Ethereum Price Teases Breakout as Bulls Eye a Violent Move

Key Takeaways

Ether Holds Its Ground With $302 Billion Market Cap

One-month statistics against bitcoin show that ethereum’s price has jumped higher with a 29.6% gain. But year-to-date and 12-month metrics show bitcoin’s price still has the leading edge. Of the crypto economy’s $2.7 trillion market capitalization, ether commands a $302 billion valuation, giving ETH roughly 10.8% dominance today.

ETH also retains its position as the second-largest crypto asset by market cap, sitting a hefty $119 billion above USDT’s valuation. This weekend, ETH has traded in a tight range between $2,445 to $2,483 per coin and volume is a touch lower with $6.74 billion over the last day of ETH-based trades.

ETH’s current foundation stands between $2300 to $2,400 per unit, and upper resistance on Saturday is around $2,500 to $2,600 and higher. If ether could finish a day in the $2,550 range, it would put the current price in better standing. The price is currently above the near and long term simple moving averages (SMAs) and exponential moving averages (EMAs) via the daily chart.

Oscillators show hesitant tension but still no overbought readings as the relative strength index is around 62.5 this weekend. Ethereum’s moving average convergence divergence (MACD) level, on the other hand, stands in the negative side at 119.45. Momentum too is also bearish with the daily chart tape showing a -28.25 at press time.

ETH Evangelists Double Down on Bullish September Bets

Like Bitcoiners, ether supporters have had a lot of positive sentiment and feel bullish. One ETH proponent dubbed Bitmine Marine on X insisted that ethereum “goes straight up from here.” He further argued that it “will be violent and quick, everyone wants to buy a dip, the opportunity doesn’t exist. Everyone is bearish [in] September. Most wallets don’t have ETH. Which means September is an up month for crypto,” the X account added.

ETH positions were the fourth most liquidated over the last day as $7.13 million leveraged ETH trades were wiped out. $5.29 million were ETH short bets.

Historically, crypto markets do not do well in September as most people look to October, often referred to as “Uptober,” as the key month for digital currency rallies. But the bottom line for ether, the second-largest crypto asset by market cap, is that it is in a post-breakout pause under the recent $2,550 high. MAs still favor the bulls; oscillators say the August impulse has cooled. What hasn’t cooled, however, is the conviction among ETH evangelists, who continue rolling out bullish predictions and insisting ether is destined to moon.

Arthur Hayes Sees a Fast 3x to 5x Move for ETH

For instance, this week, Scott Melker, otherwise known as The Wolf Of All Streets, quoted BitMEX co-founder Arthur Hayes, who said, “My number one pick right now is ethereum” and he added that ETH could do “3x to 5x pretty quickly.” Whether that’s truly the case or not remains to be seen. ETH is doing a hair better than BTC in the short term, but many other top-20 market cap majors are seeing even better market performances.