Ethereum’s successive plans to dominate the cryptocurrency world are on track with its progressive idea behind the rumored merger. While ETH is performing strongly on fundamental grounds, the impact isn’t seen by holders of this token, who consider it a token of merely a storage value.
As of now, there are no blockchains to threaten the dominance of ETH in smart contracts or the decentralized finance domain. On top of hosting a majority of blockchains, Ethereum has been a preferred choice as a security chain for new blockchains.
The market capitalization of this token is $203,858,376,166 and has made a gain above 6% in the last 24 hours alone. This price action, despite the quashing of rumors by its developer Vitalik Buterin that moving to Proof of Stake would result in lower transaction fees for Ethereum blockchain users. The outlook of this blockchain is independent of its transaction cost or similar dynamics, as people have considered ETH to be the next blockchain worthy of being considered a storage value token.
ETH token has confirmed immediate support, which may prove to be the pivot it needed to continue its positive trajectory. The immediate support level of 100 EMA is a must for a breakout and testing the strength of resistance at 200 EMA. Visit here to know when Ethererum will cross 100 EMA!
Ethereum cryptocurrency has developed resistance at $1994, which needs to be breached in order to secure a positive outlook. The immediate support level of $1408 and strong support level of $933 look very firm, and buyers can take reference from these pivots to ascertain the uptrend and gain probability.
On candlestick patterns, since taking support of $1408 has formed back-to-back positive candles gaining significant value in the last eight days. Since the sellers took control of the price momentum near the 100 EMA curve, a similar trend might be repeated this time too. The short-term resistance has developed around $1725, which is within the grasp of the current price of ETH.
On technical indicators, RSI can be seen jumping from 40 to above 53, while the MACD indicator has created a bullish crossover pattern that would aid in a further uptrend of ETH in the short run.
ETH had managed to overcome the negative trend developed in the second last week of August 2022, with two positive running weekly candles overtaking the peak value of $1617. Continuation of this price trend can work wonders for Ethereum as technical indicators on this duration indicate the beginning of a positive buying sentiment.
While RSI indicates a buying rally, MACD has maintained its positive stance that was created during the first week of August 2022. In terms of momentum, the current week is going stronger and appears to have gained higher movement in just three days than required for an entire week during the previous week.