The Ethereum price has increased by 15% and reached $1,475. The Ethereum price has slightly fallen, but it will probably remain above $1,300.
Ethereum price starts to rose
Over the past few days, the Ethereum price significantly rose and passed the resistance level of $1,300. Ehtereum outperformed Bitcoin and could even break the resistance level of $1,400.
This rise in the price and the simple moving average (SMA) was within 100 hours. The Ether price rose by 15% and reached $1,476, but then it slightly fell, and at the time of publishing, it is $1,300.
Meanwhile, the Fibonacci Retracement level passed 23.6% after the price rise from $1,299 to $1,476. The initial support level is around $1,400. Moreover, there is a significant uptrend line with a supportive level of $1,360 in the hourly price chart of Ether.
This rising trend in the Ether price faces some obstacles near $1,450 and $1,475. The first resistance level is around $1,500. If the Ether price continues to rise and passes $1,500, it could prepare the situation for a sharp price increase. The next resistance levels could be $1,580 and $1,600.
Staking $4 billion Ether
Considering the current Ether price, more than $4 billion Ether is now staked, which will be blocked in the Bacon Chain contract for at least a year. Ethereum 2.0 Launchpad has reported that this amount equates to 2.82 million Ether and is equivalent to 2.5% percent of this cryptocurrency’s total inventory.
Although it doesn’t seem a lot, it should be noted that this amount of Ether will be blocked for a year in order to create the new blockchain. This amount of Ether will only be available after phase 1.0 combines Ethereum 1.0 and Ethereum 2.0.
The annual profit is currently about 9.3%. Considering the 140% increase in the Ether price compared to the Bacon Chain launch two months ago, it brings a significant profit for stakers.
Staking is one of the aspects of Ethereum’s demand. Using DeFi and stable coins are other demand sources. Moreover, a greater number of developers are working with Ethereum compared to its competitors. Corporate and big investors have also realized this, and the demand for Ether will probably increase in 2021, resulting in a price increase.
Is the Ether price floor supported?
If the Ether price starts to improve, this cryptocurrency’s price could remain above $1,400. The first major support level is close to the trend line of $1,350.
The Fibonacci Retracement level of 50% in the recent uptrend in the price range of $1,299 to $1476 is close to $1,385 and also acts as a support level. Therefore, if the price drops to $1,360, the price of ether is likely to remain stable.
MACD: It is slowing down in the ascending range
RSI: It is being modified to level 60
Key support level: $1,360
Key resistance level: $1,450