Ethereum is an open-source ecosystem for other cryptocurrencies and smart contracts.
Its native current Ether (ETH:USD) rallied to new all-time highs last Friday.
Its market cap of over $513 billion makes it the second-largest cryptocurrency behind bitcoin.
The price of the decentralised open-source blockchain ecosystem Ethereum Network (ETH:USD) on Monday edged slightly higher to reclaim Sunday’s highs. The ETH last week rallied to a new all-time high of around $4,460 before pulling back over the weekend.
Ethereum is one of the most popular blockchain ecosystems for decentralised finance (DeFi) projects. It is the second-largest cryptocurrency by market value behind bitcoin (BTC:USD), with a fully-diluted market cap of more than $513 billion.
Is it too late to buy Ethereum?
From an investment perspective, Ethereum has just rallied to new all-time highs, creating a perfect opportunity for profit-takers to swoop in. The ETH trading volume increased by 5% over the last 24 hours, indicating a significant increase in trading activity.
However, it is still significantly below this year’s average, implying the current bull-run lacks enough momentum.
Technically, the ETH:USD seems to be trading within an ascending channel formation in the intraday chart. As a result, the ethereum price has rallied closer to overbought conditions, limiting the upside potential.
Therefore, investors could target potential pullbacks at about $4,025, or lower at $3,717. On the other hand, if the bull-run continues, the coin could find resistance at about $4,679, or higher at $4,973.
In summary, although the Ethereum price seems to be enjoying a solid bull-run, the declining trading volume suggests that it could soon run out of steam. Therefore, the recent pullback could be a reliable sell signal.
Credit: Source link