Ethereum (ETH) Appears Short-term Bullish
Ethereum, the foremost altcoin of the global crypto market, has been surrounded by many a controversial sentiment regarding its 2nd generation platform, upgrade, and ETH coin price. However, with 2nd generation crypto lacking the power to be one of the best DeFi platforms of the market, Solana is launching a bridge to Ethereum widely known as “Wormhole.”
Solana, a scalability-focused blockchain, today informed about the cross-chain bridge—Wormhole to Ethereum, which will let a project move backward and forward to take complete advantage of the projects impersonated with “high speed and low cost” to resort back to Ethereum.
In common parlance, the current activity, and the launching of this bridge aim to facilitate DeFi to allow everything from margin lending to tokenized asset trading. DeFi more amplifies the crypto space, and this development in crypto space majorly attracts the investors. This will lead to a massive amount of capital but may face a confirm limitation such as congestion and high gas fees resulting in aborted trades or slippages.
Alongside, the Ethereum mining hash rate is now hitting an All-Time High, which clearly shows an increase of 85% when compared to the rate marked at the beginning of the year.
Ethereum Price Analysis
At the time of penning down this analysis, ETH price was seen trading at $349.99, which otherwise was seen trading around $340 over the past two days. With the gain in the price of Ethereum over the past two days, the price trend is seen inclining towards the upper band from breaching the lower band.
Over the five weeks, ETH/USD has been trading moderately volatile, and the price has been trading in a fairly lower range after a steep pullback from the YTD high marked in September. Ethereum was seen drawing an absolute bullish crossover around $475, but with a descending price, the coin lost over 25% in over 30 days, starting from the beginning of the previous month to the time of writing.
On the 2-hourly chart, ETH price is seen holding support from MA100 at $347, while lacks support from MA10 as it is yet to cross the major short-term resistance at $350. The MACD chart draws a clear bullish divergence on the 2-hourly chart, and therefore, the RSI is inclined towards the overbought region and is lying at 58.83. As per the Ethereum price prediction, the coin might regain the lost momentum and retest previous resistance of $380 soon.
