I want to wait a bit on how Ethereum performs. Here we go!
Technical Analysis
Let's take a look at some key metrics.
It opens at $1.3K and hit up to $1.4K and stable around $1.3K. The average transaction fee is $10.59 which is 6.0% increase from 01-08-21.
Ethereum is fair stable as it indicates its position on Bond rather than Gold standard for Bitcoin.
As I mentioned yesterday that Ethereum Value = $1k ~ $1.5k and bullish continue pushing price higher at $1.5K.
However, Ethereum will still decrease price due to either market correction or its inefficiency of transaction in the near future.
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 01-09-21, Ethereum Value = $1.2k ~ $1.5k
Most Bullish News
It indicates market may still want Ethereum price goes up.
I doubt it though.
Most Bearish News
It indicates Ethereum value is continue sacrificing its growth value in long term to exchange efficiency.
Thanks for reading and see you tomorrow!
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You can reference my previous analysis here:
Ethereum Technical Analysis 01-07-21
Ethereum Technical Analysis 01-08-21
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.
