – $1,570

Major Resistance Level – $1,670

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Bitcoin

Weekly crypto asset flow has these profit-making statistics

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Weekly crypto asset flow has these profit-making statistics

Inflows into digital asset investment products totaled $3 million last week, bringing the sixth consecutive week of inflows to a total of $529 million, CoinShares found in a newly published report.

Last week’s inflow represented a 96% decline from the $81 million recorded in inflows the previous week.

Source: CoinShares

Inflows into digital asset investment products totaled $3 million last week, bringing the total inflows since the beginning of the month to $3.1 million.

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CoinShares found that last week’s inflows represented 1.7% of the total assets under management (AuM). It further stated that despite the market downturn in the last quarter, 32 new investments have been launched, primarily in altcoins.

Source: CoinShares

Bitcoin and Bitcoin-short in the last week

According to the report, last week, Bitcoin logged outflows. These outflows totaled $8.5 million. The outflows recorded brought the year-to-date (YTD) inflows for the king coin to $311.9 million, a decline from the YTD index of $326.1 million recorded in the previous week. 

Still, a king, Bitcoin’s YTD inflows represent 63% of the YTD total inflows of $492 million recorded by all assets considered by CoinShares in the report. 

Further, Coinhares found that short-Bitcoin investment products also recorded outflows that totaled $7.5 million. That was the second consecutive week of outflows for short-Bitcoin. In the previous week, it saw outflows of $2.6 million. 

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These outflows, according to CoinShares, suggest that “investors believe bitcoin prices have troughed.”

What about Ethereum?

For Ethereum, inflows in the last week totaled $16 million, bringing it to its near seven consecutive week run of inflows of $159 million. 

“We believe this turn-around in investor sentiment is due to greater clarity on the timing of The Merge where Ethereum shifts from proof-of-work to proof-of-stake,” CoinShares stated.

The report, however, stated that on a YTD basis, the leading alt had seen outflows of $300 million. 

Source: CoinShares

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Regionally, most inflows were from North America and Europe, with inflows from the United States and Germany totaling $16.8 million and $7.8 million, respectively.

All other regions considered in the report registered inflows except Canada, which saw an outflow of $29.9 million.

Source: CoinShares

Commenting on the reason for the low weekly inflow, CoinShares, thus, stated:

“Despite improving sentiment, trading volumes remain very low at US$1.1bn for the week versus the year-to-date weekly average of US$2.4bn. We believe the low participation is seasonal as a similar trend has been seen in previous years.”

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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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Bitcoin

These Are The Crypto Economy’s 5 Most Expensive Assets Per Unit In August 2022

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These Are The Crypto Economy’s 5 Most Expensive Assets Per Unit In August 2022

On July 18, 2021, Bitcoin.com News researched the top five most expensive crypto assets and at that time there were two digital currencies worth five digits in value, two tokens worth four digits in U.S. dollar value, and one valued at three digits. Today, a lot has changed but currently, bitcoin and the token yearn finance are still the only two tokens with five-digit USD price values, and there’s a total of five crypto assets below them trading for four-digit prices.

The Top Crypto Assets by Price per Unit in August 2022

Just over a year ago, the crypto economy was worth roughly $1.33 trillion on July 18, 2021, and bitcoin (BTC) was trading for $31,615 per unit. At that time, one other crypto asset was worth five digits in USD value, as yearn finance (YFI) was exchanging hands for $28,611 per unit.

Today, both of those tokens are still the most expensive crypto assets per coin in terms of U.S. dollar value. However, both bitcoin and yearn finance are trading for much lower values than they were 386 days ago.

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The top five most expensive crypto assets per unit recorded on Sunday, July 18, 2021, at 8:55 a.m. (EDT).

At that time, Bitcoin.com News reported that the top five most expensive crypto assets, minus tokenized gold cryptocurrencies, included BTC, YFI, MKR, ETH, and BCH. While Bitcoin is currently trading for $23,846, it is still worth five digits in USD value and yearn finance (YFI) is changing hands for $11,455 per coin.

Following YFI is pax gold (PAXG), perth mint gold (PMGT), ethereum (ETH), tether gold (XAUT), and maker (MKR). PAXG and PMGT are pegged to the value of one ounce of fine gold and both coins have a small premium.

XAUT is also pegged to one ounce of gold, but at the time of writing, it is currently trading at a discount from the spot price of gold. Taking away the three gold tokens from the equation, during the second week of August 2022, the top five most expensive crypto assets without including gold tokens are BTC, YFI, ETH, MKR, and BNB.

The top five most expensive crypto assets per unit recorded on Monday evening, August 8, 2022, at 11:55 p.m. (EDT).

When the crypto economy was worth $3.13 trillion in November 2021 and BTC was trading for $68,766 per unit, YFI was changing hands for just under $30K per unit. Wonderland (TIME) was $8,725 per coin on November 10, 2021, and today it’s worth $11.21.

Last year, ethereum was $4,861 per ETH and it is now $1,773. Maker (MKR) was $3,199 and today it’s down to $1,136 per coin. Olympus (OHM) exchanged hands for $946 and now a single coin is $13.61, and while bitcoin cash (BCH) was $722 per unit, today it’s $143.

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This year’s top five most expensive crypto assets’ newcomer, binance coin (BNB), was swapping for $663 but now it is down to $324. While it is interesting to look at crypto assets from the five, four, and three-digit USD value perspective or the most expensive crypto assets, it should be noted that often times those unfamiliar with cryptocurrencies look at them as if they are stocks.

Most cryptocurrencies, except for undividable non-fungible token (NFT) assets, are divisible. A great majority of cryptocurrencies are divisible out to eight decimal places, which means out of all the most expensive crypto assets mentioned above, all of them can be purchased in fractions. It is possible to buy $15 worth of bitcoin (BTC), $20 of ethereum (ETH), and $33 worth of yearn finance (YFI), instead of purchasing a whole coin, for example.

Data published in this article was recorded on August 8, 2022, at 11:55 p.m. (EDT), while it is compared to data recorded on July 18, 2021, at 8:55 a.m. Statistics from November 10, 2021, via archive.org were also included in this editorial.

Tags in this story

Bitcoin, bitcoin cash, bnb, BTC, Crypto, crypto assets, Digital Currency, digital currency economy, ETH, Ethereum, Expensive, Gold Tokens, Maker, makerdao, Markets, markets and prices, MKR, OHM, PAXG, PMGT, Price per unit, Time, Top Five, XAUT, Yearn Finance, YFI

What do you think about the top five most expensive digital currencies in August 2022? Let us know what you think about this subject in the comments section below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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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Analysis

Bitcoin, Ethereum Technical Analysis: BTC Drops Under $24,000 After Falling Below Key Price Ceiling

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Bitcoin, Ethereum Technical Analysis: BTC Drops Under $24,000 After Falling Below Key Price Ceiling

Bitcoin fell below $24,000 in today’s session, as prices collided with a key resistance level. Following a strong start to the week, crypto markets were mostly in the red, with the global market cap down 2.98% as of writing. Ethereum was also trading lower, moving close to a breakout below $1,700.

Bitcoin

Following a strong start to the week, bitcoin (BTC) was trading in the red on Tuesday, as crypto markets were overcome with bearish sentiment.

BTC/USD rallied to an intraday peak of $24,203.69 on Monday, however it dropped to a bottom of $23,372.91 earlier today.

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Today’s low, which saw bitcoin fall by nearly $1,000 in the past 24 hours, came as prices collided with a key ceiling.

BTC/USD – Daily Chart

As can be seen from the chart, this ceiling was at the $24,200 level, which was last hit on the last day of July.

On that occasion, BTC rallied to as high as $24,600, before swiftly declining below the point of resistance.

The latest decline comes as the 10-day (red) moving average moved closer to a downward crossover with its 25-day (blue) counterpart, which often signals an upcoming downtrend.

Ethereum

Ethereum (ETH) was also lower on Tuesday, with its own price moving closer to a breakout below the $1,700 level.

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This comes less than a day after ETH was trading at a high of $1,806.89, however it dropped by over $1,000 today.

ETH/USD slipped to an intraday low of $1,700.88, as bulls battled to keep the token from falling below this point.

ETH/USD – Daily Chart

Tuesday’s price retreat came as there was a breakout, with the relative strength index (RSI) marginally falling below its floor of 60.

Like with BTC, the 10-day moving average is also on a cusp of a breakout, however should price strength increase, then we may see ETH move back towards $1,800.

Register your email here to get weekly price analysis updates sent to your inbox:

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Do you expect ethereum to drop below $1,700 in today’s session? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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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