The latest Ethereum price prediction analysis. Ethereum is the second largest cryptocurrency and has a market value of around $76 billion.
As can be seen from the opening two sentences, the author of this blog post is highly skeptical about the price predictions for Ethereum. This does not necessarily mean that the writer is wrong, but it does mean that you should not take these prices at face value.
It seems like there’s no end to the cryptocurrency hype. With Bitcoin, Ethereum and other cryptos taking over mainstream media, more people than ever are interested in how ICOs and altcoins are affecting the market. We recently discussed the EOS ICO (Ethereum-based), and how it’s blown past its budget by over 1,000%.. Read more about ethereum analysis today and let us know what you think.Summary of the situation
- Ethereum price analysis shows that the ETH price is moving above the $2,500 resistance level.
- Although Ethereum reached the $2,500 resistance level, it failed to break through it.
- The inability to break through the resistance level resulted in the formation of a lower high, signaling a further decline.
- A rebound to the 62% or 70% Fibo retracement level would be an excellent starting point for further uptrend.
At the time of writing, Ethereum is trading below the critical resistance level of $2,500, despite attempts to break through it. If Ethereum ends the day above the high of 9. June firm, the crypto asset will form a higher top that will trigger an upward move. However, a decisive close below this critical zone would result in increased upward pressure and selling, giving the bulls a chance to recover and begin a new attempt at price recovery.
Ethereum Price Analysis: Price Overview
Since the 3rd. Ethereum’s price action in June formed 3 lower lows and lower highs, signaling the beginning of a downward movement. While Ethereum was on the 12th and 13th. The market appeared to have bottomed in June, but the subsequent rise in share price appears to have ended prematurely. Ethereum’s disappointing results can be attributed to the lack of buying pressure and the rejection of the $2,552 resistance level. While ETH bulls still have the chance to rally and push the pioneering cryptocurrency higher, a potential rise in selling pressure would destroy the bullish narrative. If selling pressure intensifies, Ethereum is likely to end the day below the $2,320 price area, negating any bullish outlook for the coin. Currently, the price area around $2,320 coincides with the 50% Fibo retracement level. This negative price action will likely cause the smart contract token to fall to the 62% and 70% Fibo retracement levels at $2,177 and $2,077 respectively. If the bears prevail, Ethereum is likely to settle around the 79-fibo retracement level at $1,970. This would be an extremely bearish scenario. Therefore, market participants should monitor price movements below the above resistance barriers.
Ethereum price movement in the last 24 hours
According to the 24-hour chart, a bounce from one of the aforementioned critical support levels would be an ideal entry point for the bulls. This development will undoubtedly lead to increased buying pressure. Therefore, market participants can assume that a new rise will start from here. Furthermore, a price rally developing at either of these price levels would push the crypto asset to the top of the range at around $2,910.
Ethereum 4-hour chart
Source: TradingView In terms of the number of active addresses, Ethereum has grown since 12. The month of May to date has seen a sharp decline from 764,000 to about 500,000. This 35% drop suggests that Ethereum traders are losing interest in the cryptocurrency at current price levels and are fewer in number. In addition, the number of daily active addresses has dropped by 3% in recent days, from around 520,000 to 500,000. This suggests that ETH investors are moving assets or taking profits.
Based on the 365-day Market Value to Realized Value (MVRV) ratio, Ethereum is at risk of further negative price action if it fails to establish itself above the aforementioned critical support line. Currently, the MVRV’s 365-day indicator shows a 12% decline in investor earnings. However, Ethereum still has about 40% of investors who are beneficiaries. This is scary news because these investors may decide to sell their assets to avoid losses, and this action will undoubtedly exacerbate Ethereum’s problems. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Ethereum has been the most talked about cryptocurrency for the past two years. It is the second most popular cryptocurrency and has gained a lot of attention due to its innovative blockchain technology. The creation of Ethereum was driven by a great idea: to build a blockchain that is not only functional, but also has the possibility to evolve. The main goal of the Ethereum and its creators is to make an easier way for people to build decentralized applications, or DApps, that can be run on the Ethereum blockchain.. Read more about ethereum hits all-time high and let us know what you think.
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