Ethereum (ETH) closes -0.42% earlier; Breaking below the 20 day average in an uptrend over the past 90 days, bearish engulfing pattern present
The look of the hour for ETH
Last updated on December 24, 2020, 03:07 GMT
Currently, the price of Ethereum is down by USD -2.44 (-0.42%) from the previous hour. This is the second hour in a row that Ethereum has seen its price decline. Regarding the trend, note that the strongest trend is in the 20 hour period. The moving averages in the hourly time frame suggest an upward movement in price as the 20, 50, 100 and 200 are all bullish – meaning that the shorter maturities are above the averages for longer periods, implying a solid uptrend.
Ethereum Daily Price Recap
The turmoil in the recent daily Ethereum price movement continues; To start today, it came in at $ 585.25, down 8.16% ($ 51.98) from the previous day. In terms of volume, yesterday’s volume increased 45.99% from the previous day (Tuesday) and 1.98% from the Wednesday of the previous week. Compared to other instruments in the top Cryptos asset class, Ethereum took second place in terms of the percentage price change since the previous day. The Ethereum daily price chart below shows this.
Technical analysis of Ethereum
First things first, Ethereum crossed its 20-day moving average yesterday. The clearest trend is on the 90 days Timeframe showing that the price has increased during this time. For additional context, note that the price has increased 6 in the last 10 days. Traders may also want to note that there is one Bearish engulfing pattern in play, which suggests the uptrend in the 90 and 30 day charts, may be slowing down and ready to reverse.
Overheard on Twitter
For laughter, fights, or really useful info, let’s check out the most popular tweets on Ethereum from the past day:
- Of CryptoCobain::
Cobie Capital has bought an additional 25,000 ethers for $ 15 million at an average price of $ 611 per #ethereum and has now bought a total of 69,420 ethers for $ 25 million at an average price of $ 365 per ether.
- Of iamjosephyoung::
XRP has been the # 3 dominant cryptocurrency (apart from Tether) for many years. This is a very interesting phase in the altcoin market as a new dominant third party would emerge behind Ethereum. I would love to see a DeFi-related cryptocurrency this position for a change.
- Of 1CrypticPoet::
@VitalikButerin Vitalik, I respect your work, but please don’t sink to that level. I know Ethereum gets a lot of hatred from the XRP community on a daily basis, but that won’t make anything better. You are a leader, it is better to lead by example.
A longer message about ETH that sparked discussions can be found at:
10 Ethereum Charts That Hit ATHs In 2020 – Bankless
Some more than the others … And while the Ethereum community had DeFi summer 2020, which included the explosion of interest and capital in decentralized financing and unlocked a novel distribution mechanism for the owner economy, this madness stayed largely within the community … everyone while ETH is still more than 50% below their ATHs. And yet … the Ethereum economy had a stellar year … Dozen of Ethereum metrics hit new highs over the course of the year. Here are ten Ethereum charts that hit ATHs in 2020. The network utilization rate is arguably one of the most basic metrics for measuring the health of a public blockchain. After starting the year with fewer than 100,000 users, DeFi turned parabolic this year, reaching over 1 million users across all protocols. Instead, they chose to get it working with one of the dozen of high-yield passive income opportunities available in DeFi. It just got too good to resist. Regardless of whether it’s a liquidity provider on Curve or Uniswap, or a deposit on platforms like Compound and Aave, the decentralized economy of Ethereum BTC holders offers a multitude of opportunities to generate a passive return that does not cover the custody account. Corresponds to ideals of Cypherpunk. This is in stark contrast to the options available to BTC holders, which would require depositors to rely on centralized lenders like BlockFi or Celsius for a return on more flavors of wrapped bitcoin to choose from.
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