|Performance after Saturday 11-Mar|
Ethereum (ETHUSDT) price for the week to-date dropped -6.17% or -96.47 lower to 1,468.11. At time of writing into Sunday’s trading session, Ethereum has increased by 1.74% over the past 24 hours. For the record, ETHUSDT is -69.91% below all-time high of 4,878.26. On Saturday, ETH rose 1.84% to 1,452.71.
On the daily timeframe, price is below 9-Day EMA and Stochastic oscillator is rising but in oversold zone, our analysis is that the price action might be set for a rebound.
For the month-to-date, ETH is down by -8.54% or -137.12 lower.
|24-hr||7-Day||30-Day||1-Year||Mkt Cap.||24-hr Vol.|
|1.74%||-6.57%||-5.23%||-42.82%||176.37 bn||18.29 bn|
What can we expect from Ethereum today?
Looking ahead for the day, immediate upside resistance level at 1,465.44 (R1) while on the downside, we are looking at daily low of 1,424.57 as an important support. Break below this level could weaken the current bullish momentum.
Ethereum need to break on either side to indicate a short-term bias. A break above 1,457.73 would suggest bullish bias after recent positive movement.
For the week to-date, take note that Ethereum is falling as the pair posted lower, down by -6.17%. Prior performance for the week ending 2023-03-05 was -4.68%.
Key levels to watch out:
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