Is Ethereum Price In A Bullish Trend? Analyst Offers Supportive Evidence

The
Ethereum
price
has
been
on
a
seesaw
motion
in
the
past
few
weeks,
oscillating
between
the
$2,500
and
$2,750
zone.
The
altcoin
struggled
to
make
a
mark
in
the
past
week,
as
its
value
fell
to
as
low
as
$2,400
at
some
point.

While
the
price
performance
of
the
Ether
token
has
been
uninspiring
in
recent
months,
an
analyst
has
put
forward
an
argument
to
support
the
position
that
the
second-largest
cryptocurrency
might
still
be
in
a
bullish
trend. 

Here’s
Why
The
ETH
Price
Never
Stopped
Being
Bullish

In
a
Quicktake
post
on
the
CryptoQuant
platform,
an
analyst
with
the
pseudonym
Crypto
Sunmoon
made
an
interesting
claim
about
the
Ethereum
price.
According
to
the
pundit,
the
price
of
the
Ether
token
is
still
in
a
bullish
trend
despite
its
sustained
decline
over
the
past
few
months.

The
rationale
behind
this
claim
is
that
ETH’s
price
has
managed
to
stay
above
its
realized
price,
which
is
currently
acting
as
a
crucial
on-chain
support.
For
context,
the
realized
price
of
a
cryptocurrency
refers
to
the
average
price
at
which
all
coins
in
circulation
were
last
moved.

Source: CryptoQuant

The
realized
price
metric
offers
insight
into
the
overall
sentiment
and
behavior
of
market
participants,
particularly
long-term
investors.
Typically,
when
the
actual
price
of
an
asset
is
above
the
realized
price,
it
implies
that
most
holders
are
in
profit,
which
provokes
a
bullish
feeling
in
the
market.

According
to
the
Quicktake
analyst,
the
ability
of
Ethereum
to
maintain
its
position
above
the
realized
price
bodes
well
for
the
general
altcoin
market.
From
a
historical
standpoint,
a
strong
Ethereum
price
action
against
the
realized
price
seems
to
be
a
catalyst
for
the
altcoin
bull
market.

Ethereum
Price
In
August

As
of
this
writing,
the
price
of
ETH
stands
at
around
$2,517,
reflecting
a
mere
0.6%
decline
in
the
past
24
hours.
This
negligible
price
change
doesn’t
quite
tell
the
story,
though,
as
the
Ethereum
price
has
fallen
to
as
low
as
$2,440
in
the
past
day.

Meanwhile,
the
altcoin
has
declined
in
value
by
nearly
9%
in
the
previous
week,
according
to
data
from
CoinGecko.
This
last
seven-day
performance
underscores
the
inconsistencies
and
struggles
of
the
Ethereum
price
in
the
past
few
weeks.

In
August,
the
price
of
Ether
has
fallen
by
more
than
23%,
losing
the
$3,000
level
as
early
as
August
2. 
After
recovering
from
the
multi-month
low
of
$2,200,
the
altcoin’s
price
has
since
been
consolidating
between
$2,500
and
$2,750.
Nevertheless,
Ethereum
retains
its
position
as
the
second-largest
cryptocurrency,
with
a
market
capitalization
of
more
than
$301
billion.

The Ethereum price on the daily timeframe | Source: ETHUSDT chart on TradingView

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image
from
Unsplash,
chart
from
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