Ethereum (ETH) Closes Last Hour Up $2.38; Moves Up For the 4th Day In A Row

The Hourly View for ETH

Last Updated September 28, 2020, 13:15 GMT

Currently, ETH’s price is up $2.38 (0.66%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 is up 0.98% ($3.46) since the day prior, marking the 4th day in a row an increase has occurred. The price move occurred on volume that was up 37.74% from the day prior, but down 30.8% from the same day the week before. Out of the 7 instruments in the Top Cryptos asset class, Ethereum ended up ranking 2nd for the day in terms of price change relative to the day prior. The daily price chart of Ethereum below illustrates.

Ethereum Technical Analysis

Coming into today Ethereum is now close to its 20 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Traders will also want to note, though, that a counter trend — meaning a trend going down — can be seen on the 30 day timeframe. If you’re looking to trade the primary trend, this may be a good opportunity to buy dips created by the counter trend. For another vantage point, consider that Ethereum’s price has gone up 20 of the previous 30 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 ercwl:

    Tried to mint some tBTC last week. Ethereum asked for a $200 transaction fee, so I left it pending for a week. It was only $25 today so I wanted to rebroadcast it, but my wallet was out of ETH. Tried to swap some BTC into ETH for it, but now the BTC transaction is stuck instead.

  • From iamDCinvestor:

    eth2 Phase 0 is great because it will launch the Beacon Chain, bring staking, and get use closer to a full PoS blockchain.It won’t alleviate Ethereum L1 load anytime soon though- we need subsequent phases for that.Luckily, L2 scaling is hitting a true golden age right now.

  • From thegrifft:

    I did some quick back of the envelope math & it seems that tx fees are on par with block rewards in Ethereum for the last couple months.I’m pretty sure this is the first time a blockchain has ever had as much funding from users as issuance…Anyone able to fact check me?

In terms of news links for Ethereum here’s one to try:

Ethereum’s Rising Gas Fee Hurts DeFi and the Ethereum Ecosystem Itself – Kiran Pachhai of Elastos | Hacker Noon

For instance, Elastos has an Ethereum sidechain that can run any smart contracts compatible with Ethereum Virtual Machine, so it does not require much effort in migrating all of the existing smart contracts from the main Ethereum blockchain to Elastos Ethereum sidechain while also gaining the benefits of low transaction fees….Rather, they have to utilize Elastos Carrier to communicate with the outside world, Elastos Hive to store application and personal data and Elastos Blockchain for interacting with the mainchain and sidechains (such as for smart contracts execution)….Ishan Pandey: How do you allow different parties to trust each other in a decentralized ecosystem?…A lot of applications choose to utilize IPFS because it provides a way for users to store their data in a decentralized manner, however one major drawback to using IPFS for everything is that everyone can see all data that lives on the IPFS platform.  This is where Elastos Hive comes in.  Elastos Hive provides a semi-decentralized solution whereby users can choose where to store their data, rather than applications deciding for them….Everyone can decide to stay anonymous while also being able to verify certain information about each other while transacting with each other.  Ishan Pandey: What advice do you have for blockchain developers who are building decentralized applications?…Kiran Pachhai: My first advice for any developers would be to first realize that smart contracts and decentralized applications don’t mean the same thing.