Ethereum’s Daily Large Transaction Count is 8240 — How Did it Impact Price?

The Daily View for Ethereum

  • At the time of this writing, ETH’s price is up $15.32 (1.24%) from the day prior.
  • Ethereum has seen its price go up 8 out of the past 10 days, thus creating some compelling opportunities for bulls.
  • As for the trend on the daily timeframe, we see the clearest trend on the 100 day timeframe.
  • The moving averages on the daily timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Ethereum’s hourly price chart is shown below.

ETH

The Daily View for Ethereum

  • Currently, ETH’s price is up $16.07 (1.3%) from the day prior.
  • Ethereum has seen its price go down 8 out of the past 10 days, thus creating some compelling opportunities for bears.
  • Regarding the trend, note that the strongest trend exists on the 20 day timeframe.
  • The moving averages on the daily timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
  • Divergence between ETH’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in ETH’s price.

Below is a daily price chart of Ethereum.

ETH

The Latest From ETH’s Blockchain

  • Over the past 29 weeks, ETH’s daily transaction count has been in a clear downtrend, falling by about 858.14 per day.
  • For ETH, its number of daily new addresses is now at 84233.
  • ETH has a number of daily new addresses of 84233, down 0.79% from its value day prior.

Featured Ethereum Idea From TradingView

Below is a trading comment entitled Bitcoin – Escalation or Reprieve? you may find interesting:

After some time, Bitcoin has finally tested the $20k level. All the cryptos I held throughout the bull market are now below the levels where I first de-risked in January, 2021. This means that prices are now below every single one of my sell points. A move like this seemed likely to me, considering the breakdown of the 3-day 200 MA back in April. Prior to that, I liquidated most of my crypto earlier in 2022, due to a multitude of other warning signs. Here is the post from April, calling for $20k: https://www.tradingview.com/chart/BTCUSD/oIBi5rj3-The-3-Day-200-MA-Bitcoin-Could-Fall-Straight-To-20k/In my last Bitcoin analysis, I wrote about the potential for some sort of relief rally heading into the U.S. Midterm elections. Since then, price has continued to drop, but this scenario remains in play. This is not a time where I feel comfortable putting in a lot of capital, but it’s a time where I’m certainly looking or opportunities. This is why I’m toying with some small alt positions to see if I can catch a bounce. Here’s the last analysis: https://www.tradingview.com/chart/BTCUSD/l8fTWgpE-Bitcoin-and-Markets-From-A-Sentiment-Perspective/Bitcoin now sits dangerously below the 200 week MA (teal), and must get above soon, otherwise it risks becoming major resistance. As Ethereum is now decidedly below its 2017 all-time high (near $1440 on Binance), it seems a real possibility Bitcoin will drop below the key $19-20k zone. Some liquidity still exists in the large area between $13.6k and $17.2k, so price can even venture briefly down there before any meaningful recovery for the market. The theme of this post is ESCALATION or REPRIEVE. What would ESCALATION look like? Well, as you might have noticed, a few major funds, platforms, and exchanges are in danger of insolvency. Many in this space were irresponsibly leveraged, most likely because they did not believe Bitcoin would ever retest its 2017 high and continue its established pattern. Escalation would mean that this creates a domino effect, until almost every exchange and firm shuts down, resulting in an extreme liquidity crisis. This could, in theory, push Bitcoin price continuously lower with no end in sight. This is what most sellers fear at the moment. And it’s a very real possibility. Now, what would a REPRIEVE look like? A reprieve is a delay in punishment. Sure, Bitcoin can bounce here and slowly grind up towards some other Moving Average resistances in the coming months. Historically, it has done this, once it reaches the 200 week MA. The way I see it, a relief rally would simply delay the inevitable. I no longer believe Bitcoin is in a long term uptrend, and instead has reversed to the downside. Almost ev…

VictorCobra