Ethereum (ETH) Closes Prior Hour Up 0.35%; Breaks Above 20 Day Average, 2 Day Down Streak Broken

The Hourly View for ETH

Last Updated June 10, 2021, 07:017 GMT

Currently, Ethereum’s price is up $8.9 (0.35%) from the hour prior. This is the 2nd consecutive hour Ethereum has seen its price head up. 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 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 choppiness in the recent daily price action of Ethereum continues; to start today, it came in at a price of 2610.64 US dollars, up 4.04% ($101.41) since the day prior. The price move occurred on volume that was down 29.88% from the day prior, but up 14.19% from the same day the week before. Those trading within the Top Cryptos asset class should know that Ethereum was the worst performer in the class during the day prior. Here is a daily price chart of Ethereum.

ETH

Ethereum Technical Analysis

Notably, Ethereum crossed above 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 another vantage point, consider that Ethereum’s price has gone down 8 of the previous 14 trading days. Candlestick traders will also want to note that we are seeing a bullish engulfing pattern amidst the downtrend on the 30 and 90 day charts; a bullish engulfing pattern amidst a downtrend may signal the downtrend is ready to culminate.

Overheard on Twitter

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

    If you’re having doubts about how early we are:- Only 1% of BTC supply is on #Ethereum the rest is either on custodian solutions, lost, or being a pet rock- XRP & ADA still a thing- ppl still believe in low-grade FUD such as FBI news, or “China ban”.Wagmi.🤝🤝🤝

  • 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