- Ethereum price analysis highlights ETH’s 12 percent growth in the last 24-hours.
- Ethereum’s price action is registering a recovery wave.
- Ethereum is in consolidation mode following its recent price dip, and it appears ready for a price surge.
- If Ethereum surges, it is set to bypass the $2,000 mark.
At the time of writing, Ethereum is painting a bullish picture on the price chart, showing signs of surging towards the $2,050 mark.
Ethereum Price Analysis: General price overview
Ethereum recently registered the lowest gas fee or lowest transaction fee since December 2020. As with other leading crypto assets, Ethereum has suffered significant price and capitalization declines since hitting its all-time high price of $4,362 back in mid-May. From this milestone, Etheream is currently exchanging hands at around $1,990. This marks a 4 percent upsurge in the past 24-hours at the time of writing. According to reliable sources, Ethereum’s gas fees currently stand at around $2.3 from its price on May 12 at $69.92.
Usually, there is an excellent connection between network activity and the influence on the price of ETH and the change in transaction fees. The current low gas fees show Ethereum is getting low interest and adoption from the various applications modeled to adopt the technology.
If Ethereum manages to register a price surge, it will indicate traders, investors, and buyers are gaining confidence in the technology and are actively using the blockchain. Such a move is likely to revert the fees to earlier higher prices. In general, the low gas fee is a good thing for Ethereum investors and users as they can now transact using the crypto coin at a lower price.
Meanwhile, the past 7 days have seen Ethereum’s value stagnate as it only surged by 1.4 percent. However, the volume of ETH traded in the last 24-hours to the time of writing has seen the ETH surge to $21 billion or 30 percent of the total volume of all crypto assets in the market. In the past 7 days, Ethereum has traded in a range of $1,707 to $2,067. Even with its current market value, Ethereum is still down 53 percent from its ATH of $4,362.
Ethereum price movement in the past 24 hours
Looking at the 24-hour price chart, it is evident Ethereum has had a crazy 24-hours this week. From dipping towards the $1,820 price region to surging past the $2,000 mark, Ethereum is keeping investors on the edge as it appears to prepare for another bull run.
During today’s early morning trading session, Ethereum entered the consolidation phase, forming an ascending trend line that saw buyers rush to support ETH price. This is evident by looking at both trend lines moving towards each other. This shows us that the appetite and interest in Ethereum are firmly on the buyers’ side.
Ethereum 4-hour chart
According to critical technical indicators on the 4-hour price chart, Ethereum appears to be enjoying a bullish narrative. For instance, the Moving Average Convergence Divergence shows Ethereum is bullish as it hovers way above the Signal line. As for the Relative Strength Index, Ethereum is trending on the overbought region, showing buyers are still interested in the crypto coin. Despite this, the RSI indicator appears to be moving downwards. Interestingly, the bullish narrative comes at a time Ethereum’s price action appears to be moving downwards.
Suppose Ethereum gathers a strong price rally past the $2,000 mark after a brief retracement, the crypto coin is likely to face some resistance. The first resistance barrier would be between the bearish .382 Fibo retracement level and the 20-day Moving Average at $2,160 and $2,200, respectively.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.