I want to wait a bit on how Ethereum performs. Here we go!
Technical Analysis
Let's take a look at some key metrics.
It opens at $1.3K and hit up to $1.4K and stable around $1.3K. The average transaction fee is $10.59 which is 6.0% increase from 01-08-21.
Ethereum is fair stable as it indicates its position on Bond rather than Gold standard for Bitcoin.
As I mentioned yesterday that Ethereum Value = $1k ~ $1.5k and bullish continue pushing price higher at $1.5K.
However, Ethereum will still decrease price due to either market correction or its inefficiency of transaction in the near future.
I still thinking Ethereum may touch ceiling around $1.5K and stable around $1.2K. I will raise floor price level to $1.2K because there are people still willing to pay around the price level.
As 01-09-21, Ethereum Value = $1.2k ~ $1.5k
Most Bullish News
Ethereum price is cheap still
It indicates market may still want Ethereum price goes up.
I doubt it though.
Most Bearish News
Ethereum continues staking
It indicates Ethereum value is continue sacrificing its growth value in long term to exchange efficiency.
Thanks for reading and see you tomorrow!
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You can reference my previous analysis here:
Ethereum Technical Analysis 01-07-21
Ethereum Technical Analysis 01-08-21
Disclosure: I/we have no positions in any cryptocurrencies mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose cryptocurrencies are mentioned in this article. This information is only for educational purposes.
