|Performance after Saturday 27-Aug|
Ethereum (ETHUSDT) price for the week to-date dropped -7.47% or -120.93 lower to 1,497.20. At time of writing into Sunday’s trading session, Ethereum has decreased by -1.22% over the past 24 hours. For the record, ETHUSDT is -69.31% below all-time high of 4,878.26. On Saturday, ETH dropped -1.14% to 1,491.06.
On the daily timeframe, price is below 9-Day EMA and Stochastic oscillator is falling but in oversold zone, our analysis is that there could be selling pressure as the outlook looks bearish.
For the month-to-date, ETH is down by -10.78% or -180.92 lower.
What can we expect from Ethereum today?
Looking ahead for the day, we are looking at 1,706.45 or 1,523.81 (R1) as important resistance levels and daily low of 1,447.52 and 1,452.91 (S1) as key support levels. Ethereum need to break on either side to indicate a short-term bias. A close below 1,447.52 would indicate selling pressure.
For the week to-date, take note that Ethereum is falling as the pair posted lower, down by -7.47%. Prior performance for the week ending 2022-08-21 was -16.39%.
Key levels to watch out:
Last updated: 02:20 am UTC, 28-Aug 2022
Ethereum is a smart contract platform that enables developers to build tokens and decentralized applications (dapps). ETH is the native currency for the Ethereum platform and also works as the transaction fees to miners on the Ethereum network.Ethereum is the pioneer for blockchain based smart contracts. Smart contract is essentially a computer code that runs exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. It can facilitate the exchange of money, content, property, shares, or anything of value. When running on the blockchain a smart contract becomes like a self-operating computer program that automatically executes when specific conditions are met.Ethereum allows programmers to run complete-turing smart contracts that is capable of any customizations. Rather than giving a set of limited operations, Ethereum allows developers to have complete control over customization of their smart contract, giving developers the power to build unique and innovative applications.Ethereum being the first blockchain based smart contract platform, they have gained much popularity, resulting in new competitors fighting for market share. The competitors includes: Ethereum Classic which is the oldchain of Ethereum, Qtum, EOS, Neo, Icon, Tron and Cardano.Ethereum wallets are fairly simple to set up with multiple popular choices such as myetherwallet, metamask, and Trezor. Read here for more guide on using ethereum wallet: How to Use an Ethereum Wallet