ethereum price has been in a back-and-forth movement over the past few weeks, oscillating between the $2,500 and $2,750 zone. The altcoin struggled to make its mark over the past week, as its value dropped as low as $2,400 at one point.
While the price performance of the Ether token has been uninspiring in recent months, one analyst has made an argument to support the position that the second-largest cryptocurrency could still be on an uptrend.
This is why eth price never stopped being bullish
In a quick shot ethereum-is-in-a-bullish-trend?utm_source=twitter&utm_medium=sns&utm_campaign=quicktake&utm_content=cryptosunmoon” target=”_blank” rel=”noopener nofollow”>mail On the CryptoQuant platform, an analyst with the pseudonym crypto Sunmoon made an interesting statement about the price of ethereum. According to the expert, the price of the Ether token is still on an upward trend despite its sustained decline over the past few months.
The reason behind this statement is that eth’s price has managed to stay above its realized price, which is currently acting as a crucial on-chain support. To put it into context, the realized price of a cryptocurrency refers to the average price at which all coins in circulation last moved.
<img decoding="async" class="aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/08/Is-Ethereum-Price-in-an-Uptrend-An-Analyst-Offers-Evidence.png" alt="Image of ethereum” width=”1280″ height=”799″ data-recalc-dims=”1″/>
Source: ethereum-is-in-a-bullish-trend?utm_source=twitter&utm_medium=sns&utm_campaign=quicktake&utm_content=cryptosunmoon" target="_blank" rel="noopener nofollow">CryptoQuant
The realized price metric provides insight into the overall sentiment and behavior of market participants, particularly long-term investors. Typically, when the actual price of an asset is higher than the realized price, it implies that most holders are in profit, leading to bullish sentiment in the market.
According to analyst Quicktake, ethereum’s ability to maintain its position above the realized price bodes well for the overall altcoin market. From a historical standpoint, strong ethereum price action against the realized price appears to be a catalyst for the altcoin bull market.
ethereum Price in August
At the time of writing, the price of eth is hovering around $2,517, reflecting a mere 0.6% drop over the past 24 hours. However, this insignificant price change does not entirely reflect reality, as the price of ethereum has dropped to as low as $2,440 over the past day.
Meanwhile, the altcoin has lost nearly 9% of its value over the past week, according to data from CoinGecko. This performance over the past seven days underscores the inconsistencies and struggles of ethereum’s price over the past few weeks.
In August, the price of Ether has fallen by more than 23%, losing the $3,000 level on August 2. After recovering from a multi-month low of $2,200, the altcoin's price has since been consolidating between $2,500 and $2,750. Nevertheless, ethereum maintains its position as the second-largest cryptocurrency, with a market capitalization of over $301 billion.
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The ethereum price on the daily timeframe | Source: ETHUSDT chart on x/nUoeNbXe/" target="_blank" rel="noopener nofollow">TradingView
Featured image from Unsplash, chart from TradingView
