Ethereum Price Analysis August Week 4
Ethereum, the 2nd largest crypto token around the globe, is currently trading between nearly $1,454.28 and $1,508.63. The platform intends to shortly renovate the blockchain technology thereof to eliminate the much-condemned environmental impact that is being caused by the network. The local token of the venue, Ether, witnessed a sharp decline earlier in the present year. Nonetheless, it is supposed that the respective digital asset will witness new heights in the coming month with a revolution brought about by its conversion from PoW to PoS.
Recently, Hetzner – a Geman venue (which provides cloud services) – stated in a Reddit post that the terms of its services are particularly in contradiction with the staking as well as the mining of cryptocurrency. Such a refutation over the services by a platform that powers up to 16% of the nodes on the Ethereum blockchain, somehow poses a risk to the network.
Ethereum Sees Considerable Upsurge in Active ETH Participants
However, presently the crypto sector is dominated by Ethereum concerning its performance with the provision of many beneficial opportunities to make a great advancement during the previous weeks. As per the “Santiments Daily Active Addresses”, the biggest inclusion of active participants of ETH has been shown this year. The current number is nearly $1.08M, considerably larger than the annual high of up to 700,000.
Following the increase of 2021, the price of Ether dropped from the all-time high (almost $4,500) to only $2,400 just at a distance of a few weeks. Having a look at the historical context indicates that such increased growth is countered with severe sell-offs. Particularly, the notorious liquidations witnessed in May, as well as December of the previous year, are adequate examples in this respect.
50-Day SMA Denotes a Bullish Stance for ETH
Fortunately, the market of Ethereum has witnessed a bullish pattern in response to the US dollar with getting logical support at the point of $1,500. The SMA trading pointer for 14 days shows the figure of almost $1,668.04. While for 50 days it predicts $1733.75 to be the possible level. Nonetheless, the purchasers are not that much active at the moment showing patience.
On the other hand, in the case of technical assessment, there is a requirement for the market sellers in the ETH/USD market to reach a merged moving pattern to sustain the low via diverse support levels under the psychological figure of $1,500. Hence an active price action is needed to tackle the bearish trends.
