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Ethereum weekly price analysis 23 August: ether’s value rises early but eventually sinks

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Peter Terlato
Posted: 23 August 2018 7:21 am
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Ethereum began the week posting solid price gains but eventually lost steam, causing its value to plummet.

Key takeaways

  • 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.

Ethereum kicked off the week Wednesday 15 August at US$287.79. The smart contract-based cryptocurrency fluctuated higher and higher before reaching a weekly high of US$320.36 on Friday 17 August.

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.

Ethereum

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.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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