Ethereum is positioned beneath the king coin in the market. The price dipped at a rate of 1.26% in the course of the past 24-hours. The trading volume recorded is $6.356 billion, whereas the supply has 107,451,084 ETH coins in play. The total market cap of Ethereum is $20.382 billion. As for now, ETH is priced at $189.69.
The bullish divergence was observed after 20th August [from 14th till the 17th ETH was being oversold]. The daily RSI [for 10 periods] is at 39.64 and is pointing downwards. The Ichimoku Cloud has been red since the 9th of this month. However, the MACD line is slightly north of the signal line, pointing to a possible [but slight] chance of trend change. Resistance will be experienced near $203.6, while support can be found close to the $174 mark.
Binance Coin is ranked at #6 on coinmarketcap. The price of BNB stands at $26.40. BNB diminished at a rate of 2.28%. The trading volume recorded is $169.660 million, and the supply has 155,536,713 BNB coins in circulation. The total market cap of Binance Coin is $4.106 billion.
There is a big chance that BNB will be impacted by sellers in the near future. The RSI is 36.32 and looks to be declining. The MACD line is also south of the signal line [for the last 8 days, the histogram has been red]. Resistance will be felt if BNB manages to rise to $32.35, whereas support has been established near $25.29.
Tezos is ranked at #19 in the market. A boost rate of 0.41% made XTZ reach $1.15. The trading volume recorded is $9.580 million, while the supply has 660,373,612 XTZ coins included. The total market cap of Tezos is $756.733 million.
The Ichimoku Cloud is green from 26th August onwards, indicating a possible return of bullish momentum. Key resistance lies near the $1.59 mark, while support stays close to the $1.049 region. Tezos has been influenced by bearish divergence in the recent past [XTZ was overbought from 1st to 6th August; can be attributed to Coinbase and eToro listing].
ETHEREUM STILL COUPLED TO BIG BROTHER, IS ETH ABOUT TO CRASH HARDER?
It was largely predicted that when bitcoin corrects, the altcoins will capitulate. That appears to be happening this week and Ethereum hasn’t escaped as it dumps almost 15% since the weekend.
Digital asset markets are in free fall today, since Monday over $30 billion has been dumped, with over half of that leaving the space in the past 24 hours.
From their 2020 peak above $300 billion total market cap has dumped over 15% to current levels and it looks like the pain is not over yet.
ETHEREUM FALLING FAST
Bitcoin has corrected around 13% from its peak price this year which is a lot less than Ethereum’s losses. As predicted by Bitcoinist last week, the altcoins are capitulating as BTC corrects and fails to hold key support levels.
Since its 2020 high, ETH price has corrected 19% to current levels, hitting a low of $235 during Asian trading this morning. Over the past 24 hours the asset has dumped 11% from an intraday high of $265.
ETH price 1 hour chart – Tradingview.com
Three lower highs since mid-February have mirrored the action on bitcoin’s chart as Ethereum remains hopelessly coupled to its big brother still.14 BTC & 30,000 Free Spins for every player, only in mBitcasino’s Crypto Love Affair! Play Now!
Analysts have also observed the correlation despite hopes that ETH would begin to move independently this year.
“So just understand that this is no reflection on #Ethereum and 100% tied to what $BTC does next. They have not been decoupled.”
At the time of writing BTC has broken down to this level and ETH is still falling so $225 could well be on the cards.
Zooming out shows a healthier picture with Ethereum prices still up 80% since the beginning of the year but this will only remain healthy if the pullback slows down. Any asset that has made such rapid gains is bound to correct harder and faster than slower moving ones and ETH has been on a roll this year.
There may have also been some liquidation from DeFi markets as the total amount of ETH locked has fallen to $2.8 million. The dollar value has also dumped below a billion but that is due to falling ETH prices.
Without pointing out the obvious, the past two months have been a mirror of the price action in June and July last year. The only negative at the moment is that overall high was lower this time around.
Bitcoin really needs to find support above its previous bottom of $6,500 in December for crypto markets to stabilize and a new rally to begin. Only then will Ethereum start to climb again.
Ethereum (ETH/USD) forecast and analysis on February 26, 2020
Cryptocurrency Ethereum (ETH/USD) is trading at 263. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Ethereum. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator strip.
Ethereum (ETH/USD) forecast and analysis on February 26, 2020
As part of the Ethereum exchange rate forecast, a test of level 258 is expected. Where can we expect an attempt to continue the growth of ETH/USD and the further development of an upward trend. The purpose of this movement is the area near the level of 292. The conservative buying area Ethereum is located near the lower border of the Bollinger Bands indicator strip at 256.
Cancellation of the option to continue the growth of the Ethereum rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair below the area of 248. This will indicate a change in the current trend in favor of the bearish for ETH/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.
Ethereum (ETH/USD) forecast and analysis on February 26, 2020 implies a test level of 258. Further growth is expected to continue to the area above level 292. The conservative buying area is located near area 256. The breakdown of the growth option for cryptocurrency will be the breakdown of level 248. In this case, we should expect further fall.
Ethereum’s improving on-chain metrics offset market downturn
Of the top-ten digital currencies, Ethereum has managed to outperform the rest of the lot since the start of 2020. Valuation-wise, Ethereum had managed to hold a 100%+ hike at press time and its fundamental data statistics have relatively improved as well.
Following the performance of Ethereum over the first two weeks in February, the sentiment has now turned relatively bearish with major crypto-assets failing to register significant spikes in price. However, in spite of such conditions, Ethereum boasted of positive on-chain metrics over the last 30 days.
According to Coinmetrics’ State of the Network report, the number of active addresses on ETH blockchain had risen by about 41 percent in the month of February. The number of addresses improved from 236,095 to 320,273. A rise in the number of active addresses usually indicates that users are making use of the blockchain and more and more Ether transactions are taking place. In comparison to ETH, BTC active addresses only improved by 1 percent.
In terms of adjusted transfer value growth, Ethereum stomped its ground here as well, outperforming the likes of Bitcoin, Bitcoin Cash, and Litecoin. ETH’s transfer value growth was registered to be around 132 percent, whereas Bitcoin could only incur an 11 percent hike in the past 4 weeks.
Another one of the key metrics where Ethereum managed to outperform Bitcoin was in terms of transaction growth involving exchanges. The chart suggested that Ethreum has been involved in more transactions involving different exchanges, an observation that implied that the user base of different institutions may be increasing their accumulation of Ether.
Additionally, the Bletchley Ethereum Index witnessed a new record as well. The CMBI Ethereum Index recorded 9 weeks of positive returns, underlying ETH’s strength in the market, in spite of the market’s overwhelmingly bearish sentiments.
Looking over at the ETH Options volume chart, it can be identified that over 465 contracts set to expire on 27 March were predicting ETH to cross $360, whereas 400 contracts believed it will scale up to $800 by 25 September.
Such bullish sentiments should allow Ethereum’s price to stabilize up the charts, but with increasing volatility over the past week. That being said, a state of turbulence may trigger a change to the aforementioned statistics