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In the cryptocurrency market today, all eyes are on Ethereum. After the lows of late 2022, the token had a strong upward journey at the beginning of this year. It had gained a bullish momentum throughout January.
However, things looking a bit gloomy for Ethereum at the moment. After a series of volatile ups and downs this past week, the token’s price graph is suffering from a sharp decline. This has been a great cause of concern for all Ethereum’s fans out there.
The price of one token was $1993.4 at the time of writing this article. To understand a bit more about the token’s price movement and price prediction for the future, it is crucial to dive into some technical details. These details will offer us a better picture of the token
which could help investors with their investment decisions.
Ethereum’s Performance in the Last 24 Hours
24 hours ago, Ethereum was trading at around $2097. Now it has come down and dropped below the $2000 mark. This indicates a significant fall of around 5% in its price on the last one day.
Ethereum’s 24-hour high level was around $2120. On the other hand, the 24-hour low was registered at around $1970. Its average trading price has been around the level of $2045.
A study of Ethereum’s 24-hour price graph indicates several red signs and volatility. The token experienced its first dip earlier today at $2074, and then again at $2069. But the lowest dip was around the $1970 level. At the moment, the token seemed to have gained stability below the $2000 level and is now fluctuating between $1980 to $1990. On the upper level, the token has not touched the high of $2120 and it is not going to cross that mark anytime soon.
Ethereum’s Performance in the Last 1 Hour
After Ethereum’s price graph study of the last 24 hours, now let’s see how the token has fared in the last hour. This movement could indicate what to expect from its price tendencies later today.
Ethereum’s price in the last hour is moving within the range of $2031 to $1980. The one last hour high was $2031 after which it experienced a sharp fall towards $1986. The price one token is struggling to cross above the $2000 level but has not been successful. After a lot of ups and downs, the price is now moving flatly at $1980 at the time of writing this article.
The price trend is not showing any green signals. This means that there has been no sign of any upward movement. As a result, the forecast for later today doesn’t look promising.
Will it continue to fall below $1900? Before we answer this, let us have a look at Ethereum’s technical indicators.
A Study of Ethereum’s Market Tools
ETH’s market volatility has been consistent at 6.1% in the last week. The largest altcoin has suffered a blow of around 5% in the last 24 hours, with a trading volume of $11.4 billion. Despite this, it is standing firm at its current market ranking of 2. ETH’s live market capital is now at over $263 billion. The coin’s circulating supply is around 119 ETH coins.
Ethereum’s significant supply is stretching from $2050 to $1980. If this volatility continues at the same intensity, then its price could witness a further sharp drop towards the $1920 mark. The coin is forming strong support at $1982 for now and its downside is capped at the $1900 mark for the short term.
In the current bearish scenario, we may witness a massive selling of the altcoin. If this happens, the ETH could drop and touch $1850. Its 50-day Simple Moving Average is currently at $1764 and its 200-day SMA is at $1485. This should essentially mean a bullish trend, however, it is not the case right now.
Its current RSI is at 70 which means the coin is overbought or overvalued. This indicates that there will be a SELL signal for ETH soon, which will further negatively impact its price.
Ecoterra: The Best Alternative To Ethereum
Currently, Ecoterra is gaining huge momentum as the best alternative to Ethereum. There are many reasons for Ecoterra’s popularity. But our top favorite reason is the fact that Ecoterra is a green token. It is bringing together two things we value the most- climate change and cryptocurrency.
According to its official website, Ecoterra is a blockchain ecosystem that can be used for user rewards and the company’s action for a positive impact on climate change. This ecosystem is pioneering an all-in-one R2E model which is known as ‘Recycle to Earn’. The web3 mobile application will feature recycling tokens, ecology actions, recycled materials, marketplaces with carbon offset features, and much more. This will sure to empower corporates and consumers to take action for the betterment of our environment and climate.
So, if you are a crypto enthusiast with concern and love for the climate, we recommend you consider Ecoterra. Its initial coin offering is currently going on and so far the ecosystem has raised USDT $1,850,750 out of $2,450,000. The price of 1 ECOTERRA = is $0.00625 now, and this will increase to $0.007 in the next phase.
Concluding Words
Ethereum’s graph indicates a continuing sharp free fall. Its price has now dropped below the $2000 level. There is no resistance from the token as of now, and if this situation continues then Ethereum’s value will soon touch the $1900 level.
The current state of Ethereum is causing a lot of confusion and concern in the market. Its day-to-day graphs indicate that there is no resistance to break out from the bearish weight. Its trading value is way below our desired level and could suffer from further drop if the bearish mood continues.
Ethereum and other popular cryptocurrencies are experiencing a bearish pushdown at the moment. In such a situation, it is best to weigh out the pros and cons and reassess your stand. We would strongly advise you not to make any important decision in haste which could affect your finances.
In the meantime, potential investors may consider other lucrative options. There are a lot of new tokens in the market this year that have the strength to be profitable investments.
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