The Ethereum price has been on a seesaw motion prior to now few weeks, oscillating between the $2,500 and $2,750 zone. The altcoin struggled to make a mark prior to now week, as its value fell to as little as $2,400 sooner or later.
While the value performance of the Ether token has been uninspiring in recent months, an analyst has recommend an argument to support the position that the second-largest cryptocurrency might still be in a bullish trend.
Here’s Why The ETH Price Never Stopped Being Bullish
In a Quicktake post on the CryptoQuant platform, an analyst with the pseudonym Crypto Sunmoon made an interesting claim concerning the Ethereum price. Based on the pundit, the value of the Ether token continues to be in a bullish trend despite its sustained decline over the past few months.
The rationale behind this claim is that ETH’s price has managed to remain above its realized price, which is currently acting as an important on-chain support. For context, the realized price of a cryptocurrency refers to the typical price at which all coins in circulation were last moved.
Source: CryptoQuant
The realized price metric offers insight into the general sentiment and behavior of market participants, particularly long-term investors. Typically, when the actual price of an asset is above the realized price, it implies that almost all holders are in profit, which provokes a bullish feeling available in the market.
Based on the Quicktake analyst, the power of Ethereum to take care of its position above the realized price bodes well for the overall altcoin market. From a historical standpoint, a robust Ethereum price motion against the realized price appears to be a catalyst for the altcoin bull market.
Ethereum Price In August
As of this writing, the value of ETH stands at around $2,517, reflecting a mere 0.6% decline prior to now 24 hours. This negligible price change doesn’t quite tell the story, though, because the Ethereum price has fallen to as little as $2,440 prior to now day.
Meanwhile, the altcoin has declined in value by nearly 9% within the previous week, based on data from CoinGecko. This last seven-day performance underscores the inconsistencies and struggles of the Ethereum price prior to now few weeks.
In August, the value of Ether has fallen by greater than 23%, losing the $3,000 level as early as August 2. After recovering from the multi-month low of $2,200, the altcoin’s price has since been consolidating between $2,500 and $2,750. Nevertheless, Ethereum retains its position because the second-largest cryptocurrency, with a market capitalization of greater than $301 billion.
The Ethereum price on the each day timeframe | Source: ETHUSDT chart on TradingView
Featured image from Unsplash, chart from TradingView