- ETH has experienced a 0.25% increase in price in the last 24 hours.
- However, indicators on the ETH chart point to a bearish outcome.
On-chain analysis research organization Lookonchain has just announced that an Ethereum ICO participant who has been dormant for three years transferred 5,055 $ETH, approximately $8.3M now, to a new address, just hours earlier. “He/she received 10,100 $ETH at Ethereum Genesis, the ETH ICO price is ~$0.31,” claims the analytics app.
Considering ETH’s current status, it experienced a 0.25% increase in price in the last 24 hours taking its price up to $1,642.64 at press time. This also puts its total market cap at approximately $201,020,450,522 at press time.
ETH currently follows a descending wedge pattern, but has rebounded after hitting the support at the $1,595 range. ETH is now moving within the $1,637 to $1,672 range, but if it can break this momentum and move higher, it could hit the previous resistance of $1,724. But it fails to make an impression at this level, it could further slide down to the $1,572 support.
Looking at the 1-hour chart for ETH/USDT, the price of ETH has positioned itself below the 50 and 200-day EMA lines, which is a bearish sign. The overall trend on ETH’s daily chart appears bearish as indicated by the 200-day EMA line crossing above the 50-day EMA line over the last 24-48 hours. In addition to this, the daily RSI SMA line has crossed above the daily RSI line.
In a broader sense, the global crypto market cap has spiked 1.79% over the last 24 hours according to the crypto market tracking website, CoinMarketCap. At press time, the total crypto market cap stands at $1.11 Trillion. This comes after the top 10 altcoins doing considerably well.
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