2nd top most famous coin: Ethereum
Introduction about the coin
Ethereum price is moving up as the price of bitcoin has taken a good. The price of the ethereum coin has surged more than 27 in the last seven days, and is being traded around 2230$. The existing CoinMarketCap rating is #2, with a $261,255,435,945 USD market cap. It has a circulating supply of eth coins of 116,862,007.
Technology behind the Ethereum
Ethereum is an open source blockchain that allows different coins and DeFi coins to use ethereum platform. This has led to a great surge in the demand of ethereum decentralized technology. The implementation of decentralized smart contracts, ETH functions as a forum. Ethereum is a decentralized blockchain open-source framework that features Ether, its own cryptocurrency. For various other crypto currencies, as well as for the implementation of decentralized smart contracts, ETH functions as a forum.
Its whitepaper was launched in 2013 and formally launched the blockchain on July 30, 2015.
Brief technical analysis of Ethereum
Fib levels are one of the best techniques used by the traders and investors. The tool is used to predict the support and resistance levels of the market. The 0.5 level is showing good support at .057 btc. However, the market is looking good to go up at the moment with current price at .059796 btc.
Relative strength index is the best tool to check the momentum of the market. RSI of the ETH/btc pair is going down from 100 level .It shows market is taking correction at the moment. There is a strong resistance at .0633 btc. Anyone looking for entry may put its buy order near the support point of .05720 btc.
Bollinger bands is a market volatility tool used for the analysis by people belonging to trading background, Bollinger band of Eth/btc pair has touched the last line and inverted hammer is formed and the market will take some correction at this point. The market will try to bounce back from this point and the middle line will act as resistance at this moment.
Parabolic SA is used to assess the market direction and momentum of the markets. The pattern is still below the candlesticks that shows strong signal of the market going up in a short time. Currently, ETH is being traded at .0597btc.
Recent developments of Ethereum coin
The price of ethereum coin is going up because of the fact that a large number of the developers is using ethereum platform to build their DeFi applications. Furthermore, the recent surge in the token launched on the ethereum platform has also helped to increase in the price of ethereum.
Yearly Ethereum price chart
The price of ethereum coin has taken a dip like all other coins in the market, when the price of bitcoin was hitting ATHs. Now, the ethereum market is again doing great in terms of price as compared to other coins. Here is the yearly price chart of the ethereum.