Consolidation of Ethereum Price Below 8 Month Trend, Is $4000 Insight?

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After the Ethereum ICO price spike in 2017, which pushed the price up to $400 USD, a lot of people believe that the new year was the bottom. But the reality is that we’ve only seen the beginning of a new bull market for Ethereum. Ethereum’s price has been dropping from above $1,000 USD to around $280 USD in January. Ethereum has been consolidating around this price range for the past month, and it is now back above $280 USD and showing signs of an uptrend. Ethereum’s price has been dropping from above $1,000 USD to around $280 USD in January. Ethereum has been consolidating around this price range for the past month, and it is now back above

The crypto market has been in a lull over the past few weeks, with no clear trend emerging as we approach 2018. During this time, there have been minor fluctuations in prices, and the lower range of Ethereum’s price has been notably lower than the rest of the market.

Ever since the Market cap of Ethereum began to exceed that of Bitcoin in the fourth quarter of 2017, Ethereum has been on an upward trajectory, increasing in value by over 1,000% since. While the Ethereum price has been making steady gains, the price is approaching, if not exceeding, a steep upward trend of its own. So, if this trend continues, where will Ethereum find its equilibrium price at?. Read more about btc eth comparison chart and let us know what you think.

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Consolidation of Ethereum Price Below 8 Month Trend, Is $4000 Insight? Analysis of Costs

Ethereum, which has dominated the crypto market for the last month, continues to demonstrate strength as it falls back to previous highs. The second-largest cryptocurrency has slowed in recent days, but it still seems to be on the rise in the near term.

This fractal suggests that Ethereum’s price will rise by the end of August. At that time, ETH investors may see more price declines down the road.

The Ethereum price (ETH) surged after the successful introduction of its ‘London’ upgrade earlier this month. One of the new features of this version is that each transaction now burns ETH, bringing ETH closer to a deflationary asset.

At the time of writing, more than 71,000 ETH has been burnt since the last update. Investors have reacted positively, and ETH has seen a significant increase in value since the upgrade. As long as BTC stays steady, ETH will most likely approach $3000 in the near future.

A Significant Rise in the Offing

We can see how ETH has formed a rising channel during the last 10 trading days (potential bull flag). Bulls have consolidated below a nine-month trend line, which has kept the ETH price stable until mid-June. Ethereum must regain its momentum in order to achieve a big increase.

Consolidation of Ethereum Price Below 8 Month Trend, Is $4000 Insight?Source: CoinGape Ethereum Price Analysis: ETH/USDT 1 Day Chart

The 20-day MA has been maintained since the ETH price broke over $2,000. This MA is a useful tool for determining whether or not the price is in an uptrend. If ETH falls below this MA at any time, we can expect further downturns and a potential short-term trend.

We can see how strength resets the oversold region by looking at the Stochastic RSI. This is a positive sign since it implies that pricing is regaining vigor in preparation for a future increase. A bullish collapse should be anticipated soon as long as the stochastic is above 20. A minor pattern of the bull flag pattern may be seen in the relative strength index.

Ethereum, the second largest cryptocurrency, has seen a lot of consolidation in the past few months, with a new all-time high nearing $400. This is a continuation of a trend that began in early February, when the price was above $500. While the cryptocurrency’s price has steadily risen since then, the increase has been less than the increase in its total market cap, which has taken the price of one unit of the cryptocurrency from $1 to $420.. Read more about ethereum price prediction and let us know what you think.

This article broadly covered the following related topics:

  • ethereum price prediction
  • ethereum analysis today
  • ethereum news
  • ethereum news today
  • ethereum vs bitcoin

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Emilia James
By Emilia James

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