- Ethereum price has healthy support at 20-day SMA.
- The parabolic SAR and MACD indicate bullish sentiment.
The Ethereum price climbed from $1,800 to $2,275 – gaining $475 in overall price – between June 26 and June 30. As a result of the climb, ETH flipped the parabolic SAR from negative to positive. On July 1, ETH dropped to $2,100 following a heavy correction. Here is what happened after that.
Ethereum Price Creeps Above 50-day SMA
The Ethereum price jumped from $2,100 to $2,385 since July 2. During this jump, ETH managed to flip both the 20-day and 50-day SMAs from resistance to support. The MACD indicates sustained bullish market momentum so a further uptrend is expected.
Image: ETH/USD daily
Looking at IntoTheBlock’s IOMAP, the Ethereum price has healthy support at 20-day SMA ($2,100). Previously, at this level, over 595,000 addresses had purchased almost 8.5 million ETH tokens.
Celsius CEO: Ethereum “Flippening” Is Happening Now
Celsius Network CEO Alex Mashinsky recently said that the Ethereum (ETH) "flippening" of Bitcoin has occurred in terms of dollars. When Kitco News presenter David Lin asked about the likelihood of Ethereum exceeding Bitcoin in market valuation, Mashinsky said:
“Ethereum already surpassed bitcoin in dollar terms as shown in the total holding of the Celsius community, and I think that the broader market will follow it in the next year or two. We will see that flippening happening in the broader market.”
Mashinsky revealed that when he makes his predictions, he looks at the Celsius figures and listens to what the Hodler community at Celsius is telling him every day. The CEO said that he measures his predictions by how much in dollars a million people hold on the Celsius network and whether they have more in Bitcoin or more in Ethereum.
“Ethereum surpassed Bitcoin in the last month or two. The first time that our million users had more than [Bitcoin] $17billion in deposits, the total was held in dollar terms in Ethereum.”
According to the executive, we will witness broader adoption of Ethereum over Bitcoin. However, both of them are unique applications and blockchains that will both experience greater adoption in the future, he added.
Generally, Mashinsky believes layer two solutions solved ETH’s problems near term. Still, ETH 2.0 will be a significant and incremental improvement down the road enabling both solutions to work in tandem, he noted.
Ethereum Price Is Expected To Reach These Levels
Having taken down the 50-day SMA, the Ethereum price has a clear path to reach the $2,500 psychological level.