Ethereum 4 Hour Price Update
Updated June 14, 2020 07:20 AM GMT (03:20 AM EST)
Ethereum came into the current 4 hour candle down 1.2% ($2.86) from the open of the previous 4 hours, marking the 2nd candle in a row it has gone down. Those trading within the Top Cryptos asset class should know that Ethereum was the worst performer in the class during the previous 4 hours.
Ethereum Daily Price Recap
Ethereum is up 0.28% ($0.67) since yesterday, marking the 2nd day in a row an upward move has occurred. This move happened on lower volume, as yesterday’s volume was down 58.28% from the day before — and down 19.01% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Ethereum ranked 2nd since yesterday in terms of percentage price change. The daily price chart of Ethereum below illustrates.
Ethereum Technical Analysis
Coming into today Ethereum is now close to its 20 day moving averages, which may act as price barrier for the asset. Volatility for Ethereum has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to view things another way, note that out of the past 14 days Ethereum’s price has gone up 8 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
Overheard on Twitter
Over on Twitter, here were the top tweets about Ethereum:
- From IOHK_Charles:
@BitcoinTre New? I started iohk back in 2015. We have over 240 employees in more than 40 countries, government contracts, grants from the EU, built several cryptocurrencies, have the largest CC research group in the world with more than 60 papers. Beats six months at Ethereum
- From DvdSchwrtz:
$ETH needs to ~15x in order to be worth the market cap of $VISA. However, #Ethereum is vastly superior & payment services is only one of its use casesImagine if $VISA shares were also the main collateral for global derivatives trading & had a lot of shares locked up as well
- From RoninDaCC:
As a collector, Ethereum is a pretty crappy experience. At the moment, I’m having to pay a gas fee, to get my money unstuck from a transaction that didn’t go through because I didn’t pay enough gas in the first place even though the system is automated and told me what to pay.
For a longer news piece related to ETH that’s been generating discussion, check out:
According to a March paper co-authored by Kristy-Leigh Minehan, a co-creator of the ProgPoW, around 40% of Ethereum’s hash rate is generated by Bitmain ASICs. Alejandro De La Torre, the vice president of Poolin — the sixth-largest pool for ETH — confirmed to Cointelegraph that “GPU mining is still dominant” for the Ethereum network, adding: “At present, the profit of ETH mining is not high, and the management threshold and cost of GPU devices are higher than that of Asic devices….Scheduled to launch later in 2020, Ethereum 2.0 is a major network upgrade on the blockchain that is designed to shift its current PoW consensus algorithm to PoS where miners are virtual and referred to as “block validators.” More specifically, they are randomly selected with the consideration of users’ wealth in the network, or their “stake.” In other words, the more coins PoS validators choose to stake, the more coins they accumulate as a reward….One is to sell the equipment and use that money to accumulate more ETH and start staking, while the other option, which is available exclusively for GPU miners, is to simply switch over to other Ethash networks and mine altcoins….Since it also runs on the Ethash algorithm, its hash rate might experience a significant spike as a result of the potential miner migration caused by the Ethereum 2.0 launch. Related: Ethereum 2.0 Staking, Explained Larger mining pools for ETH are left with similar options.