Ethereum (ETH) Price Near $402.32; Moves Up For the 2nd Day In A Row, Price Base in Formation Over Past 14 Days, Breaks Above 20 Day Average

The Hourly View for ETH

Last Updated November 2, 2020, 01:036 GMT

At the time of this writing, ETH’s price is down $-0.42 (-0.1%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Ethereum Daily Price Recap

Ethereum is up 2.52% ($9.73) since the previous day, marking the 2nd day in a row an increase has occurred. This move happened on lower volume, as yesterday’s volume was down 19.1% from the day before — and down 1.76% from the same day the week before. On a relative basis, the previous day was pretty good: Ethereum bested all 7 of the assets in the Top Cryptos class 🙂 Below is a daily price chart of Ethereum.

Ethereum Technical Analysis

Moving average crossovers are always interesting, so let’s start there: Ethereum crossed above its 20 day moving average yesterday. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to view things another way, note that out of the past 10 days Ethereum’s price has gone down 6 them.

Overheard on Twitter

For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Ethereum for the past day were:

  • From leoncfu:

    Not counting my Filecoin, which is locked up for 3 years, Bitcoin is my top holding at 44% . Next is Ethereum at 17%. I’m likely to increase my ETH slightly to 20%. I’m positioned much heavier in the large cap coins vs. ’16 due to liquidity I’ll need this time around.

  • From SGBarbour:

    Man, when I’m late on a datacenter delivery (late on a few rn) I feel stressed and anxious constantly. I hate the nawing feeling of my customers not getting things on time. I can’t even imagine how Vitalik feels about PoS and Ethereum scaling plans!

  • From QwQiao:

    A trend I’m observing which probably began a couple years ago is that virtually every a Ethereum competitor is trying to become an Ethereum scaling solution / Layer 2 / sidechain or else they’ll be left behind.

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