- Ether price set to rise again from the recent lows after touching $415 highs
- Glassnode says 90 percent of ETH holders are now in profit
- Ethereum 2.0 Medalla Testnet and DeFi to fuel further growth
Cryptocurrency Daily Heatmap – by Coin360
Ether price is set to soar as Medalla testnet goes live
The launch of Medalla testnet with 20,000 validators is set to put Ether price into a new stratosphere. Bulls are looking to buy into the recent dip below $400. Medalla will be the final testnet before the actual Ethereum 2.0 becomes public later this year.
Medalla is live! 🏅
— Ethereum (@ethereum) August 4, 2020
Ether price has broken out of a stagnant phase. It was stuck in the past few weeks. The pair touched $415.63, a new high which marks a staggering 62.92% rise from its mid-July levels. This short but swift rally has also shown Ethereum does have credible fundamentals that warrant a reasonable price. With Medalla showing the way forward, the price action is set to be in the positive territory for the next few days.
However, the sharp rise demanded a pullback, and the pair retraced to trade slightly below $400. Many bulls see the pullback as a buying opportunity. As Etherum celebrated its fifth anniversary, the community showed that it still believes in the project’s positive potential.
Ether price quickly recovers from lows to touch $400 again
Ether price suffered a slight dip as traders booked profits after the huge 62.92% rally. Profit booking and low volumes over the weekend pushed the price well below the $330 mark for a short interval. The dip also marks the 50 percent retracement of this short-term rally. However, the bulls continued their relentless buying and used the dip to accumulate more of the ETH/USD pair.
ETH/USD Hourly Chart – by TradingView
The strong demand for Ether ensured that the pair bounced back and is trading around the $390 mark. The outside day candlestick pattern is raising false flags of an uncertain rally. The demand at lower levels also shows that the pair is well in demand in the current altcoin rally.
The swift rise in the price and then a decent pullback may lead to limited price action for the next few days. Both the bulls and the bears would need to give clear signals on either side to start the next leg of a rally.
Bulls firmly in the saddle to start next uptrend rally
The ADX currently stands at 52 while the RSI is pointing upwards with fair room to grow. The +DI is also holding firmly above the -DI reflecting the dominance of the bulls. If the bulls can confidently keep the price above 38.2% level, expect a new high above $415 soon. If Ether price breaches this psychological mark, the next stopover would be at $480.
Ether price chart analysis – by TradingView
As trader DreamsCatcher mentions that the ETH/USD price action looks for the next few days, bulls will provide necessary support at the lower levels. On the contrary, the bears would have to make serious efforts to sink the price below the current support levels.
The Medalla eth2 testnet now has consistent finality! This is a monumental effort, with 5 separate client implementations at launch #eth2 #Ethereum. This is a real, decentralized, multi-client testnet ran by the public. @prylabs only runs 5%. pic.twitter.com/R9JKuGvliS
— Raul Jordan (@raulitojordan) August 4, 2020
The bears would have to push the Ether price below the 20-day EMA, which presently stands at $320. Such an abrupt move can reverse the current uptrend and put the pair in a bear market trajectory. But with Medalla in the scene, this scenario looks unlikely.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.