Ethereum Price Analysis: ETH Casually Reaches Another ATH, Despite Crypto Market Pullback
Daily Ethereum ETH Price Forecast
- Ethereum price reached a new ATH of $2,641.09.
- MACD has reversed from negative to positive.
Over the last three days, the Ethereum price has jumped from $2,160 to $2,465, gaining almost $300 in overall valuation after bouncing hup from the 20-day SMA. In fact, Ethereum reached a new all-time high of $2,641.09 before it started retreating. Let’s take a closer look.
Ethereum Price Retreats After Reaching New ATH
Despite the $200 retreat, the Ethereum price flashed two different buy signals:
- The MACD has reversed from bearish to bullish.
- The parabolic SAR has flipped from bearish to bullish thanks to the recent surge.
Image: ETH/USD daily
On the downside, the most formidable support wall lies at $2,200, wherein 34,500 addresses had purchased 7.56 million ETH tokens.
Exchange Outflow Continues For ETH
Santiment shared the following tweet along with this chart:
"#Ethereum has made history with an #AllTimeHigh of $2,642 before quickly retracing back below $2,480. However, the fast dip could be an opportunity for dip buyers who see our data pointing to more and more top whales moving their $ETH off of exchanges."
PancakeSwap Eclipses Ethereum Network 24-hour Volume
Decentralized exchange PancakeSwap recently surpassed Ethereum in terms of transaction volume over 24 hours. DappRadar revealed over 2 million transactions on PancakeSwap compared with 1.55 million on Ethereum. At the same time, Binance Smart Chain reported more than six million transactions, with approximately 20% of them occurring over the same 24-hour stretch.
Binance Chain Community confirmed that the top five contributors were PancakeSwap, Mdex, Safemoon, PancakeBunny, and Venus Protocol. According to a Cointelegraph report, Chef Hops, PancakeSwap co-founder, said that user retention has been at the center of the platform’s victory.
PancakeSwap's main strength has been being lucky enough to have an insanely supportive community, in addition to low fees, and a focus on making the most user-friendly, fun experience possible. User retention is extremely high overall, stemming from the fact that it is very hard for users to return to an environment in which they are paying 100x more on transaction fees alone.
PancakeSwap is the first billion-dollar project to launch on Binance Smart Chain. The platform's native token CAKE has skyrocketed more than 4,500% since the start of 2021. Similar to Uniswap, PancakeSwap provides an easy entry point into the world of decentralized finance. Investors looking to capitalize on volatile but potentially rewarding DeFi projects use PancakeSwap in hopes of acquiring assets before they’re listed on major exchanges.
Ethereum Price Is Expected To Reach These Levels
The Ethereum price will need to climb up again to the $2,600 psychological level to have a chance to reclaim its ATH.