|Performance after Monday 01-Aug
Ethereum (ETHUSDT) price for the week to-date dropped -2.95% or -49.45 lower to 1,628.67. At time of writing into Tuesday’s trading session, Ethereum has decreased by -3.81% over the past 24 hours. For the record, ETHUSDT is -66.61% below all-time high of 4,878.26. On Monday, ETH dropped -2.85% to 1,630.28.
On the daily timeframe, price is above 9-Day EMA and Stochastic oscillator is falling, our analysis is that bullish momentum could be fading.
End of July, ETH is up by 52.22% or 559.27 higher.
What can we expect from Ethereum today?
Looking ahead for the day, immediate support level is at 1,589.37 (S1) with break below could see further selling pressure towards 1,548.47 (S2). For potential buyers, as the current momentum is falling, we prefer to look at firm break of the recent daily high of 1,704.68 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. Ethereum need to break on either side to indicate a short-term bias. A close below 1,606.12 would indicate selling pressure.
For the week to-date, take note that Ethereum is falling as the pair posted lower, down by -2.95%. Prior performance for the week ending 2022-07-31 was 5.03%.
Key levels to watch out:
Last updated: 02:20 am UTC, 02-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