Ethereum ETHUSD
The Ethereum price has moved sideways in the past few days. Today, Eth is trading at $1,785, which is 4% below where it was last week. It is also 8% below the March high at $1,942,
What happened: The Ethereum network has been under pressure lately. A look at Decentralized Finance (DeFi) shows that the industry has almost peaked, with the total value locked being at $43 billion. This is slightly below its all-time high of more than $45 billion.
In recent days, the rising demand has also pushed the price of Ethereum transactions to a substantially high level. Recently, the average transaction is about $16, which is high for many developers. This trend will keep rising as demand for non-fungible tokens (NFTs) rise.
Most importantly, many developers have started to jump ship to other faster and less expensive blockchain networks like Cardano and Polkadot. It is against this backdrop that the Ethereum network is planning to launch the Berlin Update that is scheduled for April 17. Some of the key items to be upgraded during this time are reducing the cost of the ModExp precompile.
The two-hour chart shows that the ETH price declined to a low of $1,748 on Sunday. By so doing, the price moved below the ascending blue trendline that connects the lowest levels since March (except on March 19). It has also moved slightly below the 25-day and 15-day exponential moving averages (EMA) and formed a small double-bottom pattern at $1,752.
Therefore, in my view, the outlook for the Ethereum price at this point is neutral. Any move below the bottom at $1,752 will mean that bears are prevailing, which will push it below $1,700 for the first time since March 8. However, a rally above $1,850 will likely push the price above $2,000.
