Ethereum (ETH) Price Analysis: Ether Slumps To $2,200 Support, Upward Move Likely

Ethereum (ETH) Price Analysis: Ether Slumps To $2,200 Support, Upward Move Likely

Key Highlights
Ethereum rallies to a high of $2,544
Ethereum retraces but may find support above $2,200

Ethereum ETH) Current Statistics
The current price: $2,309.57
Market Capitalization: $267,818,777,415
Trading Volume: $33,860,619,735
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis April 18, 2021
Ethereum bulls pushed the biggest altcoin to a high of $2,544 but could not continue with the uptrend. Before now Ether was struggling to break the resistance at $2,200 and $2,300. The bulls were successful as price reached a high of $2,544. Nevertheless, Ether is facing resistance at the recent high. The biggest altcoin has fallen to a low $2,242.80 and pulled back. It appears the current support is likely to hold. Meanwhile, on April 15 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement implies that ETH will rise to level 1.618 Fibonacci extensions or the high of$2896.58.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum has fallen from level 75 to level 60 of the Relative Strength Index period 14. ETH is still in the uptrend zone and capable of rising. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum has fallen and reached bearish exhaustion. On the 4-hour chart, and on April 16 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that Ethereum will fall to level 1.618 Fibonacci extension or the low of $2,188.66. From the price action, the biggest altcoin has fallen to $2,242.80 and it pulling back.

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Ethereum (ETH) Price Analysis: Ether Continues Its Rally as It Breaks Resistance at $2,150 and $2,200

Ethereum (ETH) Price Analysis: Ether Continues Its Rally as It Breaks Resistance at $2,150 and $2,200

Key Highlights
Ethereum bulls break resistances at $2,150 and $2,200
The biggest altcoin has broken resistance at level $2,300

Ethereum ETH) Current Statistics
The current price: $2,349.68
Market Capitalization: $270,957,376,500
Trading Volume: $30,816,542,480
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis April 14, 2021
Buyers have broken the $2,150 and $2,200 resistance as Ether approaches the $2500 high. The biggest altcoin is facing resistance at the $2,300 high. The market price will rise if the current resistance is breached. Ether is expected to rise to $2,500 high if the bullish momentum is sustained. However, Ether will reverse at the recent high, if it faces rejection. Meanwhile, on April 6 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement implies that ETH will rise to level 1.272 Fibonacci extensions but the crypto may reverse.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum has risen to level 68 of the Relative Strength Index period 14. The crypto is approaching the overbought region of the market. The 21-day SMA and 50-day SMA are sloping upward.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum has broken the initial resistance at $2,300 as price surged ahead. Meanwhile, on the 4 Hour Chart, a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that Ethereum will rise to level 2.0 Fibonacci extension or the high of $2,347.32. From the price action, the market has risen to the Fibonacci level.

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Ethereum (ETH) Price Analysis: Ether Fluctuates Below $2,150 Resistance, Sellers threaten to Short

Ethereum (ETH) Price Analysis: Ether Fluctuates Below $2,150 Resistance, Sellers threaten to Short

Key Highlights
Ethereum bulls struggle to break the resistance at $2,150
Ethereum has a target price of $2500

Ethereum ETH) Current Statistics
The current price: $2,142.55
Market Capitalization: $248,130,215,232
Trading Volume: $23,662,694,684
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis April 11, 2021
Ethereum bulls are still struggling to break above the $2150 resistance. Yesterday, buyers pushed Ether to the high of $2,200 but were repelled. The altcoin is still fluctuating below the resistance zone. It is fluctuating between $2,075 and $2,150. On the upside, a break above the $2,150 resistance will propel the coin to rally above $2,500. Conversely, if price retraces and breaks below $2,075 support, the biggest will fall to $1,925.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum has risen to level 63 of the Relative Strength Index period 14. The biggest altcoin has remained stable in the uptrend zone. Ether’s price is approaching the resistance line of the ascending channel. If price breaks and closes above the resistance line, Ethereum will resume upside momentum.

ETH/USD – Daily Chart

Conclusion
On the daily chart, Ethereum price has been struggling below the $2,150 resistance. The Fibonacci tool has indicated a possible price upward movement and eventual reversal. After the April 2 uptrend, two retraced candle bodies tested the 78.6% Fibonacci retracement on April 3 and 5. The retracement indicates that the market will reach the high of level 1.272 Fibonacci extension and reverse. That is the high of $2,298.93.

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Ethereum (ETH) Price Analysis: Ether is in a sideways move, as Bulls Contemplate Next Move

Ethereum (ETH) Price Analysis: Ether is in a sideways move, as Bulls Contemplate Next Move

Key Highlights
Ethereum fluctuates between $2,001 and $2,142 price levels
The biggest altcoin has a target price of $2238.03

Ethereum ETH) Current Statistics
The current price: $2,085.25
Market Capitalization: $28,557,558,824
Trading Volume: 115,367,292 ETH
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis April 7, 2021
Following the attainment of its peak price, the biggest altcoin is fluctuating below the recent high. Ether retraces to $2,001 low and resumed fluctuation below the recent high. On April 2 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Ethereum will rise to level 1.272 Fibonacci extension or $2,291.19. Ether will reverse at the recent high to the 78.6% Fibonacci retracement where it originated.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum has risen to level 64 of the Relative Strength Index period 14. The altcoin is in the uptrend zone and it approaching the oversold region. The SMAs are sloping upward indicating the uptrend. The crypto’s price is above the SMAs which suggests a possible rise in price.

ETH?USD – 4 Hour Chart

Conclusion
Ethereum is fluctuating in a price range and it is likely to move upward. On April 2, a retraced candle body tested the 78.6% Fibonacci retracement on April 3 and 5. This also confirmed that the market will rise to level 1.272 Fibonacci extension on the 4-hour chart. That is the high of $2238.03.



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Innosilicon is Set to Release a New ETH Miner, as ETH Breaks Record High

Innosilicon is Set to Release a New ETH Miner, as ETH Breaks Record High

As Ethereum (ETH) records new all-time highs in 2021, miners on the Ethereum network are making more profits than ever. That said, miners are running on limited time, ETH developers are working on switching to a proof-of-stake (PoS) consensus mechanism.

Despite the limited time, miners are focusing a lot of hashing power on the Ethereum blockchain, with reports of about 0.490883 petahash per second (PH/s) getting channeled into the network. Mining rig manufacturer Innosilicon currently makes the top two most profitable ETH mining rigs according to a new report. Bitmain’s ethereum-based Antminer E3 and G2 follow behind, respectively.

Going by today’s ETH exchange rate ($2,050) and $0.12 per kilowatt-hour (kWh), Innosilicon’s A10 Pro+ (750 MH/s) secures more than $77 per day in profits. Meanwhile, the company’s lower-end 500MH/h model (A10 ETHMaster) can rake in about $51 per day by leveraging on today’s exchange rate and the $0.12 per kWh electricity rate.

The New 2000 MH/s A11 Pro ETHMaster
A recent report from Chinese company Weibo shows that Innosilicon is set to release a successor to the A10 miner series, the A11 Pro ETHMaster. The new miner will wield 2,000 MH/s, creating opportunities for the user to rake in more than $200 per day in profit per machine, at $0.12 per kWh.

The A11 Pro ETHMaster.

The price for the new machine is yet to be made official, but reviews have specified that it consumes about 2,300W on average and has an 8GB memory capacity. The A11 Pro ETHMaster is set to get launched in July 2021, according to asicminervalue.com.

According to the company’s webpage, with “processes from 55nm to 5nm, Innosilicon has set a record of more than 200 tape-outs and achieved 100-thousand licensed FinFET wafers production per year at a 100% success rate.”

Ethereum recorded a new all-time high of $2,145 on April 2.

 

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Ethereum (ETH) Price Analysis: Ether Makes a Minor Retracement, Resumes Upside Momentum

Ethereum (ETH) Price Analysis: Ether Makes a Minor Retracement, Resumes Upside Momentum

Key Highlights
Buyers break the $2000 overhead resistance to reach a high of $2,142.70
The biggest altcoin retraces to $2000 support and resumes upward

Ethereum ETH) Current Statistics
The current price: $2,030.20
Market Capitalization: $234,540,196,771
Trading Volume: $32,064,074,442
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis April 4, 2021
Ether retraces after attaining a new high of $2,142.70. The biggest altcoin has fallen and found support above $1,980 . The coin has resumed a fresh uptrend. The previous uptrend was resisted at the high of $2,140. On the upside, if the bulls break the recent high, the uptrend will resume. A further upward movement to the high of $2,500 is expected.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is at level 61 of the Relative Strength Index period 14. The altcoin is in the uptrend zone and capable of the upside. The crypto has fallen into the oversold region of the market. The crypto is expected to rise as buyers are expected to emerge in the oversold region.

ETH/USD – 1 Hour Chart

Conclusion
Ethereum has been in a downward move after reaching the recent high.On April 3 downtrend, a retraced candle body tested the 38.2% Fibonacci retracement level. This implies that ETH will fall to level 2.628 Fibonacci extensions or a low of $1,984.16. The coin has consolidated above $1,980 support to resume upward.

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Ethereum (ETH) Price Analysis: Ether Continues Its Range-Bound Move, Faces Rejection at $1,865 High

Ethereum (ETH) Price Analysis: Ether Continues Its Range-Bound Move, Faces Rejection at $1,865 High

Key Highlights
The biggest altcoin faces resistance at $1,865 high
Ethereum retraces, resumes range bound movement between $1,600 and $1,800

Ethereum ETH) Current Statistics
The current price: $1,838.37
Market Capitalization: $211,914,097,732
Trading Volume: $22,344,437,333
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis March 31, 2021
For the past three days, Ethereum has been rising and trading marginally. Today, Ether is facing rejection at the $1,900 resistance zone. Since March 10, buyers have not been able to sustain a price above the $1,900 high. On March 14, Ether was resisted at $1,933 high when buyers failed to sustain the bullish momentum above it. The biggest altcoin fell to $1,546 low and resumed an upward move. Today, altcoin is facing resistance as price retraces. The crypto is likely to be range-bound for a few more days between $1,600 and $1,800. If the bulls break the resistance zone and sustain the bullish momentum, the $2,000 overhead resistance will be breached.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is above 70% range of the daily stochastic. The coin is in a bullish momentum and approaching the overbought region. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. The crypto’s price is above the SMAs which indicates a possible rise.

ETH/USD -Daily Chart

Conclusion
Ethereum is trading marginally and confined in a range.
On March 10, a retraced candle body tested the 88.6% Fibonacci retracement level. This implies that ETH will rise to level 1.1129 Fibonacci extensions or a high of $1,936.50. From the price action, the market has reached a high of $1,936 and has fallen into the range-bound zone.

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Ethereum Network’s High Transaction Costs Could Persist Despite PoW Upgrades: CoinMetrics

Ethereum Network’s High Transaction Costs Could Persist Despite PoW Upgrades: CoinMetrics

According to a recent report by CoinMetrics on the prevailing issue of high transaction fees on the Ethereum network, costs are now at levels twice as expensive as they were in the 2017/2018 bull market. The report also cautioned that the impending EIP-1559 upgrade might not solve the cost issue.

The Ethereum blockchain is currently the most used network in the crypto industry. However, the host of services and products operated on the platform, including DeFis, NFTs, and stablecoins, has created a significant problem for the network—scalability.

The scalability issue has led to other problems on the Ethereum network, including delays in transactions because of congestion and exorbitant transaction fees. A few weeks ago, transaction fees on the Ethereum network climbed as high as $30 per transaction.

According to CoinMetrics, the average transaction fee three years ago was $5.70. However, the average cost of transactions on the network has been well above the $5.70 mark since January 18, 2021. That said, the report noted that the median transaction fee for the year is over $10.

While the CoinMetrics study admitted that the recent price increase in ETH has also influenced the rise in transaction fees, it noted that the network congestion was a bigger problem.

Proof of Work Upgrades Will Make No Changes
Ethereum developers are currently working on a network upgrade (ETH 2.0) to quell the prevailing high gas fees problem. This upgrade will mark a transition from the current Proof of Work (PoW) consensus algorithm to the more efficient Proof of Stake (PoS) consensus mechanism. However, this transition could take several years before it achieves full deployment, meaning that the developers will implement several PoW updates (EIP-1559) before then.

That said, while the proposed upgrades should solve the fees issue, in theory, CoinMetrics argues that they “probably won’t” in reality.

The report noted that:

“High transaction fees are fundamentally a scalability problem. If Ethereum can only process a few hundred transactions (on average) per block, there’s going to continue to be high fees as long as dApp usage keeps increasing. Gas prices will continue to be high as long as there’s high competition for block space.”

CoinMetrics added that, until ETH 2.0 gets launched, the only way to provide an effective remedy to the congestion issue would be from Layer-2 scaling networks. Already, several blockchain networks have announced plans to launch such solutions.

 

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