ETH: Ethereum is a decentralized, open-source blockchain system that features its own crypto asset, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts.
Ethereum was first described in a 2013 whitepaper by Vitalik Buterin. Buterin, along with other co-founders, secured funding for the project through an online public crowd sale, raising $18.3 million in Bitcoin. Ethereum’s price during the Initial Coin Offering (ICO) was $0.311, with over 60 million Ether sold.
ETH has a market cap of $248.76T as of date, while the total crypto market cap stands at $2.36T.
On the weekly chart, ETH is trading at $2,060.91, having witnessed a sharp decline from the $3,300 level and recently hitting a low of $1,744.
The ETH price chart is showing signs of recovery; however, it is important for the price to sustain above the $2,294 level to build stronger positive momentum and investor confidence.
On the daily chart, ETH price is trading below its Simple Moving Average (14 & 21 periods) levels of $2,141.32 and $2,293.54, indicating minor resistance in the coming sessions.
On the weekly chart, the Relative Strength Index (RSI) is at 33.73 and the Stochastic is at 14.26, indicating an oversold zone and a potential reversal.
Above $2,748, there is a possibility of ETH hitting the $2,885 level.
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