The cryptocurrency used to power the Ethereum blockchain, ether (ETH), has lost more than 7% of its value from recent highs, which were last week at about $1,680. However, during the previous two weeks, it has gained over 18%. Ethereum is the most well-known and widely used decentralised layer-1 blockchain technology for smart contracts, with its native cryptocurrency, Ether, ranking second in terms of market capitalization only to Bitcoin.
The previous several days have seen ETH sellers take control following Ether’s unsuccessful attempt last week to push over significant resistance at the $1,680 mark, which appears to have spurred an uptick in profit-taking by short-term speculators. A bearish breakthrough from a short-term pennant structure that ETH had created on the 4-hour candlesticks was what started the most recent wave of the cryptocurrency’s drop, indicating that technical selling by intraday traders has also probably played a role.
Today’s Ethereum price DATE: ETC USD Today: $ 1,548.00
Estimated price of Ethereum
When taking a longer-term view of ETH, things appear to be improving. Yes, ETH has so far been unable to overcome the $1,680 resistance, but the long-term negative trend channel that dominated for a significant amount of late 2022 and early 2023 is no longer a barrier for the cryptocurrency.
Ether also trades well to the north of its main moving averages, despite the fact that they are all rising at the moment. Meanwhile, if ETH doesn’t see a significant decrease in the upcoming weeks or months, the 50DMA’s rate of rise suggests that a bullish golden cross should occur sometime in February (when the 50DMA crosses above the 200DMA).
The 14-day Relative Strength Index (RSI) shows that Ether is no longer overbought given its recent dip, suggesting that there is a chance that purchasing pressure will resume in the next few days and weeks.
