Ethereum weekly price analysis 23 August: ether’s value rises early but eventually sinks
Ethereum began the week posting solid price gains but eventually lost steam, causing its value to plummet.
- Ethereum enjoyed some healthy gains midway through the week before rocketing back down.
- Trading volumes ebbed lower over the course of the week, down by one quarter (24%) week-on-week.
- The National Research Council of Canada (NRC) is experimenting with an Ethereum blockchain explorer.
Following this positive price movement, Ethereum's token shed most gains in a 15-hour trading period, slipping down to US$286.55 by the morning of Saturday 18 August. However, the coin climbed back up to US$307.10 on Sunday 19 August but the triumph was short-lived as ether seesawed down to US$273.63 by Monday 20 August.
Despite another swift price jump on Tuesday 21 August, Ethereum is once again being battered lower.
At the time of writing, Ethereum's token held a value of approximately US$271.05.
The week began with 24-hour trading volumes at US$1.87 billion but reduced to US$1.37 billion week-on-week.
Over the last few weeks, cryptocurrency analysts have suggested that Ethereum is likely heading for a price breakout. However, despite testing a few resistance levels, this trading action has yet to come to fruition.
ETHNews said that the ETH/BTC pair is gradually moving lower and may soon test the 0.0415 BTC support area.
The publication's reporting analyst Aayush Jindal suggests that there is a "connecting bullish trendline" forming with current support at US$284.00. If the price of ether is able to shoot up again, it needs to break both US$290.00 and US$295.00 resistance levels. The final challenge for buyers remains at US$300.00.
Earlier this week, the National Research Council of Canada (NRC) announced that it had built an Ethereum blockchain explorer, allowing users to search for proactively published grants and contributing data.
The council's Industrial Research Assistance Program (IRAP) will host the explorer on its InterPlanetary File System (IPFS), using a range of services provided by Canadian blockchain software startup Bitaccess.
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