The Hourly View for ETH
Last Updated December 24, 2020, 06:017 GMT
Currently, Ethereum’s price is down $-2.19 (-0.38%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
Ethereum Daily Price Recap
585.25 (USD) was the opening price of the day for Ethereum, resulting in the previous day being one in which price moved down 8.16% ($51.98) from the previous day. As for how volume fared, yesterday’s volume was up 45.99% from the previous day (Tuesday), and up 1.98% from Wednesday of 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 previous day. Let’s take a look at the daily price chart of Ethereum.
Ethereum Technical Analysis
First things first: Ethereum crossed below its 20 day moving average yesterday. 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. For additional context, note that price has gone up 6 out of the past 10 days. Price action traders may wish to observe the bearish engulfing pattern that has emerged over the past two trading days; in light of the uptrend on the 90 and 30 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.
Overheard on Twitter
Over on Twitter, here were the top tweets about Ethereum:
- From iamjosephyoung:
XRP has been the dominant #3 cryptocurrency for many years (apart from Tether).This makes for a very interesting phase in the altcoin market where a new dominant 3rd would emerge behind Ethereum.I’d love to see a DeFi-related cryptocurrency take that position for a change.
- From pierre_crypt0:
It almost feels like a prophecy to me.This year only, #Bitcoin went from 9k to 3k to 24k… For this to happen we needed a sacrifice : we lost Arthur.Now for #Ethereum to find a bottom vs $BTC and alts to finally out perform as a whole we need… $XRP to die ?
- From Jihoz_Axie:
.@elonmusk I have read all your public statements on what Paypal should and could have been.Ethereum is fulfilling that vision. They will try and sway you to buy pet rock BTC, but dig a little bit deeper.Thank you for everything you’ve done!
For a longer news piece related to ETH that’s been generating discussion, check out:
10 Ethereum charts that hit ATHs in 2020 – Bankless
Some more than the others… And while the Ethereum community had DeFi Summer 2020, which featured the explosion of interest and capital into decentralized finance and unlocked a novel distribution mechanism for the ownership economy, this craze largely kept itself inside the community….All the while ETH still sits at more than 50% down from it’s ATHs. And yet…the Ethereum Economy had an outstanding year….Dozens of Ethereum metrics reached new highs over the course of the year. Here are ten Ethereum charts that hit ATHs in 2020. The network utilization rate is arguably one of the most fundamental metrics for gauging the health of any public blockchain….After starting the year with less than 100,000 users, DeFi went parabolic this year as it reached over 1M users across all protocols….Instead, they elected to put it to work using any of the dozens of high-yielding passive income opportunities available in DeFi. It just became too good to resist. Whether it’s becoming a liquidity provider on Curve or Uniswap, or depositing it into platforms like Compound and Aave, Ethereum’s decentralized economy offers a multitude of ways for BTC holders to earn a passive yield in a non-custodial fashion that aligns with core cypherpunk ideals. This is a stark contrast to the options available to BTC holders where depositors would have to rely on centralized lenders like BlockFi or Celsius to earn a yield….Ethereum will only have more ways to utilize your capital in the future while BTC holders will only have more flavors of wrapped bitcoin to choose from.