Ethereum (ETH) Closes Last Hour Up $8.43; Breaks Below 20 Day Average

The Hourly View for ETH

Last Updated June 11, 2021, 20:17 GMT

Currently, Ethereum’s price is up $8.43 (0.35%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Ethereum Daily Price Recap

The back and forth price flow continues for Ethereum, which started today off at 2471.56 US dollars, down 5.33% ($139.08) from the day prior. This move happened on lower volume, as yesterday’s volume was down 44.03% from the day before — and down 42.38% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Ethereum ranked 5th since the day prior in terms of percentage price change. Below is a daily price chart of Ethereum.

ETH

Ethereum Technical Analysis

Notably, Ethereum crossed below its 20 day moving average yesterday. Volatility for Ethereum has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 6 out of the past 10 days. Price action traders may wish to observe the bearish engulfing pattern that has emerged over the past two trading days; in light of the uptrend on the 30 and 90 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.

Overheard on Twitter

Behold! Here are the top tweets related to Ethereum:

  • From APompliano:

    A bitcoin DeFi project (@SovrynBTC) launched just a few weeks ago and it already has over $1 billion in total value locked.It is growing faster than almost every ethereum based “DeFi” project.Why don’t the DeFi people celebrate this great growth and adoption???

  • From IamNomad:

    I’m pretty disappointed in our #ethereum friends takes around the El Salvador news. Narrative shifting to the next negative take.For people supposedly building the future of finance, there’s a lot of narrow view on such good news simply because it’s not $eth focused

  • From Paddy_Stash:

    #bitcoin is up around 16% (surprisingly)
    #ethereum is up 10% We could trade sideway here for 4-6 months and i’d love it.. It would give $TEL time to gain about 20x more dominance aginst $BTC, THEN when Btc pumps to $160K EVERYTHING increases by 400% more on TOP in $ value!!