Latest Ethereum price and analysis (ETH to USD)

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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.

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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

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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.

Ethereum Price Prediction: Correction Was Inevitable; What Next?

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Ethereum price has been under intense pressure lately. After soaring to an all-time high of $2,050 during the weekend, ETH price dropped by 33.5% to $1,352. Today, it is crawling back and is trading at $1,637, which is 25% below the all-time high.

Ether price correction was inevitable

The sharp decline of Ethereum and other cryptocurrencies caught many traders off guard. Analysts attribute this decline to profit-taking and a tweet by Elon Musk who said that BTC and ETH were getting expensive.

Another statement by Janet Yellen also contributed. In a New York Times (NYT) conference, she said that cryptocurrencies were inefficient. Further, the decline happened as investors took profits since the currency was already up by more than 180% this year.

Still, a closer look at the Ethereum price chart shows that the decline was bound to happen after all.

ETH price technical prediction

The four-hour chart below shows that the ETH price was in a strong upward trend before this week’s crash. However, a closer look shows that it was forming a rising wedge pattern that is shown in green. In technical analysis, this pattern is usually a bearish sign because it shows that bulls’ momentum is fading. A bearish reversal happens when the wedge approaches its tipping point.

Looking ahead, there are two potential scenarios. First, bulls could return as they attempt to buy the dip and retest the all-time high of $2,050. As I have written before, I still believe that the Ethereum price will climb to $2,500 in the medium-term. Second, the price could resume the downward trend. The danger point for this scenario is if the price retests this week’s low of $1,352.

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