Ethereum (ETH)
Ethereum (ETH) Price Analysis – Weekly Update
ETH is trading at $15,547.27 with a 24-hour trading volume of $4, 82,095,033. The total market supply of ETH is about 120,256,371 and the market cap is $ 186,073,847,747.
Introduction
Ethereum (ETH) had a relatively mixed last week with a fluctuating price from $1500 to $1700. At the the time of writing this article, ETH is being traded at $15,547.27 which is considered to be a critical phase as we have seen the $4,891.70 as the All-time high price of ETH in 2021.
Many significant crypto assets have been in a declining phase but somehow, ETH is still 2nd ranked digital asset and gained momentum after a decline in a couple of months.
Price Value
If we look at the last week, Ethereum (ETH) touched the low price line of $1,565 on the 9th of October and then further went down at 1525.05 and then bounded back. After that, it is gaining momentum and showing a bullish trend.
Also Read: Bitcoin Price Analysis – Where BTC Is Heading Next?
If we look at the hourly graph, Ethereum is showing highly volatile behaviour and is moving away from the support level.
Statistics
Currently, ETH is trading at $15,547.27 with a 24-hour trading volume of $4, 82,095,033. The total market supply of ETH is about 120,256,371 and the market cap is $ 186,073,847,747.
Price Analysis
From 7th Oct. to 14th Oct. ETH’s price has shown a fluctuation from $1500 5 $1700. After a price decline, ETH is again moving in a green manner.
ETH’s current price of $15,547.27 is below the expected value but graphs show that ETH’s value has increased by 0.32 % in the last 24 hours. On the 7th of October ETH’s value was $1,640.85 which went down and now has gotten better in the last 24 hours.
Support and Resistance Level
In the last week, ETH reached $1,640.85 on 7th October but couldn’t exceed further and pushed down to the lower support level of $1,525.05 and then bounced back. After being bounded back from the support level, now ETH is trading at $15,547.27.
Price Prediction
After careful analysis of the statistics and the changing trends of ETH, it can be predicted that ETH will somehow manage to cross $2000 but can’t go further during the next week. It is more likely for ETH to gain momentum and increase its market value.
Conclusion
Ethereum never stepped down from its 2nd number in terms of value and trading volume. Although ETH is in a critical phase in terms of trading value, it is expected that ETH will show dynamic growth in the coming few months.
