On a weekly basis, Ethereum was able to increase by around 3.5%. With this, the ETH price is consolidating above $1200. As of this writing, Ethereum is trading at $1217 according to data from Coingecko. In the past 24 hours, ETH has traded in a tight range with a volume of almost $4 billion between $1201 and $1221. The actually highly volatile cryptos are currently anything but volatile. The calm before the storm or has Ethereum survived the FTX crash? Is the consolidation now a sign of a strong recovery and therefore a good time to finally buy Ethereum? Our Ethereum price forecast:
Ethereum fights back above $1200: Solid trading week for ETH
The latest development of Ethereum is not very impressive in the weekly chart. Because the price increase in the past week currently seems no more than a technical countermovement after the FTX crash, which brought Ethereum back from the oversold state according to RSI to the neutral area. The moving averages are still well away from the current Ether price. Even reaching the SMA 50 at around $1350 would probably initially require clear buying impulses, which one is currently looking for in vain.
In the hourly chart, the Ethereum price was able to overcome several moving averages and returned to the established sideways range after the crash caused by the dump by the FTX hacker. However, the price development is currently running with little volume? the trend reversal does not (yet) look really sustainable.
Ethereum gas price at monthly low: inflation returns to Ethereum
While Ethereum is currently relatively solid and the consolidation is progressing, the gas price on the Ethereum network has fallen to a monthly low. Along with the small number of transactions currently being processed on Ethereum, the gas fee is comparatively cheap.
Since the gas price and token burning at Ethereum have been inextricably linked since EIP-1559 and the London Fork, this also affects the total supply at Ethereum. This is still listed below the level of the merge and is therefore deflationary in real terms. However, there has been an opposite trend over the past few days as deflation eased and the total supply of ether rose again. ?Ultra Sound Money? currently indicates the deflation rates at -0.009% for the year.
Crypto tip: Calvaria presale ends faster than expected? is there a 10x return?
98% of phase 4 is in Calvary Presale already finished. At the beginning of the week, early investors should have the last chance to accumulate the native RIA tokens for $0.025. After that, the presale price will be raised to $0.0325 ? in the fifth and final phase. Because those responsible at Calvaria have decided to shorten the advance sale and to target an IEO in the near future. For this they want to use the collected capital to increase the level of awareness of Calvaria: Duels of Eternity.
As an NFT trading card game, Calvaria moves in the promising play-2-earn segment of the crypto market, which has shown relative strength compared to other temporary trends in recent years. The dualistic concept in particular reveals a lot of potential here, which combines a free smartphone app with a crypto game with a P2E concept. Will a blockchain game finally succeed in entering the mass market? Then the RIA token could pump and bring high profits. By the way, if you invest in the RIA token now, you can already achieve book profits of 30% due to the price increase in the final phase.
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