Momentum Reversal? Ethereum’s Heads Up for the First Time in 7 Days

The Daily View for Ethereum

  • Currently, ETH’s price is up $11.95 (0.99%) from the day prior.
  • The daily chart shows that Ethereum has seen 2 straight up days.
  • Regarding the trend, note that the strongest trend exists 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 $10.21 (0.84%) from the day prior.
  • It’s been a feast for bears operating on the daily timeframe, as Ethereum has now gone down 4 of the past 5 days.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists 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.
  • 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 number of daily new addresses has been in a clear downtrend, falling by about 256.80 per day.
  • For ETH, its daily transaction count is now at 983120.
  • ETH has an average transaction value of 5.66, down 0.92% from its value day prior.

Featured Ethereum Idea From TradingView

Below is a trading comment entitled A Few Notes for Crypto Winter First-Timers you may find interesting:

The crypto market is in “free fall” today, as some of you may have heard. Decided to write something from the perspective of someone who’s been through a few “crypto winters” over the last 8 years or so.https://mirror.xyz/ryangtanaka.eth/cLU37oJ-m2YILs9tfIu-VZIHN1exQJG-6s2xhxHqvXg– I feel like a million years old writing in this tone – though everyone in crypto knows that a week in this industry is equivalent to a year in “normal” time so being inside crypto-lala-land long enough does warp your sense of time. (The last few years of insanity in the world itself doesn’t help too, of course.)But it’s also true that I’ve been through 3 crypto bull/bear cycles at this point (I was in the ETH ICO in 14’ – divested most of it since then, for the record) and may have a useful perspective to some – not that these dips don’t hurt, but I was relatively fortunate to have survived the last few ones through a combination of planning ahead and a few strokes of good luck. But I will say again what I say to almost everyone: crypto is a 3-4 year play at minimum, and you need to have the patience to wait at least that long. Life is short, yes; but at the same time it’s also very, very long.The first few hype cycles (14-16′) I literally wasn’t aware of anything because crypto was just an obscure, zany idea back then and people held them largely for fun. There were no exchanges – or ones you’d want to trust your money with, anyway. (Mt. Gox, yikes.) The easiest way to get Bitcoin was to mine them yourself or find some guy on the internet who you could exchange it with a pizza or some other type of bartering deal. My wallet was worth so little at the time that I forgot about it and almost lost my private key, in fact. 🤣The second one (16-18′) I worked “regular” jobs and did dollar cost averaging so I didn’t have to touch my investments for day-to-day needs. I cashed out only when I needed it, for emergencies and unexpected expenses. My decision to sell was need-based, rather than speculation-based, in other words. (This one did really pay off and I wish more people would do it, honestly.)To prep for the “winter” today I’ve spent an excessive amount of time doing research on projects that are focused on utility and community-building…and re-allocated my portfolio accordingly. I may have made a few mistakes but after being burned a few times I think I’ve gotten better at picking assets that will survive for the longer-term. The market is still in free-fall so we’ll see if that pays off.As a general observation, I’ve seen lots of projects go through problems that many would consider catastrophic – but survived out of sheer perseverance. There were a few projects started with great ambitions but eventually found success by finding and refining their niche. Finding product-market-fit isn’t easy – these things do take time to figure out, even on a human level. (You can see glimpses of potential future successes when people “buy the dip” during downturns – a sign that enough people care about the project to help it stay afloat.)I have never, however, seen a project start off as a money-making scheme then successfully “pivot” onto making something useful later. Like a song that people find catchy, projects usually start and end the same way; with the same chorus, and the same tone. If you’re still holding onto those hype coins, you may want to look at your portfolio a little closer this time because if the team isn’t actually working on anything serious there’s a good chance it will never come back up ever again. (Although I gotta say, the way Ethereum Classic was able to continue to scam people despite its protocol layer being completely compromised was impressive in its zombie-like way.)I gained a lot of respect for the Ethereum team during the last few drops because they seemed unconcerned and continued to do what they love – building tech. That and they had the support of a development community that genuinely cared about the product enough to keep it afloat during the “hard times” – the #1 resource of any project, in my opinion. But the hype of 20-21’ really brought in a lot of grifters into the ETH ecosystem and the gas-fee problem really toxified the culture there, which I think its unfortunate. (Bitcoin leaned hard into the scarcity model and might be beyond repair at this point.) We’ll see if the bear market + Consensys/ETH2 merge will fix that – at this point implementing the tech itself should be a pretty straightforward process – but culture is much harder to fix once it goes sour.If people are hanging around each other solely because they think they might rich, when the money’s gone it doesn’t take very long before they start turning on each other. In both Bitcoin and Ethereum we saw the raw ugliness that came from the Proof-of-Work scarcity model – which incentivizes selfish and toxic behaviors in ways that even its founders couldn’t have anticipated. As Ethereum moves away from Proof-of-Work and into the worlds of Proof-of-Stake, is this the end of the Proof-of-Work era for crypto? Let us hope so. (The military dictatorship in El Salvador, which dared to make Bitcoin its reserve currency is in danger of defaulting now, …

RyanTanaka