Ethereum (ETH) Closes Prior Hour Down -0.03%; Crosses 100 Day Moving Average, Moves Down For the 3rd Consecutive Day

The Hourly View for ETH

Last Updated May 31, 2021, 02:017 GMT

At the time of this writing, Ethereum’s price is down $-0.62 (-0.03%) from the hour prior. Ethereum has seen its price go down 5 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on Ethereum. Given that we see downtrend on the 10 and 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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

Ethereum closed the day prior down 5.55% ($133.78); this denotes the 3rd consecutive day a decrease has occurred. This move happened on lower volume, as yesterday’s volume was down 25.18% from the day before — and down 22.98% from the same day the week before. Out of the 7 instruments in the Top Cryptos asset class, Ethereum ended up ranking 4th for the day in terms of price change relative to the day prior. Let’s take a look at the daily price chart of Ethereum.


Ethereum Technical Analysis

Moving average crossovers are always interesting, so let’s start there: Ethereum crossed below its 100 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Traders will also want to note, though, that a counter trend — meaning a trend going down — can be seen on the 30 day timeframe. This may setup an interesting opportunity for traders looking to buy dips in anticipation of the primary trend resuming. Or to view things another way, note that out of the past 30 days Ethereum’s price has gone up 15 them.

Overheard on Twitter

Over on Twitter, here were the top tweets about Ethereum:

  • From danreecer_:

    Let’s get one fact straight: there has never been an IDO “on Polkadot”. This scheme was built on Ethereum and almost all of these IDOs have nothing to do with @Polkadot.Be careful and wait for parachains to launch, then the apps on those chains – the real Polkadot projects.

  • From Davincij15:

    I know #bitcoin will be transactional money one day. I also know #ethereum will be the web and/or replace brokerage and complex financial institutions such as insurance and derivatives. I think you should own both!

  • From ChainLinkGod:

    Potentially controversial opinion95%+ of my net-worth is on the Ethereum blockchain: $LINK, $ETH, #DeFi tokens, stablecoins, etcHolding $BTC on the Bitcoin blockchain is my hedge against an Ethereum black swan eventI purposely don’t wrap my BTC onto Ethereum for this reason

In terms of news links for Ethereum here’s one to try:

Cardano (ADA) To Outperform Ethereum, Raoul Pal Says | CryptoGazette – Cryptocurrency News

“In traditional markets, once an established trend takes place, you move out the risk curve….So I’m just moving out the risk curve because the trend is established, and I know that in a bull market, ETH will outperform Bitcoin and alts will outperform ETH.” He also made sure to address the risk curve and he said that he doesn’t necessarily know whether individual crypto projects like Cardano (ADA) will ultimately succeed.