- The ETH coin price experienced a decline of 2.47% during the intraday trading session.
- Moving averages suggested a positive signal in the current market phase.
- The current trading volume of ETH is at $17.66 Billion.
Ethereum (ETH) is a decentralized open-source blockchain that works as a platform for other cryptocurrencies. The system features its own cryptocurrency called Ether (ETH). It also executes decentralized smart contracts on its platform. Ethereum blockchain aims to become one computer for the entire planet, able to make programs more strong, censorship-resistant, and less prone to fraud.
Ethereum Price Delivered 116% Return in the Last Six Months
The ETH coin price has witnessed consistent returns over the seven months. In the last four months, crypto investors have observed an average return of 8% each month. The price increased by 18.82% in February 2024, reflecting 8.79% in the current month.
ETH tokens’ overall supply is unlimited, which makes it an inflationary cryptocurrency. The current market capitalization has exceeded the fully diluted market capitalization. It has released its total supply token of 120.07 Million ETHs.
Allocation of the Ethereum (ETH) Tokens
The Ethereum token has been distributed in the following ways;
- 83.33% is allocated to Ethereum Crowdsale
- 16.68% is allocated to the Ethereum Foundation, Early Contributors, and Others
Price to Volume and Social Dominance
The ETH social dominance has an average of 8% in the entire cryptocurrency market. It is the second-largest cryptocurrency that ever existed on this planet. The price and volume reflect similarity, but the social dominance is unaffected, reflecting public trust.
The trading volume has declined by 27.38% in the last 24 hours. It ranked 3rd out of all the 9,114 active cryptocurrencies per the CoinMarketCap.
Technical Analysis of the ETH Coin Price
The 50-day exponential moving average has become a dynamic support for the price. It reflects a strong uptrend in the current phase. The 200-day and 50-day EMAs had a golden crossover in November, which reflects bullish sentiments.
ETH price has witnessed a strong uptrend from the $2343.66 extreme point of interest. The price surged over 70% to the $4098.86 resistance level. The price is retracing toward the $3296.01 decisional POI. A bullish candle formed in the last two trading sessions, reflecting buyers’ presence. The price can reach $4508.52 if it gets a substantial bullish response from the current POI.
The relative strength index (RSI) reflected an internal bearish divergence in the momentum, reflecting selling pressure. The RSI is sloping at 53.55 above the 50-mark middle band.
Summary
Ethereum is a blockchain platform in the decentralized world. It aims to become one computer for the entire planet. The Social Dominance of ETH reflects the trust of people all around the world. The Ethereum price is currently facing some profit bookings from the $4098.86 level. The price will continue its bullish rally to $4500 after a substantial correction on the POIs, which are $3296.01 and $2722.92.
Technical Levels
- Resistance Levels: $4098.86 and $4508.52
- Support Levels: $3296.01 and $2722.92
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.