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TA: Will Merge Sentiment Push Ethereum To $2,000?

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TA: Will Merge Sentiment Push Ethereum To $2,000?

Ethereum prices surge from the low of $980 to a high of $1,743 with so much excitement as regards the merge coming up in a few weeks. With the monthly close, there have been high expectations for the Ethereum price to reach a region of $2,000 -$2,400.

Ethereum Weekly Chart

The Ethereum price surged from the low $1,012 to $1,743 after several weeks of a downtrend.

There was a bit of relief bounce from Ethereum haven traded below the 50 & 200 Exponential moving average (EMA).

Ethereum Weekly Price Analysis | Source: ETHUSDT On Tradingview.com

Ethereum, as of writing, is trading at $1,580 after being rejected at $1,722; Ethereum could not break the weekly resistance ahead of it and closed below, which suggests bulls need to push to break this region for Ethereum price to move higher.

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The volume on the weekly chart for Ethereum suggests more sales than buys after showing great signs of bulls pushing the prices ahead of the merge.

The weekly relative strength Index (RSI) has moved from oversold to 43, indicating decent buying pressure from bulls.

The weekly chart for Ethereum suggests it is still in a range of $1,012 to $1,722; breaking the resistance at $1,722 with good volume could easily send the Ethereum price to $2,000 ahead of the merge.

Major Weekly resistance – $1,722.

Major Weekly support – $1,012

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Ethereum Price Analysis On The Daily Chart

Ethereum Price Analysis On The Daily Chart | Source: ETHUSDT On Tradingview.com

The daily chart for Ethereum price suggests the resistance of $1,722 rejected it despite trying to break and close above it. 

Ethereum is trading above the 50 EMA but below the 200 EMA. The 50 EMA acts as a support at $1,400, but a break and close below that region could easily send Ethereum price to a region of $1,200 – $1,012.

The volume on the daily chart indicates more selling pressure which is not ideal ahead of the merge sentiment.

Major support level on the daily chart (1D) – $1,400, $1,012.

Major resistance on the daily chart (1D) – $1,722

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Ethereum price on the daily chart shows more selling activity, just in a range or channel that needs to be broken to the upside or downside. The RSI on the daily timeframe is above 50 after seeing a huge surge to a region of 70.

Ethereum Price On The 4H Chart

Ethereum Price Analysis On The 4H Chart | Source: ETHUSDT On Tradingview.com

On the 4H chart, the Ethereum price was able to break above the 50 & 200 EMA after trading below them for weeks. The price has been rejecting and trading above the 50 EMA but below the 200 EMA despite showing a strong bullish movement.

The 4H chart shows a bearish divergence indicating there could be a pullback to support areas.

Major resistance – $1,722

Major support – $1,462, $1,358, $1,250

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Technical Indicators

50 & 200 Exponential Moving Average (EMA)

Volume Indicator

Relative Strength Index 14 (RSI)

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Cryptocurrency

Ethereum Is Outpacing Bitcoin Drastically, 50% In The Past Month

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Ethereum Is Outpacing Bitcoin Drastically, 50% In The Past Month

Ethereum is improving the ETH price with major projects such as Ethereum merge or Ethereum 2.0

Crypto investors are counting the days for their popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) to recover completely from the crypto crashes in May-July 2022. Ethereum is showing major improvement while Bitcoin is slowly recovering by reaching the US$23K margin. Yes, ETH investors are receiving good news owing to the upcoming major project of Ethereum 2.0 in September 2022. Let’s dig deep into the reason Ethereum outperformed Bitcoin with a 50% increase in the ETH price against the BTC price.

The announcement of the launch of Ethereum 2.0 has created hype in the global cryptocurrency market. ETH tokens are continuously going up against BTC for the shift from Proof-of-Work (PoW) to Proof-of-Stake (PoS). At the time of writing, the current ETH price is US$1,676.40 with a market cap of US$204.36 billion and a volume of US$17,255,447,971.  August first week experienced a 1.5% jump in the Ethereum price and showed a total of 50% gain against the most popular cryptocurrency, Bitcoin.

Crypto investors can observe a rise in ETH prices with a bearish technical pattern in the highly volatile cryptocurrency market. The improvement is increasing as the day of the Ethereum 2.0 launch is coming soon. Crypto analysts are observing a rising wedge in the Ethereum price. ETH tokens are becoming stronger for crypto investors owing to the classic bullish reversal pattern. This is how it can outpace Bitcoin or BTC tokens in the highly volatile cryptocurrency market in August 2022. Thus, crypto analysts predict that ETH will hit almost near US$2k in August 2022. The rise in the price started after the Ethereum developers provided a September 19, 2022 target for the launch of the most-anticipated software update to reduce the use of energy consumption by 99.95% through Ethereum 2.0 and increase the security of the network efficiently and effectively.

The cryptocurrency market has experienced a drastic fall of ETH price by over 58% in 2022 as well as a dramatic outperformance against Bitcoin with a more than 50% jump in the price. Let’s wait and see how the new consensus mechanism and the introduction of sharding as a scaling solution through Ethereum 2.0 can contribute to the major increase in the ETH price in the nearby future. But it is sad to see how Ethereum and Shiba Inu are outperforming BTC after experiencing the drastic crypto crash in 2022. Bitcoin needs to step up its game!

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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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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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