Ethereum (ETH) Closes Prior Hour Up 2.13%; in an Uptrend Over Past 14 Days, Moves Up For the 6th Straight Day, Pin Bar Pattern Appearing on Chart

The Hourly View for ETH

Last Updated January 8, 2021, 03:017 GMT

Currently, Ethereum’s price is up $23.64 (2.13%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Ethereum Daily Price Recap

Ethereum is up 1.23% ($14.91) since yesterday, marking the 6th straight day an upward move has occurred. The price move occurred on volume that was down 30.52% from the day prior, but up 382.48% from the same day the week before. Out of the 7 instruments in the Top Cryptos asset class, Ethereum ended up ranking 3rd for the day in terms of price change relative to yesterday. The daily price chart of Ethereum below illustrates.


Ethereum Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to view things another way, note that out of the past 10 days Ethereum’s price has gone up 8 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

Overheard on Twitter

For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Ethereum for the past day were:

  • From iamjosephyoung:

    A thread!One of the richest Ethereum addresses is @0x_b1. They have ~99.9% of $300M+ deployed in various DeFi protocols. My friend @n2ckchong did an analysis of the farms they are involved in. Let’s take a look at which coins they are particularly interested in.👇 (1/8)

  • From OGM_Digital:

    #Ethereum ATH is $1400 – Current price ($1210) is 16% off this level.#litecoin ATH is $360 – Current price ($170) needs to rise by 111% to reach this.#DigiByte ATH is $0.13 – Current price ($0.032) needs to rise by 306% to reach this.I believe all 3 will retest their ATHs.

  • From Crypto___Oracle:

    I love the rise of #Bitcoin& #Ethereum. It brings more interest/people into the space, while also providing a massive runway of potential growth for Chainlink to catch up as its network effect expands & its value prop grows beyond data delivery to a full set of off-chain services

As for a news story related to Ethereum getting some buzz:

Scalable & Low Cost Computation of Ethereum Smart Contracts Using Arbitrum, on the Chainlink Network | by Ed Felten | Offchain Labs | Medium

With Chainlink node operators now able to operate as validators of Arbitrum’s secure off-chain computation protocol, developers can build smart contracts using an entirely new approach to secure off-chain computation, providing previously inaccessible scalability for running Solidity, and extreme improvements in cost efficiency….Combining Arbitrum’s unique trust-minimized smart contracts together with Chainlink’s high quality node network as secure validators of those computations, as well as their ability to create secure connections to key external resources, provides a greatly improved, more scalable, and extremely cost efficient off-chain development stack for smart contracts….Arbitrum supports secure smart contracts using an off-chain protocol that gives smart contract developers the flexibility to move most of the work of smart contract execution off-chain, to nodes running the Arbitrum protocol, while maintaining the trustless security of Ethereum….As the value of an Arbitrum off-chain computation increases, developers can always add Chainlink oracles/node operators to increase the number of validators securing their specific computation’s overall security….Putting it together, decentralized networks of Chainlink nodes running Arbitrum can validate a solidity smart contract, retrieve external data inputs, scalably compute the smart contract with associated correctness guarantees, push these contract outputs and proofs on-chain, and send a provable result to the user’s on-chain contract once the arbitration period has ended.