update 18 August 2021

Ethereum Price Analysis: Could ETH Reactivate Its Rally?

Ethereum is trading at $2,330.60, following a massive rally that has seen its price increase by 28.44% a few days ago. Generally, ETH signaled bullish sentiments, but the bulls must have sufficient momentum to reach the $2390 to test the $2400 mark. 

A close above the $2,400 level could set the pace for more gains. The next significant barrier for the bulls could be near the $2,500 level, followed by $2,520. Any more upsides might call for a $2,600 resistance zone test in the near term with the 100 hourly simple moving average.

The world’s second-largest cryptocurrency has staking accounts volume for more than 5% of all ETH in circulation. Presently the annual APY of ETH staked on the Ethereum network is 6.1%.

ETH experienced the first bullish indicator when the Moving Averages tipped off a bullish run last week. The shorter-term 50 periods M.A. passed over the longer-term M.A. to the peak at this point. The price continued to vary between highs and lows.

Since that period, ETH has worked to break resistance at around $2340. ETH is also working for a test of the $2,600 level of resistance.

Amazon Payments Rumors

ETH and other cryptocurrencies spiked on Monday morning amid rumors that giant firm Amazon (AMZN) could accept tokens as payment soon. Ethereum (ETH-USD) was up 8.5% to $2,364 while BTCs price surged to almost $40,000, based on rumors.

However, soon after, Amazon rejected these claims, and most cryptos dropped in value. Acceptance by Amazon would be a game-changer for any digital currency. Most crypto investors will not find it easy to spot several companies that accept ETH, bitcoin including other cryptos. Amazon sometimes dubbed the “Everything Store,” stocks many items and had over $380bn in revenue last year.

Several cryptos are doing better today after recovering from Amazon’s rejection of the claims surrounding its crypto intentions.

ETH Network

Ether staking is now over 6.6 million coins, with the available ETH staked on the network currently exceeding 14 billion U.S. dollars. The network has surpassed 200,000 validators, signaling that more than 200,000 validating nodes are flowing before establishing and counting from ETH 2.0 

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The ETH network has added over 20,000 validators in less than two months. This increased the number of validators from 180,000 to 200,000. What came after was more ETH being staked on the network. Several investors continue to stake their coins and look forward to upgrading to ETH 2.0, which will bring rewards to validators.