Ethereum (ETH) Closes Last Hour Down $-36.88; Crosses 20 Day Moving Average, Bearish Engulfing Pattern Present, Makes Big Move Relative to Two Week Trend

The Hourly View for ETH

Last Updated February 24, 2021, 00:017 GMT

At the moment, Ethereum’s price is down $-36.88 (-2.34%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as Ethereum has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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 choppiness in the recent daily price action of Ethereum continues; to start today, it came in at a price of 1778.07 US dollars, down 8.12% ($157.07) since the day prior. The price move occurred on stronger volume; specifically, yesterday’s volume was up 230.99% from the day prior, and up 64.4% from the same day the week before. Out of the 7 instruments in the Top Cryptos asset class, Ethereum ended up ranking 5th for the day in terms of price change relative to the day prior. Here 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. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to view things another way, note that out of the past 10 days Ethereum’s price has gone up 5 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 90 and 30 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.

Overheard on Twitter

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

  • From oddgems:

    How on earth is Ethereum the 2nd best crypto with that kind of gas fees!It won’t stay there for long imo as Polkadot, Avalanche, Near, Oasis, Cosmos, Cardano, Solana, Luna and so many others are eying that spot.No matter how rich you are, paying $200 fees is just ridiculous.

  • From econoar:

    You’ve probably seen a lot of chatter about Ethereum vs. BSC the past few weeks. I wanted to take a moment to explain the differences and tradeoffs between the chains. The funniest part? They are *almost* identical but a few tweaks make a huge difference.A thread…

  • From MartiniGuyYT:

    #Ethereum has now completed a full 30% pullback from ATH#Bitcoin has now completed a 25% retrace from ATHPeople are fearful right now, i dont think bull market is over, i think we had nine 30% drops on the road to $20k and this time is no different

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

Binance Blamed for Purposely Choking Ethereum’s Network – Exchanges Bitcoin News

The resulting volumes have clogged networks like Ethereum, which have seen gas costs climb almost 20x over the last 12 months….While it could be inferred that Binance’s volume is propelling Ether costs upward and doing so intentionally to attract more volume to its smart chain, this argument misses out on the blockchain interoperability that Binance has promoted….The costs of switching from Ethereum to Binance are very low, especially for smart contracts and Dapps.