The Hourly View for ETH

Last Updated November 5, 2020, 01:036 GMT

At the moment, ETH’s price is up $2.22 (0.55%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Ethereum Daily Price Recap

Ethereum came into today up 3.73% ($14.49) from the open of yesterday, marking the 2nd straight day an increase has occurred. The price move occurred on stronger volume; specifically, yesterday’s volume was up 82.49% from the day prior, and up 32.74% from the same day the week before. Ethereum outperformed all 7 assets in the Top Cryptos asset class since yesterday. Below is a daily price chart of Ethereum.

Ethereum Technical Analysis

Notably, Ethereum crossed above its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For another vantage point, consider that Ethereum’s price has gone up 17 of the previous 30 trading days.

Overheard on Twitter

Over on Twitter, here were the top tweets about Ethereum:

  • From kevinsekniqi:

    Ethereum uses ~80bn gas / day. At that rate of usage on Avalanche at 4.7e-7 AVAX per gas, that’d be 38k AVAX burned every day, or 0.00528% of the entire supply.When a fast smart contracts platform has capped supply, and the gas is burned for operation, something magical happens

  • From Crypto___Oracle:

    Just in the last three weekdays, Chainlink has announced ongoing integrations with four different blockchains: @ethereum, @cosmos, @Polkadot & @maticnetwork. Chainlink is becoming the standard oracle across all blockchains, which will bring about a shared cost model across chains

  • From ChainLinkGod:

    @chainlink @pappas9999 @mdurkin92 @Tesla @elonmusk I think this is something you would be highly interested inWith @Tesla vehicles connected to smart contracts on Ethereum by leveraging Chainlink oracles, owners can rent out their vehicles without experiencing counterparty risks or middlemen siphoning value

In terms of news links for Ethereum here’s one to try:

What is The Potential Impact of Ethereum 2.0 on The Derivatives Market? | Binance Blog

Below we examine several market indicators that could potentially reveal traders’ sentiment surrounding ETH 2.0. ETH Futures open interest remains strong on Binance Source: Skew Ethereum futures open interest on Binance has risen considerably since the beginning of 2020….The open interest upsurge in the second half of 2020 may suggest that traders have positioned long-term directional bets on Ethereum.  Increasing Futures basis signals investors’ expectations Market analysts often turn to the futures market to understand market expectations….The basis represents the difference between the underlying asset’s spot and futures prices.  In bull markets, futures prices trade higher than spot markets….As such, the futures basis tends to be positive….Looking at the growing demand for Ethereum futures and options, it seems to suggest that investors are still bullish on Ethereum with concentrated activity surrounding the expected launch date of ETH 2.0. Backed by other fundamental factors such as the fast-growing DeFi sector, the demand for Ethereum looks convincing….Retail investors who cannot afford to stake on the new network can gain leveraged exposure to Ethereum through USDT Futures contracts.

(Excerpt) Read more Here | 2020-11-04 18:37:00
Image credit: source


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.