The new DEFI platform enters the market! Earn passively - token sale 0.25 $ I'm going in!

Ethereum price increased above $3k into ‘red zone’

By
Redakcja
-
3 min reading

Ethereum’s local asset Ether (ETH) increased higher than $3,000 in a long upside rally on Aug 7. Reaching a three-month high. Nonetheless, the cryptocurrency’s exceptional move upside increased its chances of going through a bearish backlash.

Ethereum’s local asset Ether (ETH) increased higher than $3,000 in a long upside rally on Aug 7. Reaching a three-month high. Nonetheless, the cryptocurrency’s exceptional move upside increased its chances of going through a bearish backlash.

According to an on-chain indicator this gives details about the total percent of Ethereum addresses in profits which forecasted the downside result. Hence, the so-called “Ethereum: percent of Addresses in profits” pointed out by Glassnode reached 96.4% in between the ETH/USD price rally. Lex Moskovski, chief investment officer at Moskovski Capital mentioned the metric’s strength of forecasting Ethereum top. Also, whenever the Glassnode indicator crossed the 90% threshold, it ended up in profit-taking among Ether investors. “We are back to the red zone, historically associated with local tops,” said Moskovski. 

Moskovski believes the outlook mentioning the trader’s intention to hold ether most importantly due to the aspects surrounding a software upgrade that has added deflationary pressure to ETH. The positivity surrounding the London hard fork stems from the increasing shortage would make this digital asset more valuable in the long run, mostly against an increasing demand. The London upgrade will divide 13,000 new Ether tokens issues to pay for miner’s gas fees into three parts. One happens to be the base fee that users pay to conduct ETH transactions.

Moskovski said that the traders could find holding Ether more useful than safe interim profits as ETH/USDT now trades 79.82% above its July 20 bottom of $1,718. The technical indicators highlight a higher sell-off probabilities in the short-term. Ether’s most recent run-up higher than $3,000 also pushed its daily relative strength Index (RSI) into an overbought region. It helps traders to calculate an asset’s trend speed to evaluate its overbought and oversold situation. Basically, traders break down a reading higher than 70 as overbought and it is a point to sell the asset. All the while a decreasing wedge breakout basic last by as much as the complete ETH chart sees its profit target somewhat near $3,250. 

Currency Exchange rate Buy cryptocurrency

The new DEFI platform enters the market! Earn passively - token sale 0.25 $

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Lushup Holdings FZ LEE. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the tokeneo.com/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Lushup Holdings FZ LEE, Fujairah - Creative Tower, P.O.Box 4422 Fujairah, United Arabs Emirates.

The full document to read the Tokeneo privacy policy is available in this document.

Advanced settings can be changed in your browser.