Technical Analysis
Let's take a look at some key metrics.
It opens at $0.9K and goes up to $1.1K and stable around $1K. The average transaction fee is $16.7 which is 128.8% increase from 01-11-21.
Ethereum is fair stable as I mentioned yesterday and its average transaction fee has increased a lot but volume has been good.
It seems that people has more faith on Ethereum rather than Bitcoin at this point.
Most Bullish News
Ethereum whales coninue holding large amount of coins
It indicates price is at the fair value zone and it may continue climbing.
Most Bearish News
Ethereum may move out of exchange platform
It indicates that traders are taking profits that bring price down.
I speculate that Ethereum can be a power house of DeFi platforms in the future which becomes a sustainable bond acting like funding mechanism.
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
Ethereum Technical Analysis 01-09-21
Ethereum Technical Analysis 01-10-21
Ethereum Technical Analysis 01-11-21
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.
