ETH rises above US$3,483 with 1.52% gain

As of July 1, 2024, Ethereum (ETH) stands as one of the most important cryptocurrencies in the market, demonstrating its robustness and widespread adoption. Currently, Ethereum price of US$3,483.7 remains a focal point for investors and traders. This article provides a detailed analysis of Ethereum price movement, technical indicators and market sentiment.

Ethereum Price: US$3,483.7

24h Volume: US$10,094,133,278

Market cap: US$418,657,240,304

24h Low/High: US$3,374.13 / US$3,514.17

24 hour change: +1.52%

7d Change: +2.00%

Recent price action

Over the last 24 hours, Ethereum price saw a low of US$3,374.13 and a high of US$3,514.17, and is now trading at US$3,483.7. This represents a rise of 3.01% within the day, indicating a positive short-term trend. Over the past week, Ethereum appreciated by 3.63%, reinforcing the bullish sentiment.

Volume Analysis

The 24-hour trading volume of US$10,094,133,278 reflects active trading interest and substantial liquidity. High trading volumes often correlate with increased volatility, which can present both opportunities and risks for crypto traders.

1. Relative Strength Index (RSI): 49.66

2. Moving average convergence divergence (MACD): -3.0

3. Support Levels:

1st Support: US$3,362.1

2nd support: US$3,352.5

4. Resistance Levels:

1st Resistance: US$3,624.1

2nd Resistance: US$3,650.1

RSI (Relative Strength Index)

The RSI is currently at 49.66, which is in the neutral zone in the crypto market.

MACD (Moving Average Convergence Divergence)

The MACD is currently at -3.0. The negative MACD value indicates that the short-term momentum is weaker than the long-term momentum, indicating potential bearish sentiment. However, this needs to be confirmed with other indicators and market conditions.

Support Levels:

The first support level at US$3,362.1 is crucial, as a break below it could lead to further declines to the second support level at US$3,352.5.

The second support level at US$3,352.5 acts as a stronger floor, which could attract buying interest if the price drops to this level.

Resistance Levels:

The first resistance level at US$3,624.1 is a key hurdle for the bulls. A successful breach of this level can open the way to the second resistance level.

The second resistance level at US$3,650.1 represents a more significant barrier, and breaking above it could signal a strong bullish trend continuation.

Investor confidence

The recent price increase and significant trading volume indicate strong investor confidence in Ethereum. The gradual price appreciation over the past week indicates a steady accumulation phase, where investors buy Ethereum in anticipation of future gains.

Broader market context

The performance of Ethereum must be considered in the context of the broader cryptocurrency landscape. The collective attitude towards the market was optimistic, with major cryptocurrencies experiencing gains. This positive outlook can be influenced by favorable changes in regulations, improvements in technology and a growing acceptance among financial institutions.

Even in a recent blog post from the Ethereum co-founder Vitalik Buterin, the further development of Ethereum until 2024 is explained, and the improvement of the transaction finality is the main focus. To tackle the existing complications and poor finality times of Ethereum’s lock-and-epoch framework, Buterin proposes a new idea of ​​’Single-Slot Finality’ or SSF that is somewhat similar to the Tendermint consensus.

The SSF mechanism attempts to confirm blocks in a single period or within one 12-second period, and not multiple periods. This will increase the satisfaction levels among the users due to the time intervals between key operations. However, Buterin also highlights the problems with the naive implementation of SSF, for example, it is rather concerned in terms of the high load on the network from the side of validators that publish several messages per lock.

To counter this, he suggested exploring other approaches such as Orbit SSF to minimize the number of required signatures. Ethereum developers are constantly searching this design space to find the right balance of speed and efficiency.

Currently, Ethereum is trading at US$3,483.7, along with it the ratio of 1.52% daily increase and a 2.00% increase in a week shows a positive market sentiment. The RSI of 49.66 and the MACD was 3.0 indicating a neutral to slightly bearish short-term sentiment.

Traders should expect the support levels to be at the US$3,362.1 and US$3,352.5, because their breach could worsen the situation. On the other hand, moves above the resistance level towards US$3,624.1 and US$3,650.1 could indicate a sharp and stable bullish trend.

Therefore, like every other investment decision, the investor and the trader must consider technical factors, crypto market factors and the general economic trends in the global market.