Steady! Ethereum Continues to Show Solid Performance Over Bitcoin! - Kakiforex.com - Financial Market Media No. 1 in the World Steady! Ethereum Continues to Show Solid Performance Over Bitcoin! Steady! Ethereum Continues to Show Solid Performance Over Bitcoin!
InstaForex

August 9, 2021

Steady! Ethereum Continues to Show Solid Performance Over Bitcoin!

 The August trading session, Ethereum (ETH) seems to be showing a good reputation in the market, day by day it is increasingly showing an increase that is attracting the attention of investors.


Ethereum overtook Bitcoin by producing a 31% jump in the August trading session, hitting a high of $ 3,189 ending yesterday’s trading session.


The most important contributing factor behind the increase was the London hard fork starting with the EIP-1599.


Ethereum has incurred some transaction costs, the current biggest driver generating the burn is OpenSea, the market -leading NFT.


The NFT market has also been warming up the market in recent times, Ethereum is a big part of NFT and ETH is commonly used as a currency to pay for assets.


Next, examine the current movement chart of the ETH/USDT price.


When the analysis article was released in late July, ETH traded around $ 2,176, consistently producing over 40% drastic jumps.



From a technical point of view, after ETH posted its latest high, the price failed to maintain a consistent rise and is showing weak price movement.


ETH is currently hovering above the RBS level (resistance become support) around $ 2,860 either making a correction or will continue to rise.


For further expectations, if the price movement sees an uptrend, the resistance level around $ 3,100 will be tested again before making a higher rise or making the latest high.


Higher gains are likely to occur if current sentiment continues in favor of Ethereum in the market.


However, if the price movement remains with the downtrend, the RBS (resistance become support) level around $ 2,860 will be tested first to either make a rebound or continue the decline to a lower level.


At the time of writing, Ethereum is trading around $ 2,933 down over 6% in the last 24 hours.