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Ethereum (ETH) price has maintained a relatively stable position around $1850, showing no significant movement. The second-largest cryptocurrency by market cap rose 2.76% on Tuesday, hitting a high of $1,876.
At the time of writing, ETH is trading at $1,849, down 0.52% on the day, and virtually unchanged over the past seven days. However, analysis of network data shows that whale addresses continue to accumulate ETH, potentially triggering a rally.
According to data from Santiment, a network and market data analysis firm, the size of the top 10 addresses in aerospace has grown over the past 5 years. This address currently owns 11.2% and 34.6% of all ETH tokens in circulation. An additional 27.86 million ETH is about $51.6 billion at current exchange rates.
📈 Top 10 #Ethereum addresses with growing and more total coins available. Over 5 years, the top 10 addresses held 11.2% to 34.6% of $ETH. The added 27.86 million ETH is worth $51.6 billion. 😮 https://t.co/utI8W6DkRX pic.twitter.com/klgb7pus7K
— Sanctification (@santimentfeed) August 9, 2023
Ethereum price needs to recapture the 50-day SMA to consolidate the uptrend.
After reaching a high of $2028 in mid-July, ETH price began a downward trend that sent it down 11.2% to $1800. The Simple Moving Average (SMA), resists this.
At the time of writing, the bulls are struggling to hold the price above the 100-day SMA at $1,852. If successful, Ethereum price will be strengthened to move higher and the first barrier emerging from the 50-day SMA is $1,880.
Further resistance comes from the 61.8% Fibonacci retracement level at $1887, the 50% level at $1914, and the 23.6% extension level at $1974. Apart from that, supply zones to keep an eye on are the psychological $2,000 level and the $2,028 level.
ETH/USD Daily Chart
This bullish outlook for Ethereum is supported by the upward trajectory shown by the stochastic RSI. Price strength at 78 indicates that ETH price is in good buying hands.
Furthermore, the bullish supertrend indicator adds credence to the positive outlook for smart contract tokens. Notice that this trend indicator has turned from red to green and has fallen below the June 21 price. Since the Supertrend indicator is still lagging the price, it indicates that market conditions are still favorable for an uptrend.
On the other hand, the Stochastic RSI has brought a near overbought situation, which means that the ongoing trend may reverse as profit taking begins. If so, Ethereum price could result in a clean daily candle close below the 100-day SMA with the first line of resistance. Break from the $1,800 support level.
Other key levels to watch are the 200-day SMA at $1790, the green supertrend line at $1769 and the 123.6% Fibonacci retracement level at $1747.
Investors looking to buy Ethereum should wait for a decisive close above the 50-day SMA of $1,880. Before that happens, they can switch to a new pre-sale cryptocurrency like Chimpzee (CHMPZ), which gives investors the best chance to get a good return on their investment.
Alternatives to ETH
Since the launch of the presale , CHMPZ tokens have made significant progress, reaching important milestones in a short period of time.
Now entering its ninth presale phase, the project has raised $1.143 million, higher than its original projection.
The Chimpzy team is delighted to have reached their ambitious goal of $1 million. They have prepared a fun event where participants can buy additional CHMPZ tokens. By participating, you can potentially get up to 10 million tokens.
🥳👏 Congratulations to everyone who took advantage of the free tokens to celebrate reaching the 1 million milestone!
Now you can work together to burn another 10 billion tokens from the reserve!
Learn more here⬇️https://t.co/kkiKbvzV94 pic.twitter.com/KvQoJuFC9B
— The Official Chimpanzee Project (@RealChimpzee) August 9, 2023
CHMPZ tokens are available for purchase at $0.00085, which is a promising prospect for potential investors. With only 9 days to go until phase 9 ends, the price will rise to $0.00095 and this upward trend will continue until it reaches the high price of $0.00185 when it is listed on the main market.
Joining Chimps and earning CHMPZ tokens is a simple process. Visit the Chimpzee website and connect to your wallet to easily exchange USDT or ETH for CHMPZ tokens or make direct purchases with a bank card.
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