ETH Price Analysis September 2022

ETH is a token of the platform Ethereum. Its current price is around $1,277 by the time of writing, with a low of $896.11, and it has a market cap of 156 billion dollars.

ETH Coin Market Analysis 

ETH has a total supply of 122,556,607 coins worth around $1,277 with a market volume of 18 billion dollars, whereas the market capitalization is 156 billion dollars at writing.

ETH rose 2.6% in the last 24 hours and has a high correlation (0.78) to BTC’s price. Relationships range from 1 to -1, with positive relationships implying direct correlations and negative correlations implying inverse correlations. 

As predicted, Ethereum (ETH) moved in tandem with Bitcoin (BTC) last weekend, which makes sense considering the strong relationship between BTC and ETH. Furthermore, Ethereum reclaimed the psychologically important $1,300 mark. 

Ethereum is becoming more scarce. On-chain data shows that since the Merge, the number of Ethereum issued daily has been cut drastically. This may be because it’s heading towards a deflationary environment. ETH supply increased by just 8,400 ETH over the few days.

This is because Ethereum’s recently moved to a Proof-of-Stake consensus mechanism instead of the previous Proof-of-Work one. Ethereum supply would have grown about 16 times if this switch hadn’t happened.

What is ETH?

ETH is the coin of the Ethereum platform, which is around $1,277 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 156 billion dollars.

ETH Price Prediction

In the 4H timeframe, the price action of $ETH/USDT is moving below the resistance trendline of the symmetrical triangle. However, we must wait for a successful breakout or breakdown to confirm its next direction.

For any time, on-demand analysis on $ETH or any other coin can join our Telegram channel.

Eth Price Chart September 2022
ETH Price Chart September 2022

Closing Thoughts

Discipline and Patience are the most critical 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.

Pratyaksh
Pratyaksh

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