Ethereum Marks Intraday Bearishness After Dropping from $395

Ethereum is an investment for the long-term and is compared to the enormously popular Apple stock. The major aim is to compare the return of investment of the two. Apple is valued at 2.1 trillion and is actually gaining a 0.68% dividend, but the former’s long-term investment is gaining 5%. Ethereum is just believed to be that holy grail and the right investment to make, eliminating the portfolio’s volatile risk.

Investors are currently buying #Apple valued at 2.1 trillion, and yields only 0.68% dividend. Yet some think that investors won’t buy #Ethereum which could yield 5% and only has a market cap of 43 billion! $eth will go insane over the next few years.

— Lark Davis (@TheCryptoLark) October 14, 2020

Just when many are attracted to Apple’s newest iPhone, Tether seems to be a threat too. Just as Tether, the major altcoin, took over XRP and is positioned at 3^rd place, it is likely to take over Ethereum, too, as per the recent study.

Tether’s market cap is marked at a massive $15.7 billion, while Ethereum’s lies at $43 billion. Although the difference appears huge and considerate, we cannot ignore the fact that USDT has taken over XRP in the recent past. However, the current price movement of many altcoins, including Ethereum, is just hitting the right chord, at present, and it was just in the previous week when the ETH price was seen aggregating from the 15-day bottom of $332 to currently trading around $381.

However, the price dynamics of the major altcoin will be elevated after the platform gains enough impetus. The platform of the crypto is as important as the market forces leading to a change in demand and price change. In this regard, the massive crypto trading exchange, Coinbase, will support layer two of Ethereum from their wallet leading to an enormous gain of networkers.

HOLY COW!!! Coinbase will support layer two #ethereum in their wallet, this is huge! The exact kind of support that we need for layer two scaling success. https://t.co/pHYwDc1s1B

— Lark Davis (@TheCryptoLark) October 13, 2020

Ethereum Price Analysis

Today, Ethereum was seen trading around $30 after nosediving from the YTD high marked at $488, after facing a stringent resistance at $500. On the daily chart, ETH price trend breaches above 61.80% fib level, and with bullish candlewick rise over the past week, it is drawing a bullish crossover on the daily chart.

Like any other altcoin of the market, ETH coin regains immediate support from 50-day MA at $370 and the 200-day MA on the daily chart at $278. Moreover, over the past 2 months or ten weeks, the Ethereum price trend is moving above the 61.0% fib level with intermittent and brief dips recorded in the previous month.

The price of Ethereum is seen hitting $395 thrice in the past six weeks against the US Dollar, and it was just two days back when the crypto breached $395 but lacked the momentum to retain the strength and dipped to trade with intraday bearish crossover at $380, at the time of writing.