Ethereum Price Analysis

Ethereum, the second largest coin by market value, is at $450.56 USD (-1.01%) after reaching at $463 on Saturday. Ethereum, an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract functionality. It supports a modified version of Nakamoto consensus via transaction-based state transitions. Its price managed to recover higher after forming a low near the $404 level against the US Dollar. Following chart by CoinMarketCap is showing us the daily analysis.

Eth-daily-chart-by- Coinmarketcap

If you observe closely, ETH/USD is decreasing by 1.2% on daily basis and 1.4% lower since the start of the day. Ethereum’s market value is $44.9 and the average daily trading volume is at $1.4B.

Now following chart by Coindesk is showing us the hourly analysis of ETH. Technically, the hourly chart is showing sharp increase in the price.

hourly-chart-by-coindesk

The current price is $450.56 and it is decreased by -0.78%. Today ETH opened at $454.13  and it was today’s highest price. Today’s low was $447.16 and it was changing by $-3.56. The market cap  is $45.25B  and its supply is 100,433,977.  If you closely observe the hourly chart of ETH, it started at $449 and after that it went down to $444.00. Its price jumped to 450.56 at the time of writing this article. The above chart also shows that it is difficult for Ethereum to clear the $456-460 zone.

Few days ago, ETH creator Vitalik Buterin had said that the ethereum will soon reach 1 million transactions per second. He was speaking in a OmiseGO AMA session. He said that with the help of second layer solutions like Sharding and Plasma, the ethereum network will be able to process 1 million transactions per second.