Ethereum Lacks Intraday Momentum Yet is the Most Preferred Altcoin
Ethereum has gained enough impetus apart from the other smart contract-based platforms
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.
For 16 straight days, Ethereum users have paid more to use the network than Bitcoin users. pic.twitter.com/luVTrIs5cP
— eric.eth (@econoar) June 22, 2020
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 $ETH Number of Addresses Holding 0.01+ coins just reached an ATH of 7,881,206.000
Previous ATH of 7,880,437.000 was observed on 23 June 2020
View metric:https://t.co/XXb0u19ouH pic.twitter.com/suRfIUaGnD
— glassnode alerts (@glassnodealerts) June 23, 2020
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 $ETH Realized Price (1d MA) just reached a 3-month high of $208.33
Previous 3-month high of $208.32 was observed on 23 June 2020
View metric:https://t.co/9xWb0WuEGn pic.twitter.com/3Sk3Y5VQ9J
— glassnode alerts (@glassnodealerts) June 23, 2020
Ethereum Price Analysis
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 and Ethereum prediction, 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.
