Visibility around illicit activity is a subtle but an important point. With cryptocurrency, the bar has been set psychologically a lot higher by regulators, banks and the media – in many cases at a zero risk tolerance level. John is a cryptocurrency technical analyst, who looks at micro, macro and fundamental factors affecting market trends. SOL appeared well supported on the daily chart, despite the impending barrier at $130. The Relative Strength Index has also sustained a positive outlook since mid-March. Note that the RSI’s position above the moving averages hints at a currently tight bullish grip.
However, in the event of a dip, the ETH/USD pair could decline towards the $2,163 support point. Barring an extended sell-off, the cryptocurrency should steer clear of sub-$2,000 levels. Ether has a major support level at $2,082, and its 23.6% FIB of $2,041 should limit the losses.
CFDs and Bitcoin gearing
However, investors should keep in mind that it would be a long-term hold and that cryptocurrency, by its nature, is quite volatile. The price is now trading above $1,300 and the 100 hourly simple moving average. A clear move above the $1,320 resistance might send the price further higher. The next major resistance is near the $1,380 level, above which ether price might even clear $1,400. The bulls even pushed the price above the $1,300 resistance zone. A new multi-week high is formed near $1,309 and the price is now correcting gains.
The figure is below $1 trillion and could stay longer if the bears keep pushing. Bitcoin’s dominance has also dropped below 39 percent, while its market cap is below $380 billion. This metric shows the performance of the asset relative to other cryptocurrencies. It indicates that Bitcoin has performed better than altcoins when the figure is high. Before touching the $30 price mark, AVAX must first split its resistance of $23.
- A point of immediate upward resistance is located close to the $1,920 mark.
- Ethereum’s consistent consolidation has led to situations in which demand and supply may overlap on exchanges.
- Ethereum price analysis shows bearish conditions in line with the overall market today.
But it’s all purely speculative right now — many are waiting to see how investors and companies building their tech on ethereum’s platform respond to the changes. After rising over the past week, ethereum’s https://cryptoclubocc.com/top-10-ways-to-earn-passive-income-with-crypto/ price plummeted Tuesday following the release of August inflation data. While a successful merge could boost ethereum’s prices, another Fed rate increase next week could bring them right back down.
Ethereum Price Prediction: ETH Gearing Up For The Big Rise
A software upgrade this big can easily be susceptible to bugs or technical issues, so the outcome of the merge has huge implications not only for the ethereum network but for all of crypto. If ethereum fails to climb above the $1,315 https://cryptoclubocc.com/ resistance, it could continue to move down. An initial support on the downside is near the $1,300 level and the 100 hourly simple moving average. Ether price even spiked below $1,280 and the 100 hourly simple moving average.
As they look to Uniglo, other investors would be benefited from following their trail. Prospective investors can adopt this crypto early before it publicly launches on October 18. But currently, they are accumulating more ETH coins because of the upcoming merge in which Ethereum will transition from a Proof-of-Work to a Proof-of-Stake consensus mechanism. This shift is expected to increase the speed and lower the cost of transactions on Ethereum. As Uniglo is Ethereum-based, ETH whales are also interested in complementing their ETH gains with GLO gains.
Lastly, we will still continue to see many challenges to cryptocurrency growth and adoption this year. While regulatory views will be positive overall, we still expect to see some countries take longer to align their views with a negative impact on those markets, as we saw in India late last year. Banks, which are essentially the de facto regulators of the industry right now, will continue to work only with select cryptocurrency companies, which dampens competition and growth. This year will also see much better education around the cryptocurrency market.