Latest Ethereum price and analysis (ETH to USD)

Latest Ethereum price and analysis (ETH to USD)

Ethereum is currently trading at $1,629 following a rollercoaster week of price action that has seen it fluctuate within a $400 range.

The week began with a dramatic 30% move to the downside after failing to establish a level of support above its all-time high of $2,000.

In the immediate future $1,695 remains a key level of resistance to the upside, as this was a prior point of rejection earlier this month.

The slump in price coincided with a crash in the price of Bitcoin, which fell from $58,500 to as low as $45,000 before finding some bullish support.

ETHUSD chart by TradingView

The trajectory over the coming weeks and months is delicately poised, with the industry currently being subject to a period of increased institutional adoption.

Ethereum futures was listed on CME earlier this month, with trade volume over the past 24 hours exceeding $100 million.

There has also been a rising trend of interest in DeFi lending products, most of which are based on Ethereum’s blockchain.

However, it’s worth noting that cryptocurrencies are extremely volatile by nature, and if Ethereum’s $1,350 level of support breaks, it will likely go on to test $1,000 before the end of the month.

For more news, guides and cryptocurrency analysis, click here.

About Ethereum

Ethereum was launched by Vitalik Buterin on July 30 2015. He was a researcher and programmer working on Bitcoin Magazine and he initially wrote a whitepaper in 2013 describing Ethereum.

Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy-in to his proposal.

More Ethereum news and information

If you want to find out more information about Ethereum or cryptocurrencies in general, then use the search box at the top of this page. Please check the below article:

https://coinrivet.com/ethereum-adopts-erc-1155-as-an-official-standard/

As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.

You may be interested in our range of cryptocurrency guides along with the latest cryptocurrency news.

Disclaimer: This is not financial advice.

Grayscale Buys Ethereum Dip as ETH Drops Below $1,600

Grayscale, the world’s largest digital assets manager, purchased nearly $25 million worth of Ethereum (ETH) in a single day after the price of ETH dropped below $1,600. ETH has dipped nearly 20% in the last 5 days.

According to the latest data published by crypto analytics firm, Bybt.com, Grayscale has accumulated a total of 15,521 ETH in the last 24 hours in an effort to take advantage of the recent crash in ETH. As of writing, the world’s second-largest cryptocurrency is trading near $1,600 with a total market cap of $185 billion.

The crypto asset manager now holds 3.17 million ETH with a total value of more than $5.1 billion. Grayscale purchased 238,784 ETH in the last 30 days. The firm reopened its ETH Trust in late January 2021 after a temporary hold on new investments in December 2020.

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Grayscale has accelerated its efforts to accumulate ETH in the last few months. Recently, the company released a report on ETH and highlighted the potential benefits of ETH 2.0. Michael Sonnenshein, CEO of Grayscale mentioned in December 2020 that the institutional interest in ETH-related investment products has grown significantly.

Grayscale’s Crypto Holdings

In addition to ETH, the asset manager has accumulated Bitcoin and other digital assets. The company purchased 137 Bitcoin worth nearly $6.7 million in the last 24 hours. Grayscale has 655,690 BTC under management with a total worth of approximately $33 billion. Grayscale bought 609 Litecoin (LTC) and 268 Bitcoin Cash in a single day. The company now has $254 million worth of Litecoin under management along with $150 million worth of Bitcoin Cash. Grayscale reported a minor outflow of 1,009 ETH Classic during the last 24 hours.

Grayscale’s total digital assets are valued at approximately $38.7 billion. The value of the company’s digital assets has dropped by more than $4 billion in the last 5 days. Despite the recent dip, Grayscale’s crypto assets have grown significantly since the start of 2021 as the company started this year with $20 billion worth of digital assets under management.

Should You Buy Ethereum Soon?

Last week I showed, see here, using the Elliott Wave Principle (EWP) and Technical Analysis (TA) that Ethereum (ETH) was most likely about to embark on a nasty correction to $1300s. It was trading at $1920s then, topped a few days later at around $2040 and dropped this week to as low as $1361…

Thus, (black) major-4 -as shown in last week’s chart, is IMHO now underway and has already reached the ideal target zone as outlined last week ($1300+/-100). So is this wave-4 already complete, and can we now expect the rally to $3000+? Hold your horses, not so fast. Let me explain.

Figure 1. ETH daily chart with detailed EWP count and technical indicators.

The Elliott Wave Principle points to a bounce followed by the next move lower.

This week’s “flash crash” is what I call an “initiation wave”; it has set in motion the more extensive correction: blue wave-a in Figure-1. But, from EWP -and from studying chart patterns in general- we know that there’s always this “dead cat bounce” first before the next leg lower starts. In EWP-terms, this counter-trend rally is called a B-wave. B-waves always consist of three smaller waves: a, b, c. In Figure-1, I have labeled the B-wave in blue and its smaller waves in green.

IMHO, wave-a of B is now underway or has possibly already been completed, and green wave-b should ideally target $1495-1575, from which green (minor) wave-c will target $1845-1930, ideally. This upside target zone is based on a simple c=a relationship. It also matches well with a typical 62-76% retrace of the initiation wave-A. The caveat is that 4th waves are often the least reliable, i.e., most variable, and in addition to that, hardest to forecast price structures. In general terms, they can be considered as a healthy consolidation, i.e., profit-taking, after a big run-up (the prior wave-3) with lots of shorter-term twists and turns, rips and dips. Many would then call the “bull flags.”

Whatever we call it; after wave-A comes wave-B (now underway) and then wave-C: green-red-black path in Figure 1, which is not accurate in time. Assuming wave-B tops around $1880+/-40 and that wave-C=A, then wave-4 should bottom around $1200+/-100. From there, I anticipated the next larger multi-month rally: major wave-5. If the 2017 rally is of any guide, see last week’s article, then please know the major-4 wave back then was a 70% correction, but followed by an 1100% rally (!). Please keep these numbers in mind in anticipation of the pending wave-5.

Story continues

Bottom line: shorter-term I am looking for a somewhat tricky, whipsawing, move higher, ideally to around $1880+/-40, but it could even challenge the recent all-time high. From there, I expect several weeks of downside back to $1200+/100. After that, I anticipated the next rally to ~$3000+. However, a weekly close below $1200 targets $900. That translates to a 55% correction, and if 2017 is of any guide, it would still be fully within the norm. Thus, trade ETH accordingly: sitting through a 40-50% correction thinking it will go to $3000 is not a strategy. It is dead money, which could be allocated somewhere else. And hope is never a strategy but a disaster recipe. Trade safe!

This article was originally posted on FX Empire

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