ETH Price Analysis August 2022
ETH is a token of the platform Ethereum. Its current price is around $1,700.07 by the time of writing, with a low of $896.11, and has a market cap of 206 million dollars.
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Ethereum On-Chain Analysis
It seems like ETH bears are gaining momentum, with about 61.35% of ETH holders making losses around this price point and about 38.43% of ETH holders making a profit from this price point. They are supported near the $1,500 mark, where two million ETH were previously bought. In the past, buying activity was concentrated around the $1.6k-$1.8k area, which might be near-term resistance.
In the past seven days, the value of ETH that’s been staked has increased by 0.22%, and there are currently 13.2 million ETH staked in total, and it has grown 6.65% in the last three months overall.
$ETH funding rates are currently at 0.1%, indicating negative positioning from derivatives traders. However, in contrast, they were strongly positive in April and November 2021, which leads to uncertainty.
What is ETH?
ETH is the coin of the Ethereum platform, which is around $1,700.07 by the time of writing, with a low of $896.11. It reached a high of $4,891.70, and its current ranking is #2 according to CoinMarketCap, with a market cap of 206 million dollars. Ethereum can do many things, including being used as a digital currency. It can process financial transactions, store data, and run smart contracts.
ETH Coin Market Analysis
ETH has a total supply of 121,762,186 coins worth around $1,700.07 with a market volume of 15 billion dollars, whereas the market capitalization is 206 million dollars at writing. At the Ethereum Community Conference in Paris, Vitalik Buterin spoke about what to expect from Ethereum after the ‘Merge.’
The conference was closed by Buterin’s announcement that Ethereum will only be 55% complete after the Merge. The Ethereum network is going to be shifting in a major way. When the Proof-of-Work system merges with Beacon Chains and becomes Proof-of-Stake, the Ethereum blockchain will continue evolving without disruption.
ETH Price Prediction
Analysts predict Ethereum’s growth in the future, and given that the ETH token is doing well right now, it could be a good time to invest while there is a dip. Moreover, it could give good returns in the long term.
In the 2H timeframe, the price action of the $ETH/USDT price has broken the resistance trendline of the descending triangle. Therefore, we have to wait for a successful retest. If it is retested successfully, then we will enter it.
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Discipline and Patience are the most important components of a successful trade. According to the above analysis, the coins we discussed might make you decent gains if other market conditions prevail favorably. Again, it’s your hard-earned money that you’ll be using. Do Your Own Research before investing.
Disclaimer: Our analysis is for educational purposes.