For the past three weeks, the Ethereum price has been consolidating in a congestion area. At the time of writing, the coin inched 0.71% higher at $3,345. Its total current market capitalization currently stands at $393.5 billion.
Ethereum and Bitcoin
Ethereum ranks as the world’s second largest cryptocurrency, sandwiching it between Bitcoin and Cardano. Just like most digital assets, Ethereum has a close correlation to the crypto market leader, Bitcoin.
Bitcoin has a total market capitalization of $936 billion. Over the weekend, the Bitcoin price jumped more than 11% and surpassed the crucial level at $50,000 for the first time since mid-May. The coin has also jumped more than 70% in the past four weeks. Therefore, as investors continue to absorb the outstanding performance of Bitcoin, the Litecoin price is likely to continue with its rally.
The Ethereum price has jumped more than 270% since its lowest level this year in January. It has also jumped more than 97% in the past month. Since the start of August, Ethereum has jumped more than 33%, demonstrating further improvement.
All eyes have now shifted to the Federal Reserve’s annual Jackson Hole, Wyo., symposium scheduled for Friday this week. Fed Chairman Jerome Powell is also expected to give a speech later that day. Investors are hoping to get clues on whether and when the FOMC plans to taper the asset purchases. Hints at a sooner than expected scaling down of asset purchases will weigh heavily on riskier assets such as cryptocurrencies and commodities.
ETH Technical Outlook
According to the daily chart, the Ethereum price has been on a bumpy ride for the past couple of months. The coin has jumped more than 10% in the past week.
It is trading above the 50 and 200-day moving averages, hinting at a bullish outcome. it is also trading above the 50-day exponential moving average, reinforcing the bullish outlook further.
Therefore, the Ethereum price is likely to continue with its positive trajectory. The next suitable target for the bulls will be the resistance at $3,600. On the flip side, a move below the psychological level at $3,000 will invalidate this view.
Ethereum Price Chart
