Ethereum is a native coin of the ethereum network that can be transfered from one smart contract address to another without involving a third party. This makes it to be considered as a decentralized asset. Ethereum network enables developers to build their dapps over there as well as to create and issue the tokens of their dapps. It also enables ethereum holders to be able to lease their ether coin to staking pool and be able to earn rewards when their ether is used to validate transactions on the ethereum network as well as to secure the ethereum network. On Monday the 30th of March, one ethereum started trading at around $131. By Tuesday the same week, the price had managed to rise to around $135 but later came to drop to $133 on Wednesday. On Thursday the same week, the price rose again to around $136 followed by another rise of $148 on Friday. This upwards and downwards movement of ethereum has been due to traders behaviour which can be explained as follows;
Traders behaviour
Ethereum has many dapps built on its network. This makes ethereum to be well tradeable due to its high utility power. Therefore, traders can profit in both upwards and downwards direction on this coin. We can therefore say that when the ethereum market is moving upwards, that will be an indication that there are excess sellers than buyers while when the ethereum market is moving downwards ,the number of buyers will be more than the number of sellers. Since ethereum has shown a possibility of a bullish market since Monday, we can therefore further explain its weekly bullish price analysis as from below;
- Weekly ethereum bullish price analysis based on traders behaviour
In a bullish market,ethereum will be moving in an upwards direction. On Monday the 30th of March, one ethereum started trading at around $131 . By Tuesday, the price rose to $135 but later dropped to around $133 on Wednesday. By Thursday the same week, the price rises again to $136 followed by another rise to $148 on Friday. This weekly ethereum price movement is being indicated as from the candlesticks chart below;
The above is the ethereum market in terms of USDT. Two points are being indicated. There is point A and point B. Before point A, the ethereum can be seen to be moving in an upwards direction all the way to around $148. This upward market movement has been as a result of the number of ethereum sellers being more than ethereum buyers. This makes the ethereum market to gain an upward market pressure to $148 as stated earlier. At $148, more number of buyers start to buy a given amount of ethereum in the hope that ethereum will continue moving upwards. This causes the buyers to exceed the sellers thus causing the market to resist to continue moving upwards and instead reverse and shortly moves downwards to point A at around
$138. At point A, more sellers start to sell their previously purchased ethereum fearing that the market will continue moving downwards thus causing their holding in ether do decline in value. This causes the number of sellers to exceed the number of buyers thus causing the ethereum to again gain an upward market pressure and moves to point B at around $142. If the sellers will continue to be more than the buyers, then there is possibility of the ethereum to continue moving upwards until Monday next week. If this will happen, then ethereum can go as high as $160 next week. This is the right time to buy ethereum and hold until next week at around $160. Can purchase at current market price of around $137. Make your purchase using risk management so that when the market goes against you, you don't lose your valuation.
Summary
Ethereum is a proof of stake coin based on ethereum network where developers can use it to pay for their dapps as well as for transaction cost on the ethereum network. This makes it to have a huge community thus well tradeable. In an upward market, that signals the trader that sellers are more than buyers and vice versa. There is possibility of the ether market to go as high as $160 next week. This is the right time to buy at around $135 and hold
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