Ethereum (ETH), the second-largest cryptocurrency, has seen its prices shooting up lately. The sudden ‘green’ movement has amazed its investors and supporters. However, the question of “is Ethereum a buy” has been worrisome for them. The bullish rally of about 40% between July 13 and July 16 surely caught the crypto enthusiasts’ eyeballs. But the mixed opinions of different participants in the domain might make investment decision-making difficult. Therefore, here is an overview of what the technical indicator metrics suggest.
Ethereum Price Today
ETH has broken the recent ‘red’ trends and been in the ‘green’ for quite a significant period of time now. This phase has been a breather for its worried investors and stakeholders. The ETH price had gained by 5.61% and traded at $1430.29 at the time of writing on Monday, July 18, 2022. The market capitalization of the crypto behemoth stood at $174.03 billion, up by 5.67%. However, the only downside was the 24-hour trade volume of the crypto which slid by 7.59% to $18.2 billion.
Earlier when the news of declining ETH 2.0 weekly deposits came in, Ethereum had been lowering to the spot it was at approximately 2 years ago, that is, lower than $1,000. The ETH token price had slumped over 77% since the all-time high record of $4891.70. On July 12, 2022, the crypto was valued at $1.085.17, losing 5.03%. The coin’s market capitalization was at $131.85 billion, dipping by 4.98%. However, the 24-hour trading volume, unlike today, had gained slightly by 6.23% and was at $11.75 billion.
Briefly, after this drop, the ETH token rallied about 40% in the next three days, covering a significant amount of loss incurred in the past week. According to CoinMarketCap’s 7-day data, Ethereum has gained by a huge 24.63%, overtaking Bitcoin (BTC), the largest cryptocurrency, which managed to increase by 5.78%. Moreover, it is estimated that the Ethereum price prediction rating that was earlier pegged at $1,500 by the end of 2022 would be revised after the recent price gain.
Technical Metrics: Is Ethereum A Buy, Sell Or Hold Today?
The Summary provided by TradingView indicates that the Ethereum crypto is a ‘buy’ currently with 12 indicators suggesting a buy, 8 indicating that it’s a ‘hold’ (neutral), and 6 pointing toward a ‘sell’ action. The Moving Averages data also suggests that Ethereum is a buy today with 10 metrics supporting that. The 50-day Exponential Moving Average (EMA) stood at 1400.25, indicating an action of buy. In addition, the 50-day Simple Moving Average also gained and was at $1333.08. The current ETH price is fairly above these moving average metrics, therefore, the price trend is upwards and can be considered a buy.
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 statistics, 7 out of 10 indicators count for neutral investment action. The Relative Strength Index was at 61.93, suggesting that no trading actions should be undertaken. Moreover, the Commodity Channel Index was at 184.44, pointing to a ‘sell’.
To answer the question of is Ethereum a buy or not, it would be right to conduct a careful study of both indicator metrics and the market trends. Both these strong meters suggest that Ethereum definitely is a buy or hold. Therefore, selling is definitely not an option. However, it is advised to do detailed research before making any trading action.
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