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].
Will Ethereum Golden Cross and BitPay Support Send ETH Surging?
This week has been all about Ethereum. Finally the second largest crypto asset on the planet appears to be moving without the influence of its big brother dictating things. ETH prices are on the up again today and the fundamentals keep improving.
Ethereum Golden Cross
It has been another good day for Ethereum prices which have finally reached the psychological $200 level after a month trading below it. A dip back to the 50 hour moving average just below $190 yesterday was short lived as price quickly bounced back.
The move back to just below $200 is the highest Ethereum has traded at since this time last month. A slight pullback has dropped ETH to $197 at the time of writing and it needs to break this barrier before its next leg up.
ETH prices 4 hour – Tradingview.com
A golden cross is clearly visible on the four hour chart as the faster 50 MA crosses above the slower moving 200. This is a bullish trend reversal signal and is usually followed by a rally. However, one analyst has noted that total market capitalization has not increased indicating that no new money is flowing into ETH yet.
“ETH is up but total crypto market cap still staying flat, price increase could just be money being moved around from other crypto’s rather than fresh money. Waiting for TMC to pass $260B”
Others are hoping that Ethereum can kick start a wider altcoin run as Bitcoin appears to be running short of buyers. At the moment the rest of the altcoins are flat or in the red but the possibility of an ETH decoupling will be strengthened if it can break the $200 barrier.
BitPay Adds Support
News that crypto payments provider, BitPay has finally added Ethereum support is also bullish. In a press release the company said businesses can accept Ethereum for purchases without the need for any integration or enhancements. Originally only BTC, BCH and a few stablecoins were available on the platform.
Ethereum godfather Vitalik Buterin was pleased with the announcement, adding.
“It is exciting to see BitPay leading the way in integrating Ethereum into global payment systems. This truly opens up a new world of possibilities for the Ethereum ecosystem, and together we can continue to be a leading innovator for real world use cases for cryptocurrencies.”
The news adds to other bullish fundamentals for Ethereum such as Santander’s $20 million bond on the blockchain last week, further developments in the DeFi ecosystem for DAI, and a successful network test of ETH 2.0 clients.
Ethereum Price Analysis: ETH Upsurge Could Extend Above $200
- Ethereum price started a strong upward move and broke the $185 resistance against the US Dollar.
- ETH price is trading near the $200 level and it might continue to rise in the near term.
- There was a break above a crucial bearish trend line with resistance near $175 on the 4-hours chart (data feed from Coinbase).
- The price is showing positive signs and it could even break the $200 and $202 resistance levels.
Ethereum price is trading with a positive bias above $190 against the US Dollar. ETH price might correct lower, but dips are likely to remain supported near $190 and $185.
Ethereum Price Analysis
This past week, we saw positive signs for Ethereum price above the $175 support against the US Dollar. The ETH/USD pair followed a bullish path above the $180 level and the 55 simple moving average (4-hours). As a result, there was an upside break above the $182 and $185 resistance levels. On the other hand, bitcoin price struggled to gain traction above the $10,400 and $10,500 resistance levels.
During the recent rise, there was a break above a crucial bearish trend line with resistance near $175 on the 4-hours chart. The pair traded close to $200 and it is currently consolidating gains. An immediate support is near the $194 level, plus the 23.6% Fib retracement level of the recent upward wave from the $174 low to $200 high. If there is a major downside correction, the $186 and $185 levels might provide support.
Moreover, the 50% Fib retracement level of the recent upward wave from the $174 low to $200 high is near the $186 level to provide support. Therefore, dips towards the $186 and $185 levels are likely to find a strong buying interest. Below $185, the price might start a fresh bearish wave and it could revisit the $175 support area.
On the upside, there are two important resistances near $200 and $202. If there is an upside break above $200 and $202, the price could rally significantly above the $205 level. The next major resistance is near the $225 level.
Looking at the chart, Ethereum price is trading in an uptrend above $190 and $185. The current price action indicates more upsides above the $200 and $202 resistances. If there is a downside correction, buyers are likely to protect the $190 and $185 support levels.
4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently well above the 50 level, with a positive bias.
Key Support Levels – $190, followed by the $185 zone.
Key Resistance Levels – $202 and $225.
Ethereum Taps $200 As Fundamental Case for ETH Swells
While the Bitcoin price has effectively flatlined, finding itself in no man’s land between $10,000 and $10,500, Ethereum has shown some strength.
This move has caught many traders with their pants down, as most have been expecting for Bitcoin’s market dominance to continue to rip higher.
Per the time of writing this article, the cryptocurrency has trended to $197, which translates a 3.5% gain in the past 24 hours, while BTC has posted a slight 0.64% loss.
This strength in Ethereum’s price comes as the network’s fundamentals have continued to improve. Massive companies have started to use the technology, the decentralized finance (DeFi) ecosystem on Ethereum continues to gain traction, and the network is being used more than ever before.
Ethereum in a Strong Fundamental Position
In 2017, Ethereum shocked cryptocurrency investors, rallying from well under $10 to $1,400 in around 18 months’ time — marking one of the biggest short-term wealth creation events that the cryptocurrency markets, even overall financial markets, have ever seen.
This changed in mid-2018, which was when Ethereum started to fall off a cliff as the demand for decentralized applications (dApps) and initial coin offerings tanked. This resulted in Ethereum falling all the way to double digits by December 2018, representing a massive 95% drawdown from the asset’s all-time highs.
Ethereum giveth and taketh away.
But, the wind seems to be in the sails of Ethereum once again — at least from a fundamental point of view.
Last week, Spanish banking giant Santander revealed on Thursday that it had settled a $20 million bond through ERC-20 tokens, which represented custodied cash, on the public iteration of the Ethereum blockchain. As CoinDesk wrote on the matter:
Previously, the World Bank issued a similar blockchain bond but used a private version of ethereum. French lender Societe Generale issued a bond earlier this year on the public ethereum network but said nothing about cash on-ledger.
An executive of Santander’s digital banking initiatives later lauded the pilot transaction, claiming that he sees value in settling bonds on public blockchains like Ethereum.
This comes as the DeFi ecosystem has continued to gain steam, with DeFi Pulse stating that there the amount of ETH locked in Ethereum finance applications is reaching an all-time high. Simultaneously, the number of transactions made with Tether’s USDT stablecoin has continued to surge.
All this has amalgamated in dramatically increased usage of the Ethereum blockchain. Just look to the chart from Etherscan below, which shows that for the first time in about forever, the network’s utilization (defined by average gas per block used over the gas limit per block) has consistently trended in the 90s.
Strong Technical Signs
For those that don’t believe fundamentals are enough to push the Ethereum price around, there have also been technical signs that imply ETH will maintain its bullish momentum. Josh Rager, a prominent analyst and industry investor, noted on Sunday that the ETH/BTC pair has “finally moved and closed above the 20-day moving average”. Rager believes that Ethereum regaining this key support level is a sign that the downtrend has ended, implying a bullish reversal.
Despite this renaissance in Ethereum, there have been investors in high places that have continued to keep their distance.
On September 4th, legendary venture capitalist Fred Wilson came out with his latest blog on the cryptocurrency market. Titled “Some Thoughts On Crypto“, the blog outlined Wilson’s growing skepticism of Ethereum. “Ethereum, as many of you know, confounds me”, Wilson, a co-founder of Union Square Ventures, wrote.
This, for those unaware, comes after he claimed in 2017 that the market capitalization of ETH had the potential to surmount Bitcoin by the end of the year. While the so-called “Flippening” got close to coming to fruition amid the summer of ’17, it never happened.
To date, it still hasn’t happened, with Ethereum currently trading for less than 0.018 BTC — some 85% down from this pair’s all-time high.
Wilson continued, explaining that while the cryptocurrency platform has brought many innovations in the blockchain space — “smart contracts, programmable trust-free computing, potentially proof of stake, and a lot more” — Ethereum remains “hard to build on”. The prominent venture capitalist specifically cites the “scaling issues” and the fact that developers may be jumping ship.