Ethereum (ETH) Closes Last Hour Down $-0.24; Pin Bar Pattern Appearing on Chart, Eyes 100 Day Average

The Hourly View for ETH

Last Updated October 8, 2020, 23:15 GMT

Currently, ETH’s price is down $-0.24 (-0.07%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. 3 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 entered today at $341.91, up 0.31% ($1.06) from yesterday. The price move occurred on stronger volume; specifically, yesterday’s volume was up 3.04% from the day prior, and up 47.88% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Ethereum ranked 5th since yesterday in terms of percentage price change. Below is a daily price chart of Ethereum.

ETH

Ethereum Technical Analysis

Coming into today Ethereum is now close to its 20 and 100 day moving averages, which may act as price barrier for the asset. 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 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 5 out of the past 10 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 haydenzadams:

    @APompliano @RyanSAdams @tmccarthyv94 @sassal0x @BanklessHQ @TrustlessState It’s an immutable smart contract on Ethereum. I have no ability to turn it offIf you’re talking about frontends there are ~50 independent onesPlenty of volume is on-chain and doesn’t go through any frontendI could try tweeting “can everyone please stop trading” though

  • From DFroggi:

    @redtheminer @SBF_Alameda @SBF_Alameda is a parasit, he farms and borrow to short, trying to hurt DeFI Ethereum image.2 ways we need to react:1) NEVER, EVER, TRANSFER 1 SINGLE ASSET TO SOLANA OR SERUM. THAT’S THE MOST EFFECTIVE WAY.2) GIVE HIM A ZEUS CAPITAL LESSON, BUY YFI, UNI AND GET HIM REKT

  • From APompliano:

    Jeff Bezos could shut down most of these Ethereum-based “DeFi” apps by simply shutting off AWS.You’re not decentralized if you just spin up servers with Uncle Jeff!

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

Ethereum Gas Fees Rising, But L2 Solutions Are Coming

In order for an exchange or user to access their Tether on the OMG Network, they must first deposit Tether into a smart contract on Ethereum Layer 1….After every block is added to the OMG Network chain, the operator submits the merkle root of the transactions in each OMG block on Ethereum Layer 1….All Layer 2 blocks are produced by IDEX, a single block producer, and merkle roots of transactions in these blocks are stored in Layer 1 smart contracts in order to keep the single block producer accountable.