Ethereum (ETH) Closes Last Hour Down $-4.15; Eyes 20 Day Average, 2 Day Up Streak Ended, Breaks Below 20 Day Average

The Hourly View for ETH

Last Updated June 5, 2021, 02:045 GMT

At the moment, ETH’s price is down $-4.15 (-0.15%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as ETH has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Ethereum Daily Price Recap

The back and forth price flow continues for Ethereum, which started today off at 2691.17 US dollars, down 5.77% ($164.84) from yesterday. The change in price came along side change in volume that was up 5.83% from previous day, but down 45.3% from the Friday of last week. On a relative basis, yesterday was pretty good: Ethereum bested all 7 of the assets in the Top Cryptos class 🙂 The daily price chart of Ethereum below illustrates.

ETH

Ethereum Technical Analysis

Moving average crossovers are always interesting, so let’s start there: 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. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to view things another way, note that out of the past 14 days Ethereum’s price has gone up 7 them. 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

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

  • From dabit3:

    I went from zero to building full stack apps with Solidity, React, & Ethereum in a couple of months to prepare for my role at @edgeandnode Here is a crash course of 16 high quality resources, tutorials, and videos I’d recommend for anyone looking to do the same (thread) 👇

  • From kurtwuckertjr:

    @lexfridman @VitalikButerin @ethereum @Bitcoin @dogecoin @elonmusk @ShibainuCoin @IOHK_Charles @Cardano @chainlink @0xPolygon The cheap shots at BSV are indicative of Vitalik’s consistent pattern of misrepresenting the truth about his biggest competitor.Lex, I’m a BSV advocate, BJJ competitor & a libertarian. I’d like to talk to you about why Ethereum is obsolete & folks like Buterin are malicious.

  • From MackAttackXRP:

    It just seems like the SEC is trying to buy time for its Bitcoin and Ethereum masters.
    They don’t care about any damage they do to XRP Holders or how much they cost the taxpayer.
    Their only concern is the corruption they are deeply involved in.

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

Vitalik Buterin Says He Loves ‘Doge,’ Suggests Dogecoin-Ethereum Collaboration For Scalability | Benzinga

He noted that the blockchain would likely become centralized and vulnerable to all kinds of capture.  See Also: How to Buy Ethereum (ETH) “If Doge wants to somehow bridge to Ethereum and then people can trade Doge thousands of times a second inside of loopring, that would be amazing….If they want to just take zkRollup-style technology and just have thousands of transactions  a second on their own chain, that would be a great outcome as well.” Buterin also said that having a secure Doge-to-Ethereum bridge would be “amazing.” “Once Ethereum gets its scalability, any scalability thing that works for Ethereum as such that you would be able to also trade Doge with extremely low transaction fees and very high speed as well,” the Ethereum co-creator said.