Ethereum (ETH) has corrected now and can now see an uptick in prices, after the conclusion of us elections.
In this article, we will look at ethereum crypto price analysis along with weekly analysis and news roundup.
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ETH Price Analysis
Current Price: $2,460.57
Market Cap: Approximately $355 billion
24-Hour Trading Volume: Roughly $35.6 billion
Circulating Supply: 120.4 million ETH
Total Supply: No capped total supply
Price remains in a Downtrend but there are some improvements as it had a bullish breakout from Channel Down pattern. We would be buyers near $2,400 support, which could be a swing trade entry with +20% upside potential to $2,850. Stop Loss at $2,270.
The recent launch of ETH Spot ETFs could boost demand for ETH. This is a riskier trade setup because it’s a trend reversal not a trend continuation setup. It’s against the overall downtrend.
Weekly Price Movement
Ethereum has shown a steady trend in the past week
Trend: Short-term trend is Strong Up, Medium-term trend is Up, Long-term trend is Neutral.
Momentum: Price is neither overbought nor oversold currently.
Support and Resistance: Nearest Support Zone is $2,400.00, then $2,100.00.
Key Indicators
Relative Strength Index (RSI): 60.
Moving Averages: ETH has remained above its 50-day and 100-day moving averages.
News Roundup
Whale Activity: Dormant ETH whales have started selling, potentially in response to Ethereum’s price increase, as large holders take profit after prolonged inactivity.
Network Developments: Ethereum Foundation recently reported $789 million in crypto holdings.
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