Ethereum (ETH) Closes Last Hour Up $0.27; Makes Big Move Relative to Two Week Trend, Heads Up For the 3rd Straight Day, Breaks Above 20 Day Average

The Hourly View for ETH

Last Updated October 10, 2020, 11:15 GMT

Currently, ETH’s price is up $0.27 (0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. 3 Price action traders may also wish to note that we see a pin bar candlestick pattern on ETH. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 hourly candle timeframe, so the meaning of the candles may require further exploration. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Ethereum Daily Price Recap

Ethereum came into today up 4.05% ($14.21) from the open of the day prior, marking the 3rd straight day it has gone up. The price move occurred on volume that was up 18.11% from the day prior, but down 13.13% from the same day the week before. Ethereum outperformed all 7 assets in the Top Cryptos asset class since the day prior. The daily price chart of Ethereum below illustrates.

Ethereum Technical Analysis

Notably, Ethereum crossed above its 20 day moving average yesterday. Volatility for Ethereum has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For another vantage point, consider that Ethereum’s price has gone up 19 of the previous 30 trading days.

Overheard on Twitter

Over on Twitter, here were the top tweets about Ethereum:

  • From loopringorg:

    1/2. Today we successfully submitted L2 AMM add liquidity, remove liquidity, & swap transactions using Loopring 3.6 on Ethereum’s Goerli network. We’ll add a few features, optimize gas consumption, test corner cases, & do lots of stress testing before a mainnet beta launch in Q4.

  • From safetyth1rd:

    One reason I suspect Uniswap is so efficient, reliable, and simple(in a good way): Hayden Adams was a mechanical engineer before Ethereum.While most Solidity Devs just care about making cool stuffEngineers also care about Reliability and Efficiency.

  • From NightDeatHs:

    @OKCoin @_g0x_ Yes, it is! It is built on Python, it can even reach 100k+TPS with under 1s blocks which is really fast, has smart contracts and because of Python it is easy to build. They even tried to create a Token on Lamden like ERC-20 on Ethereum and it was a success. $TAU #Lamden !

In terms of news links for Ethereum here’s one to try:

Curve + zkSync L2: Ethereum’s first user-defined ZK rollup smart contract! | by Matter Labs | Matter Labs | Oct, 2020 | Medium

Curve and Matter Labs teams are excited to announce a big step towards scaling Ethereum in a secure and decentralized way: today, we’re unveiling a zkSync L2 smart contracts testnet with Curve Finance as the first resident dapp….Contracts are written in Zinc programming language and compiled….Whenever users interact with this contract, validators of zkSync will execute the Zinc VM opcodes and produce a zero-knowledge proof of the validity of the transaction — a special design of SNARK-friendly Zinc VM makes this possible….Thus, Zinc smart contracts on zkSync inherit the strict security guarantees of validity proofs….At the moment, smart contracts for Zinc VM must be written in the Zinc programming language….You can write smart contracts, deploy them to testnet, test them locally, and generate zero-knowledge proofs of smart contract execution.