Ethereum

Convergence

bullish

Divergence

Ethereum price experienced a rapid surge on Wednesday, driven by a positive comment from Vitalik Buterin, the network’s co-founder. The second-largest cryptocurrency increased by 1.1%, although it still showed a 2% decline over the past seven days. Other digital assets, including Bitcoin, Cardano, and TRON, exhibited slight upward movements, suggesting a <a href="https://coingape.com/markets/top-3-bitcoin-ethereum-xrp-price-prediction-btc-poised-to-break-62k-hurdle/" rel="noopener noreferrer nofollow">potential stronger bullish trend</a> to come.
<h2 class="p1" id="ethereum-price-market-movers-vitalik-buterin-bull-post-iomap-support-declining-network-growth">Ethereum Price Market Movers: Vitalik Buterin Bull Post, IOMAP Support, Declining Network Growth</h2>
Ethereum price spiked above $2,600 resistance during the US trading session on Tuesday after Vitalik Buterin took to the X platform with a post of a bull carrying a tag written: “Ethereum is good.” Buterin said that people had asked him to “do less philosophizing and do more ethereum bullposting.” Following the post,&nbsp;<a href="https://coingape.com/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH price</a> made a quick leg up, implying that an extended uptrend to $3,000 was likely this week with the right conditions.
<blockquote class="twitter-tweet">
 I have been told that I need to “do less philosophizing and do more ethereum bullposting”. Hence, here is an ethereum bullpost, courtesy of stable diffusion 3 inpainting + gimp. <a rel="noopener noreferrer nofollow" href="https://t.co/ZcPjNVImpn">pic.twitter.com/ZcPjNVImpn</a>
 — vitalik.eth (@VitalikButerin) <a rel="noopener noreferrer nofollow" href="https://twitter.com/VitalikButerin/status/1826253901240431083?ref_src=twsrc%5Etfw">August 21, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
As bulls gather the liquidity to uphold the reversal, <a rel="noopener noreferrer nofollow" href="https://app.intotheblock.com/coin/ETH/deep-dive?group=financials&amp;chart=inAndOut">IntoTheBlock’s IOMAP</a> model directs attention to robust support between $2,292 and $2,373. Approximately 1.69 million addresses purchased 50.52 million ETH within this region, affirming the bullish case. This substantial cohort of investors is bullish on Ethereum, expecting it to yield greater returns, especially with decreasing selling pressure toward $3,000.
<figure id="attachment_213437" aria-describedby="caption-attachment-213437" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-213437" src="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-21-at-18.44.57.png" alt="Ethereum IOMAP model" width="2370" height="924" srcset="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-21-at-18.44.57.png 2370w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-21-at-18.44.57-300x117.png 300w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-21-at-18.44.57-1224x477.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-21-at-18.44.57-768x299.png 768w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-21-at-18.44.57-1536x599.png 1536w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-21-at-18.44.57-2048x798.png 2048w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-21-at-18.44.57-150x58.png 150w" sizes="(max-width: 2370px) 100vw, 2370px">
 <figcaption id="caption-attachment-213437" class="wp-caption-text">
 Ethereum IOMAP model
 </figcaption>
</figure>
However, according to&nbsp;<a rel="noopener noreferrer nofollow" href="https://app.santiment.net/charts/towiEdOt__sCl" target="_blank">Santiment</a> data, declining network growth&nbsp;may impede the anticipated breakout. Only 88.8k new addresses joined the protocol on August 20 compared to 196.72k on May 5. The persistent downtrend in the network growth metric suggests a sluggish <a href="https://coingape.com/price-predictions/ethereum-eth-price-prediction/" rel="noopener noreferrer nofollow">ETH price forecast</a> and perhaps an extended correction to the fundamental average support of $2,326.
<figure id="attachment_213436" aria-describedby="caption-attachment-213436" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-213436" src="https://coingape.com/wp-content/uploads/2024/08/Ethereum-ETH-18.44.38-21-Aug-2024.png" alt="Ethereum network growth | Santiment" width="3840" height="1300" srcset="https://coingape.com/wp-content/uploads/2024/08/Ethereum-ETH-18.44.38-21-Aug-2024.png 3840w, https://coingape.com/wp-content/uploads/2024/08/Ethereum-ETH-18.44.38-21-Aug-2024-300x102.png 300w, https://coingape.com/wp-content/uploads/2024/08/Ethereum-ETH-18.44.38-21-Aug-2024-1224x414.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Ethereum-ETH-18.44.38-21-Aug-2024-768x260.png 768w, https://coingape.com/wp-content/uploads/2024/08/Ethereum-ETH-18.44.38-21-Aug-2024-1536x520.png 1536w, https://coingape.com/wp-content/uploads/2024/08/Ethereum-ETH-18.44.38-21-Aug-2024-2048x693.png 2048w, https://coingape.com/wp-content/uploads/2024/08/Ethereum-ETH-18.44.38-21-Aug-2024-150x51.png 150w" sizes="(max-width: 3840px) 100vw, 3840px">
 <figcaption id="caption-attachment-213436" class="wp-caption-text">
 Ethereum network growth | Santiment
 </figcaption>
</figure>
<h2 class="p1" id="eth-price-analysis-bulls-make-a-comeback">ETH Price Analysis: Bulls Make A Comeback</h2>
Ethereum price bullish resurgence seeks higher support at $2,600. A daily close above this level will call more traders to buy ETH, looking forward to another recovery attempt, first to $2,800 and later to $3,000.
Traders must ensure the Moving Average Convergence Divergence (MACD) indicator sends a buy signal and commences movement above the neutral region to ascertain the uptrend. Other key levels to watch out for include the immediate 20-day Exponential Moving Average (EMA) and the 50-day EMA resistance, which will help avoid bull traps, which have been common in August.
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" class="size-full" src="https://www.tradingview.com/x/aknBHpao/" alt="ETH price chart | Tradingview " width="2694" height="1436">
 <figcaption class="wp-caption-text">
 ETH price chart | Tradingview
 </figcaption>
</figure>
Two areas will determine the direction of Ethereum price in the coming days: The supply area below $2,800 and the demand area above $2,500. A break on either side of the range would mean a breakout above $3,000 or a <a href="https://coingape.com/markets/is-ethereum-price-bull-rally-over-as-eth-supply-skyrockets/" rel="noopener noreferrer nofollow">sell-off to $2,326</a>. For now, the pivotal $2,600 is critical for the resumption of the uptrend.
The post <a href="https://coingape.com/markets/ethereum-price-renews-3000-bid-after-vitalik-buterins-bull-post/" rel="noopener noreferrer nofollow">Ethereum Price Renews $3,000 Bid After Vitalik Buterin’s Bull Post  </a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Ethereum Price Renews $3,000 Bid After Vitalik Buterin’s Bull Post

Table of Contents

Coingape News Media

Other articles published on Aug 21, 2024

Insider Tip: A New Presale Gem May Reach $1 Faster Than Tron (TRX) and Ripple (XRP)

Analyst Predicts ‘Moon’ Rallies in DeFi Altcoin – One Crypto Asset Set to Skyrocket

Minu Price Prediction: MINU Jumps 4% In A Week As Experts Say Consider This Innovative New ICO Fo...

Target Reports Better-than-Expected Q2 Results with $2.57 EPS

Win for Tron as Federal Court Denies SEC Request

Paystack’s monthly ₦1 trillion threshold

Join our free newsletter for daily crypto updates!