Bitcoin, Ripple, and Ethereum prices attempted to bounce back during the Asian session as investors rushed to buy the dips after yesterday’s turmoil. The three major cryptocurrencies are down by 4.12%, 0.90%, and 1.35% in the past 24 hours. Subsequently, the market cap of all cryptocurrencies has dropped to $517 billion while volume has risen to more than $263 billion.
Ethereum price heads into the week a few days ahead of the important ETH 2.0 update. This is happening as the amount of ETHs locked-up for the update has continued rising. According to Dune Analytics, more than 708,224 ETH has been locked up for this upgrade, meaning that it is 33% oversubscribed. Therefore, the next few days could be pivotal for Ethereum price, which has already jumped by more than 400% since March.
Still in digital currencies, the crypto fear and greed index is still showing further evidence that investors are still getting greedy. The index, which is compiled by Alternative shows that the index is at 86, which is slightly below this all-time high of 93.
Crypto fear and greed index
Looking at the global stock market shows that equities are still wavering. In Hong Kong, the Hang Seng has jumped by just 0.20% while in Japan, the Nikkei 225 index is up by 0.35%. In Australia, the ASX 200 index has declined by about 0.50%.
Turning to currencies, the US dollar index (DXY) is still under intense pressure. It is trading at $91.83, which is the lowest it has been since 2018. On the other hand, its peers, like the British pound, euro, and Japanese yen are heading towards their fourth week of straight gains.
Ethereum price technical outlook
Ignore the noise. Looking at the weekly chart, we see that Ethereum price has been in an overall upward trend. Its weekly high of $626 is slightly above the 61.8% Fibonacci retracement level.
The price is still supported by the 25-week and 50-week dynamic moving averages. It also seems to be forming a cup pattern. Therefore, in the long-term, the trend remains quite bullish for ETH.
ETH technical chart