Ethereum Price Prediction: ETH Crosses the $3,200 Psychological Level
Daily Ethereum ETH Technical Analysis
- Ethereum price is overbought, as per RSI.
- The MACD indicates sustained bullish market momentum.
The Ethereum price jumped up from $3,000 to $3,230 over the last three days – gaining more than $200 in its overall valuation. As things stand, ETH is on the edge of the upper bound of the rising channel. The relative strength index (RSI) indicates that the asset is still overpriced so a bearish correction is expected.
Ethereum Price Now Faces Resistance At $3,400
Prior to the aforementioned jump, the Ethereum price jumped from $1,790 to $3,170 between July 21 and August 7. During this jump, ETH was trending in an upwards channel formation and managed to:
- Flip the 20-day, 50-day, and 200-day SMAs from resistance to support.
- Reverse the MACD from red to green.
Image: ETH/USD daily
Looking at IntoTheBlock’s IOMAP, the Ethereum price faces strong resistance at $3,400. Previously, at this level, almost 363,000 addresses had purchased almost 390,000 ETH tokens.
Coinbase Report: ETH Volume Surpasses BTC’s For The First Time
Coinbase recently revealed that it generated $2.23 billion of revenue for the second quarter of 2021, as Ethereum (ETH) trading volume surpassed Bitcoin (BTC) for the first time on the platform. The exchange posted its Q2 report recently. The crypto exchange’s revenue beat analyst predictions, with financial estimators Refinitiv forecasting $1.78 billion in expected revenue for the firm. Coinbase’s earnings per share came in at $3.45, compared to estimates of $2.33.
The trading platform posted a net profit of $1.6 billion in Q2, a whopping increase of 4,900% compared to the $32 million recorded in the same period in 2020. For the first time in Coinbase’s nine-year history, ETH flipped BTC in trading volume, with the assets representing 26% and 24% of total volume, respectively. BTC trading volume declined 39% compared to Q1, while ETH increased 23% within that time frame.
Investor Boris Wertz took to Twitter to share the findings.
"Interesting data point from the @Coinbase Q2 results - ETH trading now bigger share than BTC trading."
In the report, Coinbase stated that the decline in BTC trading volume may have been the result of the total Bitcoin volume decreasing “as a percentage of global exchange spot volume,” along with the addition of many new assets which saw increased interest and speculation.
The firm attributed the rise in ETH trading volume to the growth in DeFi and NFT ecosystems, along with increased demand due to Eth 2.0 staking. Coinbase saw a 38% increase in total volume compared to Q1, with the firm processing $462 billion of volume in the second quarter.
Coinbase stated that Q2 2021 was a “strong quarter” which saw “growth and diversification” across the platform, with the report emphasizing a significant increase in retail and institutional clients:
“Retail Monthly Transacting Users (MTUs) grew to 8.8 million, up 44% from Q1 2021. Verified Users were 68 million. We now have over 9,000 institutions who continue to deepen and broaden their activities in the crypto economy.”
Ethereum Price Is Expected To Reach These Levels
The Ethereum price is still a little overpriced, as per the RSI. The $3,200 support wall needs to stay strong to prevent a drastic correction.