Price Analysis

Ethereum Lacks Intraday Momentum Yet is the Most Preferred Altcoin

Ethereum has gained enough impetus apart from the other smart contract-based platforms

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Ethereum, the major altcoin by market cap after the king of cryptocurrencies—Bitcoin has been one of those altcoins that have gained enough impetus apart from the smart contract-based platforms and their native altcoins of the market. Ethereum’s qualitative reach has been all about its quantitative flow in the market, and we cannot deny the fact that ETH, just like other altcoins of the market, has drawn a visible uptrend after the market crash in March.

With this, the recent statistics state that the networkers have paid more to use the network in comparison to that of Bitcoin users. This is nothing but the Ethereum platform gaining the desired edge in the market from the networkers as they believe that it is an investment for the long-term.

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Nonetheless, with the increasing visibility of the network, the number of addresses holding 0.01+ ETH coins have just reached an All-Time High. The fact remains undenied that networkers are preferring Ethereum as a plan for the future and continuing to HODL.

Ethereum, just like Bitcoin, has been an investment for the long-term, and therefore, the realized price (1d MA) along with the addresses holding ETH had recorded a 3-month high of $208.33.

Ethereum Price Analysis

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ETH/USD Chart By TradingView

Ethereum, at the time of penning down this analysis, was trading at 242.94 against the US Dollar and is drawing a visible uptrend after the massive sell-off in March. The current momentum of Ethereum is not projecting any unpredictable volatility as per the 20-day Bollinger Bands laid. Moreover, the price of ETH coin has been confined to a narrow trading range in the ongoing month and is continuing to oscillate between $217 to $252.

As per the current traction, Ethereum has already surpassed the opening price of the year is drawing profits if we emphasize the YTD movement of the currency. ETH coin is already retaining steady support from 50-day and 200-day daily MA due to range-based trading and has not experienced any steep momentum until now in the ongoing month.

On the flip side, the MACD chart of Ethereum is drawing a bearish crossover due to intraday setbacks. However, the RSI of the coin is at 58.87 and holds no such bearish opportunities.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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