After successfully launching its “London” upgrade earlier this month, the Ethereum price has exhibited tremendous growth. After the London upgrade, Ethereum’s market share climbed from 15% to 18%. For ETH, the overall trend is very bullish. The Bulls have ignited another rally and ETH is currently trading in green at $3259. For the past two years, Ethereum’s year-to-date performance has been much higher than Bitcoin.
Ethereum Price Analysis:
The Ethereum price is approaching a critical support level of $3300, which it must hold in order to ascend towards $3500. However, substantial resistance exists between $3200 and $3300, implying that the price may fall back to the lower level. If bears gain control of the existing support levels, the price could go below $3,130.
After touching the resistance level of $3341 on August 19th, when the currency displayed a morning star pattern, indicating an improvement in Ethereum prices, many traders were expecting a lot from the coin.
The RSI value for the coin is 63.50, indicating a bullish mood. However, investors may see a negative divergence of the RSI with the price action, indicating that the bull momentum is weakening.
According to data from on-chain platform CryptoQuant, Ethereum’s exchange NetFlow is rapidly increasing.
On-chain data from Glassnode also reveals that Ethereum is continuously accumulating. The number of addresses holding more than 32 coins just hit a three-month high of 107,984, according to the data analytics website.
Fifteen of the 26 technical indicators are indicating a buy signal, ten are indicating neutral, and one is indicating a sell signal. As long as BTC remains stable, ETH will certainly reach the mid-$3000s in the near future.