Technical Analysis
Let's take a look at some key metrics.
It opens at $1.2K and hit up to $1.4K and stable around $1.2K. The average transaction fee is $9.99 which is 9.3% increase from 01-07-21.
As I mentioned yesterday that Ethereum Value = $1k ~ $1.5k and bullish continue pushing price higher at $1.5K.
However, compares its average transaction fee of Ethereum 0.83%, the efficiency of Bitcoin transaction fee which is 0.03% beats Ethereum 3.61 times!
I still thinking Ethereum may touch ceiling around $1.5K and stable around $1.2K. I will raise floor price level to $1.2K because there are people still willing to pay around the price level.
As 01-08-21, Ethereum Value = $1.2k ~ $1.5k
Most Bullish News
Analysts continue to project higher price of Ethereum
Ethereum speculation to replace Bitcoin
I speculate Ethereum will hit $2K at the sometime of this year but I still very caution about its price level.
Most Bearish News
Ethereum is evolving itself to become internet bond
It indicates Ethereum value is growing slower to preserve its value and sacrifices its growth value in long term.
Thanks for reading and see you tomorrow!
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You can reference my previous analysis here:
Ethereum Technical Analysis 01-07-21
Disclosure: I/we have no positions in any cryptocurrencies mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose cryptocurrencies are mentioned in this article. This information is only for educational purposes.
