ETHE Stock: ETHE (Grayscale Ethereum Trust) Stock Drops 0.28% on Last Trading Day
ETHE stock fell 0.28% on the last trading day on Friday, July 24, 2021. The stock is currently trading at 18.46 with a volume of 3,675,830. On the last trading day, ETHE stock price fluctuated between 18.17-19.01.
The minimum price and the maximum price reached by the stock in 1 year are respectively 4.23 – 43.23 USD. The average volume of the stock, whose place is not known in the MarketCap list, is 8,140,604. ETHE stock has not set any target price to reach year-end.
Grayscale Ethereum Trust Is More Expensive Than Normal
Currently, investors pay a premium of 515% to purchase Ethereum through the Grayscale Ethereum Trust. ETHE stock normally trades at $90.55. However, currently the value of this asset is $18.46. This means that it is 5 times more expensive to buy Ethereum in trust form compared to the open market.
What Happened in the 0.28% Decline?
ETHE stock has fluctuated 4.62% in the last trading day. The price has been down 6 of the past 10 days. There was a total decrease of 9.56% for this period. Volume increased by 261,000 shares on the last day, with a total of 4 million shares trading for approximately $68.01 million.
However, the price fell as the volume increased. This is not a good grade for technical analysis. If volume and price move in opposite directions, the risk increases and we may have received an early warning signal.
ETHE stock is in a downtrend in the short term. Also, there are further bearish signals within the trend. If we consider the short-term trend, the stock could drop by another 39.35% over the next 3 months. After this process, it could be priced between $9.50 and $15.82. If the stock price stays at or above the current levels, this negative bearish trend in the short term could turn into a positive trend.
Supports, Long-Short Term Stock, Pivot Signal
The stock chart has some mixed signals today. You can buy ETHE stock in the short term but you will have to sell it in the long term. Long-term trades over short-term trades. We are seeing a sell signal between these two. Resistance for ETHE stock appears at $20.93. During the downward movement, the resistance point is at 17.66.
Currently, the stock has a sell signal at the 3-month Moving Average Convergence Divergence. We received a buy signal from the pivot low on July 20, 2021. On this signal, the price increased by 11.94%. There may be further increases until a new upper pivot is found.
Should I Buy ETHE Stock?
ETHE stock has support at $18.40 from accumulated volume from today’s levels. We think the return from this support will be on the upside so this support point could be a good buying opportunity.
Although this stock has not experienced much fluctuation today, its volatility may be high when compared to other days. ETHE stock, which came out of the Bollinger Band as high risk, has moved between the maximum and minimum of $ 0.84 and 4.62% during the last day. Last week, that rate was 4.80%.
ETHE stock generally has negative signals. Fundamental analysis result does not look very green. For this reason, it seems that this stock will not be able to show a strong performance in the upcoming period. ETHE stock is not a good buying opportunity right now. However, you can evaluate the support we mentioned above. Therefore, you should watch the stock movements a little more and act at the right time. The most important thing in investing is to wait for the right time. Because if you act at the wrong time, you can lose a lot.