Ethereum Price Up By 11.04% – Time To Buy ETH Coin?
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Ethereum has been one crypto asset showing signs of a possible breakout from current resistance in recent weeks, pushing investors to buy ETH.
The recent dip that hit the crypto market saw large-cap crypto assets like Bitcoin trading in the red zone for some days.
The dip forced the crypto market to drop from over $2.6 trillion to just $2.2 trillion in one week. However, Ethereum has been one of the standout gainers, having recovered quickly from the downtrend.
Ethereum Market Position
Ethereum is the number two cryptocurrency in terms of market cap and is well known for scalability and aiding many blockchains carry out their transactions.
At press time, ETH is trading at $4,407.56, up 11.04% in the last 24 hours and down 1.52% in the last seven days on the weekly trend.
The asset suffered some losses last month, shedding 4.59% in value. However, Ethereum’s year-to-date indices tell a different story, as the number one alternative currency (altcoin) is up 497.61% in value and in the last year is up 693.04%.
The altcoin enjoys a market dominance of 21.74%, which places the market cap of Ethereum at over $521billion, up 11.04% in the last 24 hours.
The 24-hour trading volume has seen over $26.5 billion worth of ETH exchange hands, a 13.44% increase.
Ethreum attained an impressive all-time high (ATH) of ATH $4,878.26 on November 10. Analysts from popular US Finance firm Goldman Sachs have also predicted that Ethereum could rally by 80% within the next two months to reach a new ATH of $8,000. This moment presents the best time to buy ETH.
Ethereum Technical And Fundamental Analysis
Ethereum is currently trading in the green zone and above the 20-day moving average (MA) support price of $4324.44.
The 200-day MA support price of $3183.34 is also below the current price of the digital asset. Both indicators point that ETH is on a bullish run, indicating the best time to buy ETH.
The relative strength index (RSI) of 52.28 shows that Ethereum is trading in the underbought region, meaning more investors can still enter the market to buy ETH.
The moving asset convergence divergence (MACD) has the blue trendline indicator at par with the orange trendline indicator; thus, there is no clear buy or sell signal.
On fundamentals, Ethereum has been embarking on many projects aimed at solving the network congestion that users experience on its network and cutting down on the gas fee charged when users move crypto assets from one blockchain to another.
Crypto enthusiasts have patiently been waiting for the launch of Ethereum 2.0, a move that will see the network transition from a proof-of-work (PoW)consensus mechanism to a proof-of-stake (PoS) consensus mechanism.
This transitioning comes with many positives for Ethereum, such as helping the network cut down on power consumption and becoming more environmentally friendly. Other benefits include improved scalability, accessibility, and security.
In another recent development, the biggest bank in Columbia, Bancolumbia will allow residents in Colombians to buy Ethereum and other crypto assets directly from their bank accounts from December 14.
This move will likely result in more banking institutions offering cryptocurrency services to their clients via leading crypto firms.
The Ethereum network is also poised to undergo another upgrade on Wednesday, December 8. The Arrow Glacier network upgrade changes the ‘Difficulty Bomb’ parameters, pushing it back several months.
The difficulty bomb aims to increase mining difficulty at certain preset blocks over time, which will eventually force the chain to stop producing blocks, and accelerate the transition from PoW to PoS consensus mechanism.
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