Connect with us

Hi, what are you looking for?

Economy

Ethereum Price Renews $3,000 Bid After Vitalik Buterin’s Bull Post 


Ethereum price experienced a rapid surge on Wednesday, driven by a positive comment from Vitalik Buterin, the network’s co-founder. The second-largest cryptocurrency increased by 1.1%, although it still showed a 2% decline over the past seven days. Other digital assets, including Bitcoin, Cardano, and TRON, exhibited slight upward movements, suggesting a potential stronger bullish trend to come.

Ethereum Price Market Movers: Vitalik Buterin Bull Post, IOMAP Support, Declining Network Growth

Ethereum price spiked above $2,600 resistance during the US trading session on Tuesday after Vitalik Buterin took to the X platform with a post of a bull carrying a tag written: “Ethereum is good.” Buterin said that people had asked him to “do less philosophizing and do more ethereum bullposting.” Following the post, ETH price made a quick leg up, implying that an extended uptrend to $3,000 was likely this week with the right conditions.

I have been told that I need to “do less philosophizing and do more ethereum bullposting”. Hence, here is an ethereum bullpost, courtesy of stable diffusion 3 inpainting + gimp. pic.twitter.com/ZcPjNVImpn

— vitalik.eth (@VitalikButerin) August 21, 2024

As bulls gather the liquidity to uphold the reversal, IntoTheBlock’s IOMAP model directs attention to robust support between $2,292 and $2,373. Approximately 1.69 million addresses purchased 50.52 million ETH within this region, affirming the bullish case. This substantial cohort of investors is bullish on Ethereum, expecting it to yield greater returns, especially with decreasing selling pressure toward $3,000.

Ethereum IOMAP model

However, according to Santiment data, declining network growth may impede the anticipated breakout. Only 88.8k new addresses joined the protocol on August 20 compared to 196.72k on May 5. The persistent downtrend in the network growth metric suggests a sluggish ETH price forecast and perhaps an extended correction to the fundamental average support of $2,326.

Ethereum network growth | Santiment

ETH Price Analysis: Bulls Make A Comeback

Ethereum price bullish resurgence seeks higher support at $2,600. A daily close above this level will call more traders to buy ETH, looking forward to another recovery attempt, first to $2,800 and later to $3,000.

Traders must ensure the Moving Average Convergence Divergence (MACD) indicator sends a buy signal and commences movement above the neutral region to ascertain the uptrend. Other key levels to watch out for include the immediate 20-day Exponential Moving Average (EMA) and the 50-day EMA resistance, which will help avoid bull traps, which have been common in August.

ETH price chart | Tradingview

Two areas will determine the direction of Ethereum price in the coming days: The supply area below $2,800 and the demand area above $2,500. A break on either side of the range would mean a breakout above $3,000 or a sell-off to $2,326. For now, the pivotal $2,600 is critical for the resumption of the uptrend.

The post Ethereum Price Renews $3,000 Bid After Vitalik Buterin’s Bull Post 
 appeared first on CoinGape.

You May Also Like

Investing

Fisker (NYSE: FSR) stock price has been one of the best-performing electric vehicle (EV) stocks this week even as Tesla slumped. The shares jumped...

Investing

Newmont (NYSE: NEM) reported mixed financial results even as the price of gold approached its all-time high. In all, the company’s earnings per share...

Investing

The Fox Corporation (NASDAQ: FOX) stock price has been under pressure as investors come to terms with the abrupt firing of Tucker Carlson. The...

Investing

NatWest (LON: NWG) share price rose sharply, helped by the strong results from Barclays. The stock jumped to a high of 274.8p, which was...




Disclaimer: Oldamericanbroker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the-company.


Copyright © 2024 Oldamericanbroker.com