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Ethereum Price Surges Over 8%,

Ethereum Price Surges Over 8%, TradingView Still Indicates A Sell?

Ethereum (ETH), the second-largest cryptocurrency, had been seeing a bearish run for three consecutive days before it broke the losing momentum on Monday, August 29, 2022. Ethereum price has been witnessed to be surging again today, which is a relief for ETH enthusiasts and other crypto market participants. In addition, its biggest competitor, Bitcoin (BTC), is also gaining today, relieving the market from the recent downward price actions.

Ethereum Price Today

The Ethereum price today was up by  8.48% and traded at $1,579.17 at the time of writing on Tuesday,  August 30, 2022. The market valuation of the crypto behemoth stood at $192.92 billion, up by 8.52%. Even the 24-hour trade volume of ETH soared by 28.14% and was recorded at $18.5 billion.

The day’s peak was at $1,585.09, representing a gain of 2.06% from the previous day’s close of $1,553.04. In addition, the last day’s close also indicated an 8.56% increase from the closing value on August 28, 2022. This gain has been attributed to the Ethereum Merge date getting closer (as it is speculated). The Ethereum price prediction for 2025 shows that it is expected to close that year at a minimum price of $6,251.28, and might extend to a maximum value of $7,321.09.

Ethereum Technical Analysis By TradingView

The  Summary provided by TradingView indicates that the Ethereum crypto is a ‘sell’ currently with 13 indicators supporting that, 10 indicating that it’s a ‘hold’ (neutral),  and just 3 pointing toward a ‘buy’ action. Moreover, the Moving Averages data suggests that Ethereum is a ‘Strong sell’ today with 12 metrics supporting it. The 50-day Exponential Moving Average (EMA) stood at 1623.45, indicating an action of sale. 

Moreover, the 50-day Simple Moving Average was at 1614.41, indicating a ‘sell’ as well. But one point to be noted is that the current Ethereum price is sustaining below these moving average metrics, therefore, the price trend is downwards, which means that bullish investors should not look forward to taking risks.

However, due to the frequent price fluctuations and recent crash sessions, the oscillator metrics provided by the site indicate that Ethereum is a ‘hold’ (neutral) currently. According to the Ethereum technical analysis statistics by TradingView, 9 out of 11 indicators count for neutral investment action. The Relative Strength Index was at 46.18, suggesting that no trading actions should be taken with respect to ETH. Moreover, the Commodity Channel Index was at −64.80, suggesting the same.

Therefore, we can certainly imply that the current crypto market conditions for ETH might be favorable for bearish traders. But yes, even they are not advised to take such financial risks until they conduct proper research before investing. Also, if you are someone who is looking forth to the Ethereum Merge date for the best investment opportunities, then you need to wait for a while. However, the hype for Ethereum Merge is seen fading, so it would be interesting to watch if ETH manages to not dive into losses after the only ‘hope’ dies.

[Note: The Ethereum price prediction analysis still suggests that by 2025 the crypto is expected to perform bullish overall. So we can surely hope for a gaining momentum for ETH in the coming years.]

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