- ETH crypto price has risen 6.01% during the weekly trading session.
- The current technical indicators summary suggests neutrality over the price.
- A rise of 25.63% in trading volume has been observed in the Ethereum price in the last 24 hours.
Ethereum (ETH) is a decentralized platform for numerous cryptocurrencies and crypto smart contracts. The open-source blockchain system features its own cryptocurrency called Ether (ETH). The primary goal of Ethereum is to become a global platform for decentralized applications (dApps). The Ethereum blockchain is most commonly used to host other cryptocurrencies called tokens with ERC-20 compatibility standards.
Ethereum Jan, Feb, Mar, Apr 2024 Performance, Supply and Valuation
Ethereum has released over 122 million tokens in the market, which holds a current value of $3156.97 for each token. The 24-hour trading volume of the cryptocurrency has reached $14.31 Billion, with an increase of 25.63%. ETH token reflects decent liquidity in exchanges with a 24-hour volume-to-market ratio (VMR) of 3.74%.
The higher liquidity allows users to trade cryptocurrencies easily in exchanges, which can be a sign of trust in the project. ETH current market capitalization stands at $385.30 Billion, ranking 2nd in crypto domination across the world. However, the blockchain has an uncapped maximum token supply, which can lead to some inflation issues in the future.
In January 2024, the ETH token price faced neutral pressure from both buyers and sellers. The crypto reflected changes close to null during the Jan 2024 sessions. This created an incredible opportunity for crypto traders and cruisers. They surged the Ethereum price over 46% in Feb 2024, shifting the market sentiments to bullishness.
The positive changes in price had a positive impact on other investors’ minds. They placed their long orders in Mar 2024 as well, resulting in a 9.09% upsurge with over 20% bullish rally. However, the token price faced profit bookings after reaching the $4099.2 supply zone created in Dec 2021. At present, ETH crypto is having a correction period with an over 13% decline in price value.
ETH Technical Analysis
The long-term outlook lies above the key exponential moving averages on the bullish side. The current price is moving between the 50-day and 200-day EMAs, reflecting uncertainty in the current trend.
ETH price faced strong resistance from the $4099.2 level and made an opposing movement to the $3063.6 bullish point of interest (POI). Afterward, the price gave a weak bullish movement to the $3732.5 supply zone and gave a breakdown of $3063.6 POI.
In recent sessions, ETH price formed some bullish candles from the $2871.9 key level. If the price closes above $3592.1, the price can surge up to $4099.2. Additionally, a shortfall can be expected to the $2729.5 support level.
The relative strength index (RSI) is showing bullish momentum in the current trading phase. The RSI and signal lines had a golden crossover, indicating a reversal in strength. The RSI is moving at 44.85.
Summary
The overall trend of Ethereum crypto price has been performing with strong bullish sentiments since Oct 2023. However, the cryptocurrency is currently facing a correction period. The current price of ETH is trading at $3149.1 with an increase of 0.25%. Technicals suggest the price could surge to $4099.2 if it closes above $3592.1. Or, a shortfall can be expected to the $2729.5 support level.
Technical Levels
- Resistance Levels: $3732.5 and $4099.2
- Support Levels: $2871.9 and $2720.0
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.