ETH grew by 747.85% in the past 5 years. The all-time high value of the ETH token was $4645.5 and then it fell to $1088. The coin became the 2nd most popular crypto asset after Bitcoin. However, it fell by (10.30%) last month and it is up by 5.86% in the last 6 months. The coin is essentially in an uptrend. It made some corrections due to which it showed retracement in 2022 and 2023. Technical Analysis will help us to study the price variations of Ethereum.
Source: BITSTAMP: ETH by Trading View
The coin is performing well in the yearly time frame analysis. The investment should be made with proper knowledge of cryptocurrency. The market is unpredictable as it is not driven by market forces. It means the buyers and sellers are unknown. The cryptocurrencies are highly volatile and the price variation changes at a high rate. The ETH coin was up by 7.64% from the last year.
Source: BITSTAMP: ETH by Trading View
The coin fell drastically in 2022 because Bitcoin fell at a good pace and that affected all other cryptocurrencies. The coin is slowly moving in the upward direction by taking support from the trend line. It may take support in the future and may continue its flying journey.
The coin is down by (3.92%) in the last 5 days. The coin has been up by 16k times since its launch. It is in the recovery phase and the chances of breakout are high. The coin is in a good run in 2023.
Source: BITSTAMP: ETH by Trading View
This cryptocurrency may take support in the daily time frame from the trend line. The coin in day-to-day sessions is moving up slowly. Cryptos are more unpredictable as compared to stocks. The stocks are under the regulation of the Govt. Cryptocurrencies have no governing body and no regulations.
“More the risk, the more returns”.
Through the technical analysis, we can conclude that the ETH coin is performing well. If it is compared with past performance, it is not doing much better. It went above $4000 and now it is around $1630. That is not a good sign. Investors have also lost their money as it drastically fell in 2022. The 2022 year was known as the bloodbath year for cryptocurrencies. Many great investors suggested not to invest in cryptocurrencies. There were many reasons for the fall but now cryptocurrencies are slowly recovering from the downfall.
The analysis is done for providing information through technical analysis and no investment suggestions are given in the article to be made by investors. The coins are unpredictable so investors should have proper knowledge. Cryptocurrencies are highly volatile and risky. Investment should be made with proper technical analysis.