In this Ethereum technical analysis, we will examine the current price action, trading volume, key levels and indicators for ETH-USDT. Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (dApps). It has its own programming language, Solidity, which allows developers to build and deploy decentralized projects on the Ethereum network. With its robust ecosystem and strong developer community, Ethereum is widely considered one of the most promising blockchain platforms in the space.
Ethereum Price Overview:
As of May 11, 2024, Ethereum is trading at approximately 2904.99 USDT. Let’s dive into the detailed price action for ETH-USDT:
| Metric | Value |
|---|---|
| Open (O) | 2909.98 |
| High (H) | 2936.59 |
| Low (L) | 2886.46 |
| Close (C) | 2904.99 |
| Volume (C) | 87,895.47 |
- Open (O): The opening price for today’s trading session was approximately 2909.98 USDT.
- High (H): Ethereum reached a daily high of around 2936.59 USDT.
- Low (L): The daily low for ETH-USDT was approximately 2886.46 USDT.
- Close (C): At the time of analysis, Ethereum is trading near its daily close of 2904.99 USDT.
| Metric | Value |
|---|---|
| 1D Change (%) | -0.17% |
| 3D Change (%) | -2.33% |
| 7D Change (%) | -6.81% |
| 30D Change (%) | -17.06% |
| 90D Change (%) | 15.87% |
| YTD Change (%) | 27.31% |
Over the past three days, ETHUSDT has dropped by approximately -2.33%, showcasing increased market volatility. Throughout the last week, it continued to decline, with a loss of around -6.81%, indicating investor interest. The 30-day analysis reveals a more comprehensive perspective, with ETHUSDT maintaining a downward trend of approximately -17.06%, despite intermittent fluctuations. Examining the last 90 days, ETHUSDT has witnessed substantial rise of approximately 15.87%, reflecting strong long-term confidence. Year-to-date, ETHUSDT has steadily increased by around 27.31%, attracting both institutional and retail investors and highlighting its potential as a long-term investment.
Ethereum Live Chart:
You can access a live price chart for ETH-USDT on various cryptocurrency market websites or trading platforms. These charts provide real-time data, allowing you to track price movements and indicators as they evolve.
Price Volatility and Momentum:
- Volatility score is 0.37971.
- Momentum score is -0.07947.
ETH USDT Technical Analysis
Ethereum Trading Volume:
The trading volume for Ethereum (ETH) over the past 24 hours has been insignificant, with approximately 87,895.47 USDT traded against ETH. Elevated trading volume often indicates increased market activity and can be an essential factor to consider in technical analysis.
Moving Averages:
- 50-day Simple Moving Average (SMA): ETH is currently trading below the 50-day SMA, indicating short-term bearish momentum.
- 200-day Simple Moving Average (SMA): Ethereum is also trading below the 200-day SMA, indicating a negative long-term outlook.
Relative Strength Index (RSI):
- The RSI30 for ETH-USDT is currently in the low zone, around 43.94556. This suggests that Ethereum is in bearish territory.
Analysis from TradingView:
Our Key Takeaways:
Ethereum (ETH-USDT) is currently exhibiting signs of short-term bearish momentum, with key support and resistance levels in focus. Traders and investors should closely monitor the USDT monthly resistance level and the USDT support level for potential trading opportunities. Additionally, the low RSI and insignificant trading volume are low signals for potential downward movement.
Anticipate potential setbacks for Ethereum (ETHUSDT) at 2904.99 USDT through bearish technical analysis, emphasizing weakened support and cautionary indicators.
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Disclaimer: The information provided herein, including any technical analysis of cryptocurrencies, is for informational and educational purposes only. It should not be considered as financial advice or a recommendation to buy, sell, or hold any cryptocurrency or make any financial decisions.
Cryptocurrency markets are highly volatile and speculative. Past performance is not indicative of future results, and there are no guarantees of profit or protection against losses. Cryptocurrency investments are subject to significant risks, including but not limited to market fluctuations, regulatory changes, and technological vulnerabilities.
Technical analysis involves the use of historical price and volume data, patterns, and indicators to make predictions about future price movements. It is a subjective and speculative approach to market analysis and should not be the sole basis for making investment decisions.