Welcome to your daily dose of cryptocurrency gossip! Today, we’re diving into the latest Ethereum news, and let me tell you, it’s been a rollercoaster ride. Ethereum (ETH) just had its second-best day of 2024, soaring by a whopping 14.5% on August 8. This surge comes as big wallets are accumulating ETH, proving that the whales are back in town. If you want to know more about why Ethereum’s price is up today, check out the full scoop on Cointelegraph.
But hold your horses! Before you start planning your ETH yacht party, let’s break down what’s really going on. Ethereum had a rough start to the week, retesting the $2,111 mark on August 5, which was a stark reminder of how volatile this market can be. That dip made it look like ETH was about to give away 98% of its yearly gains. Ouch! The ETH/BTC trading pair also faced a bit of a crisis, reaching a 1,211-day low. Talk about a bad hair day!
Meanwhile, the Ethereum ETF inflows took a bit of a hit, with a minor net flow of negative $2.9 million on August 8. This follows a wave of over $150 million in positive inflows that came right after Monday’s market crash. As of now, the total flow stands at a negative $390 million. It seems like investors are playing a game of hot potato with their ETH.
Now, onto the technical side of things! Ethereum’s price has been dropping aggressively over the last couple of weeks, especially after getting rejected at the $3,500 resistance level. However, the good news is that it might find a bottom soon. According to CryptoPotato, the price action yesterday was significantly bullish, sparking speculation about a potential V-shaped recovery. Fingers crossed!
In the daily timeframe, ETH broke below the 200-day moving average, which is hovering around the $3,200 mark. Both the $3,000 and $2,700 levels have been lost, and the price even tested the $2,200 support zone. If ETH can break through the $2,700 resistance level, we might see it rally toward the $3,000 mark. Who doesn’t love a good comeback story?
On the four-hour chart, things are looking a tad more optimistic. ETH has rebounded from the $2,200 region and is currently testing the $2,700 resistance level. The RSI has also recovered above the 50% threshold, indicating that the momentum is bullish. If this trend continues, we could be in for a wild ride!
Now, let’s talk about the on-chain analysis. With Ethereum’s price taking a nosedive, many investors sold their coins at a loss, but it seems like a period of accumulation might be beginning. Some participants are starting to see ETH as oversold. The exchange reserve metric has seen a gradual rise after the recent drop, suggesting that investors are capitulating. However, with the market showing signs of recovery, the exchange reserve is dropping below its 30-day moving average, hinting at increasing demand. If this trend continues, Ethereum could be on the mend!
And while we’re at it, let’s not forget about Bitcoin. Bitcoin’s price recovery has been nothing short of spectacular, flying past $60,000 and nearing $63,000 for the first time since the weekend. According to CryptoPotato, Bitcoin’s price tumbled from over $66,000 to a six-month low of $49,500 within just a few days. However, it started to recover almost immediately, jumping back to over $60,000. Talk about a dramatic comeback!
Ethereum, on the other hand, was one of the poorest performers during the recent crash but has bounced back nicely. In just the past 24 hours, ETH has added more than 10% of its value, trading well above $2,600. It seems that the altcoins are finally turning green again, with Ethereum leading the pack. Other notable gainers include DOGE, SHIB, and AVAX, while XRP has retraced slightly after its massive surge following a legal battle with the SEC.
As a cherry on top, the total market cap has risen to $2.234 trillion, indicating that the crypto market is showing signs of life once again. So, what’s the takeaway? If you’re looking for the latest ethereum news today, it’s clear that while the road has been bumpy, there’s potential for a bright future ahead. Buckle up, crypto enthusiasts, because this ride is just getting started!
