As a seasoned analyst with over two decades of experience in financial markets, I have seen my fair share of market volatility and trends. In the case of Ethereum, while its recent price performance may seem disappointing at first glance, I firmly believe that it is still on a bullish trend.
Over the last few weeks, Ethereum‘s price has experienced ups and downs, moving between the $2,500 and $2,750 range. Unfortunately, Ethereum failed to leave a lasting impression in the past week, with its value dipping to around $2,400 at one point.
Despite a lackluster showing by Ether’s price performance over the past few months, one analyst believes there are compelling reasons suggesting that Ethereum could still be on an upward trajectory, or in a bullish phase.
Here’s Why The ETH Price Never Stopped Being Bullish
On the CryptoQuant platform, an analyst going by the name Crypto Sunmoon proposed an intriguing perspective on Ethereum’s price trend. Despite a prolonged downturn in recent months, this commentator believes that Ethereum’s price movement remains bullish.
From my perspective as an analyst, I’m arguing that Ethereum’s (ETH) current price maintenance above its Realized Price offers significant on-chain support. To provide some context, the Realized Price of a cryptocurrency represents the average cost at which all coins in circulation were last transacted or moved.
The ‘realized price’ measure gives us a sense of the broader attitude and actions taken by market players, especially long-term investors. Generally, if the true value of an asset exceeds its realized price, it suggests that the majority of holders are currently making a profit, which tends to create optimism in the market.
Based on the analysis by Quicktake, if Ethereum continues to hold its value above its historical price (realized price), it could be an optimistic sign for the broader altcoin market. Historically, strong performance by Ethereum relative to its realized price has often been a trigger for an altcoin bull market.
Ethereum Price In August
At present, the value of ETH is approximately $2,517, representing a minor 0.6% decrease over the last 24 hours. However, this slight price fluctuation doesn’t fully convey the situation; within the same period, Ethereum’s price dipped as low as $2,440.
Over the past week, as per CoinGecko data, the altcoin has seen a drop in value by almost 9%. This recent trend suggests the unpredictability and difficulties faced by Ethereum’s price over the last few weeks.
Back in August, I witnessed a significant drop in Ether’s price, dipping over 23%. This decline even pushed it below the $3,000 mark as early as the 2nd. However, after reaching a multi-month low of $2,200, Ether has been holding steady within the range of $2,500 to $2,750. Despite this consolidation, Ethereum continues to maintain its status as the second-largest cryptocurrency, boasting a market capitalization exceeding $301 billion.
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2024-08-31 16:11