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Ethereum and Chainlink Price Analysis and Trends
Ethereum and Chainlink Price Analysis and Trends
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Ethereum and Chainlink Price Analysis and Trends

By R.L. Bryer - 3 Aug 2021

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Ethereum prices

With EIP-1559 only hours away Ether’s price action is being heavily surveilled by bulls and bears alike. The debate will soon be over whether or not this improvement proposal once live impacts the project’s trajectory or if sharding and ETH 2.0 are the only real difference makers forthcoming.

Over the last few days bitcoin has broken its demand line but the signs of strength on Ether’s chart have been growing over the same timespan. 

ETH on the 4hr chart above from Mudrex is showing extremely strong bullish continuation and has also broken out against the BTC pair. The next few days should confirm whether the breakout is legitimate or a fakeout. 

Ether bulls are eyeing $2,8k then $3k overhead as interim targets. Bears will hope they can regain some momentum and send the price back below $2,5k and then $2k but Ether bulls have been in total control for weeks now.

ETH’s price traded in green figures on Monday and finished +2.03%

Ethereum’s 24 hour price range is $2,507-$2,678 and the 7 day price range is $2,157-$2,678. Ether’s 30 day average price is $2,156. 

Ether closed Monday’s daily candle worth $2,606 and in green figures for 13 of the last 14 days. 

Chainlink analysis

Chainlink’s price was bucking the macro trend early in Monday’s daily candle but momentum waned before the day’s final 4 hour candle and LINK finished +6.37% on the day. 

The Chainlink network set a personal record for monthly integrations in July with 62. It was this time last year when the LINK token marked up over 157% over a few week span that really led-off a wild DeFi summer in 2020.

LINK is +70.25% since the LINK token’s price bottomed during the latest downtrend.

The above chart from Altsignals shows the retest of the Impulse Generation Point on LINK and the spring from LINK at that level. 

Short-term, the target for bulls overhead is $26 with a secondary target of $34. Bears will hope to push the price back beneath $20 and then back to test recent lows. 

Chainlink’s 24 hour range is $21.41-$23.84 and the 7 day range is $17.71-$23.84. LINK’s 30 day average price is $18.01. 

LINK closed Monday’s daily candle in green figures and was worth $23.46. LINK closed 11 of the last 13 candles in green figures. 

Early in Tuesday’s first 4hr candle ChainLink waas up as much as 12.5%.

 

R.L. Bryer
R.L. Bryer

Since 2009, the onset of the bitcoin network, R.L. Bryer has been covering the space. He is the author of Blockchain: Project Renaissance Volume I and II. He's also been the guest of countless bitcoin and cryptocurrency related podcasts throughout the world. Every opportunity, he speaks on or writes about Austrian Economics and how bitcoin is the world's preeminent money.

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