Ethereum (ETH) Price Near $1,585.69; in a Downtrend Over Past 14 Days, Pin Bar Pattern Appearing on Chart

The Hourly View for ETH

Last Updated March 2, 2021, 00:017 GMT

At the moment, Ethereum’s price is up $14.2 (0.9%) from the hour prior. Ethereum has seen its price go up 5 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 200 hour moving average has been crossed, with price now being above it. 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

1422.58 (USD) was the opening price of the day for Ethereum, resulting in yesterday being one in which price moved down 2.58% ($37.65) from yesterday. As for how volume fared, yesterday’s volume was up 82.58% from the previous day (Sunday), and up 97.35% from Monday of the week before. Out of the 7 instruments in the Top Cryptos asset class, Ethereum ended up ranking 2nd for the day in terms of price change relative to yesterday. Below is a daily price chart of Ethereum.

ETH

Ethereum Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Traders will also want to note, though, that a counter trend — meaning a trend going down — can be seen on the 14 day timeframe. So if you expect the primary trend to resume, the counter trend may be providing an opportunity to buy dips. For another vantage point, consider that Ethereum’s price has gone up 16 of the previous 30 trading days. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.

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 MartiniGuyYT:

    I buy dipsSo i just bought another $100K #Ethereum and $100K #Bitcoin This is why i hold back USD reserves, i still believe #Bitcoin is very bullishMarkets change direction when most participants panic & i feel most people are at the panic stageSoon they will panic buy 🚀

  • From RyanBerckmans:

    1/ ETH the cash machineEthereum’s fees are worth ETH at $2850The price of ETH is below the value of the cash it produces because ethereum’s fees go entirely to miners, who are on track to be paid 8% of all ETH this yearEIP-1559 and proof of stake fix this. Here’s how👇

  • From Davincij15:

    If you buy silver or gold, you are betting against governments and banks with an asset they control.If you buy #bitcoin or #ethereum you are betting against governments and banks with an asset they cannot control.

For a longer news piece related to ETH that’s been generating discussion, check out:

Full Ethereum Compatibility, Hack the System, February Update | by Li Jiang | Harmony | Mar, 2021 | Medium

We demonstrated how any developer can port an app to Harmony with the same Ethereum tooling and how they can take advantage of cross-chain assets….Come scale your Ethereum applications on Harmony with 2-second finality and low fees….February was another month of building with partners and developers to scale our cross-chain finance ecosystem.