Ethereum Weekly Analysis: ETH/BTC Depreciated 14% Week-On-Week

December 4, 2017

3 min

Table of contents

Ethereum had an excellent run for a couple of weeks. Even the coin surpassed 600,000 transactions a day on its network. This week, it crossed $500, marking a new high, but only to fall instantly. With this, the current market cap of the coin is nearing $50 billion.

Key Highlights

  • Against USD, Ethereum crossed the $500 mark for the first time, setting a new record, but the price fell almost instantly from that peak
  • ETH/BTC depreciated 14 percent week-on-week and is currently trading around 0.0407 BTC

Ethereum Market Cap

After the bullish end of the previous week, Ethereum started this week with a sideways movement. But soon with a buying rage, the value of the coin shoots up to reach an all-time high at $516. This is the first time Ethereum crossed the $500 mark. But due to the high peak resistance, the coin dived instantly to reach $401.
Though the high market activity tried to recover the coin, it further fell to $385. Fortunately, that point acted as a pivot and initiated an upward trend. ETH/USD reached $465, only to face resistance above $463. But a support level at $451 also formed.
Ethereum graph
In the daily chart, the pair breached the newly formed resistance at $463 and reached $467. But it faced another level of resistance there. Though the coin tested the mark for a while, it finally dived to $432 but was quick enough to recover. Currently, the coin is trading around $464.
Because of the recent recovery, the indicators are also recovering from the bearish run. Stoch took a U-turn and is rising upward. After the bullish run, two MACD curves are also at a point of intersection. RSI is at 47 percent indicating an optimum demand and supply.
Ethereum indicators
Due to the rising Bitcoin, ETH/BTC pair did not perform so well this week. The pair dropped from 0.0473 BTC to 0.0407 BTC over the week, and the fall was almost gradual, with only a couple of spikes. This is a weekly depreciation of 14 percent.

What should you learn next? Turn the wheel to find out!

rainbow circle

How to Improve Trading Discipline

share

previous post

11 Life Lessons We’ve Learned From 11 Years Of Trading
11 years of IQ Option
11 Life Lessons We’ve Learned From 11 Years Of Trading

next post

The UK Economy Loses It’s Top 5 Ranking – What’s Next?
The UK Economy Loses It’s Top 5 Ranking – What’s Next?

Latest posts

11 Life Lessons We’ve Learned From 11 Years Of Trading

11.11.2024

11 years of IQ Option

The 2024 US Election: How Will the Markets React?

31.10.2024

US election impact on markets

Breaking a Losing Streak

29.10.2024

How to Trade Commodities on IQ Option: A 360° Guide

14.10.2024

Trading commodities on IQ Option

The US Presidential Race 2024 Market Influence: What You Need to Know Now

11.10.2024

Top TV Series and Reality Shows about Trading

07.10.2024

Top TV shows about trading