- The current ETH crypto price is moving in a bullish flag pattern.
- Technical indicators summary suggests a bullish signal in the current phase.
- Ethereum price is performing 34.57% below the $4891.70 all-time high level.
Ethereum (ETH) is an open-source, decentralized blockchain platform that offers smart contract execution. The main motto of this project is to become one computer for the entire planet.
Ethereum project focuses on making any program more robust, censorship-resistant, and less prone to fraud with the help of a globally distributed network of computers. The blockchain uses a proof of stake (PoS) consensus algorithm to secure network transactions.
Ethereum May 2024, Performance, Supply Changes, & Valuation
Ethereum dominates the global cryptocurrency market by placing itself 2nd to Bitcoin (BTC) in terms of market capitalization. The crypto has an unlimited maximum supply, which means the tokens can be mined as much as the validators want on the basis of the mining algorithm.
The current circulation supply of ETH tokens stands at 120.09 million, with a market worth of $378.43 billion.
The global cryptocurrency market has increased 2.50% in the last 7 days, and the Ethereum crypto price is underperforming with an increase of 0.90%. However, the community behind the ETH crypto is 89% bullish about the price today.
Price to Volume & Social Dominance Analysis
A noticeable hike in social buzz about the Ethereum crypto has happened after Feb 3, 2024. The social uprise covered almost 10% dominance in social media platforms across the world. The reflected positive growth in the crypto price till mid-Mar 2024.
Afterwards, social dominance, volume, and price faced a constant decline, reflecting the fading interest of users. However, the social wave of ETH crypto has been increasing in recent sessions, which can be beneficial for growth.
Technical Analysis Of Ethereum (ETH/USD)
The long-term bullish outlook lies above the key exponential moving averages. ETH price is moving between the 50-day and 200-day EMAs, indicating a short-term uncertain trend.
ETH price faced strong resistance from the $4099.2 level. Subsequently, the price has been experiencing a correction period in the form of a bullish flag pattern. In recent sessions, the buyers have shown their presence from the $2837.3 decisional bullish point of interest (POI).
As per the market speculations, the price can surge up to the $4099.2 mark if the price breaks above the $3592.1 level.
The relative strength index (RSI) displays sideways momentum in the current phase. The RSI line is moving at the 48.66 mark above the SMA line, indicating a neutral perspective over the current price.
Summary
Since March 12, 2024, the Ethereum crypto price has been performing with bearish sentiments. However, the price forms a bullish flag pattern during the correction period. As per the market technicals, the pattern has a high chance of breakout rather than breakdown. If the ETH price breaks above the $3592.1 level, the price can surge up to the $4099.2 mark.
Technical Levels
- Resistance Levels: $3732.5 and $4099.2
- Support Levels: $2837.3 and $2472.0
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.