Ethereum price is showing extremely bullish behavior and its price is about to touch $400 mark. The entire cryptocurrency market is showing positive momentum from the past few days. Just a few days ago, ETH price was struggling to crack a crucial resistance level of $250. On July 22, the world’s second-largest cryptocurrency finally managed to rise above $250 and hit $269 on the same day. Today, at the time of writing the ETH price is at $397.60 (+1.53%). Now, is Ethereum price on its way to an all-time high? Let’s see it in more detail.
Ethereum Price Analysis: Long-Term Outlook of ETH Price
Last week, Ethereum cracked its yearly high of $348.5 with a weekly gain of almost 21%. This week, the Relative Strength Index (RSI) is displaying the overbought region indicating the depth of the bullish momentum. Right now, the most critical time frame could be the monthly chart. Ethereum price is showing a bullish pattern but still, it needs to touch a monthly close above $400 across exchanges to completely confirm the uptrend.
Ethereum whales are expanding their holdings. According to statistics from Santiment, the number of Ethereum whales has grown significantly in the past month. The number of investors accommodating at least 100 Ethereum coins massively increased from an average of 40,000 to 46,000 in days.
Ethereum Price Analysis: ETH Price is Bullish
In the daily chart, the price is increasing bullishly higher and it has now reached positive areas. The RSI still has lots of room to move upwards. The Ethereum price could be able to touch the $400 mark in the medium term. The percentage change in the current market cap of ETH, vs USD, compared with 24hrs ago is increased by almost +1.26% but the percentage change in the BTC-denominated current market cap of ETH price, compared with 24hrs ago is decreased by almost -1.81%.
On the other hand, the range between the lowest and highest trading prices of Ethereum in US Dollars, over the last hour is between $394.66 – $397.56 and the range between its lowest and highest trading prices in US Dollars, in 24 hours could be $388.98 – $408.07.
Conclusion
The Ethereum price could trade in a sideways move as it could create lower highs with higher lows. A split below the bullish support arose from the July 28 low at $308 may keep the bearish potential alive. Therefore, a split below $390 could send ETH/USD towards $361.7, while a break above $410 may create a rally towards the $443.
In order to support and motivate the CryptoTicker team, especially in times of Corona, to continue to deliver good content, we would like to ask you to donate a small amount. Independent journalism can only survive if we stick together as a society. Thank you
Nexo - Your Crypto Banking Account
Instant Crypto Credit Lines™ from only 5.9% APR. Earn up to 8% interest per year on your Stablecoins, USD, EUR & GBP. $100 million custodial insurance.
It is super easy to buy Ethereum. Just take a look at our exchange comparison!
This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission - but the prices do not change for you! :)
Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
You might also like
More from Ethereum
Ethereum Price is Ready to Climb Above $800
Ethereum is by far the best performing major coin in 2020. The digital asset is up 274% Year-to-Date and outperforming …
Ethereum Price Analysis: ETH Price Must Stay above $400 mark!
The Ethereum price has once again touched the $400 mark. It seems that the ETH/USD price is again on the path of …
The Crypto Market Is Bleeding! When Does The Bloodbath End?
As the saying goes: „the time to buy is when there’s blood in the streets.“ - Baron Rothschild, an 18th …