- Ethereum price seems to have been rejected at the $4,000 mark
- Slight descent to the $3800 level after a considerable 20% rise over the past week
- Long term predictions still remain bullish for Ethereum
The Ethereum price has retraced slightly on Saturday with more downside expected over the short term. Although the cryptocurrency market remains in bullish mode, it seems that Ethereum is pausing for a slight breather after having reached the $4000 level over the past week. That does not mean that further upswings are not expected but for the moment a pause seems likely.
Fed Chair Jerome Powell’s recent interview in the Financial Times regarding cryptocurrency regulation seems to have put a bit of a damper on the crypto market in general, although Bitcoin once again soared above the $50,000 level. More downside is expected for Ethereum in the short term but this is expected to be only temporary.
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Short Term Prediction For Ethereum Price: A Slight Decline Before Another Push Upwards
The Ethereum price is expected to continue a smallish descent as it was rejected at the $4000 level. The current bullishness in Bitcoin appears to have not had that much effect Ethereum, although one must consider the fact that the Ethereum price has risen by well over 100% from its swing low of $1700 established on 20 July.
If the scenario were to remain bullish, then the Ethereum price could expect to easily move forward across the $4000 level. The next resistance mark would be the $4400 point where if that were broken, Ethereum would challenge its all time high of $4600 reached last April. However that would mean an appreciation of around 15% from the current price which is unlikely with current buying traction.
A much more likely scenario would be a bearish thesis unfolding here. This could sink the Ethereum price down to the $3600 mark where there is meaningful support. However, profit takers from July could create a sell off scenario where the price could even drop to the $3300 mark reversing most of August’s gains.
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Long Term Price Prediction for ETH: Still Bullish Overall and New ATH’s expected by end of year
Although the Ethereum price may experience a slight temporary retracement, the long term prediction for it remains extremely. While some over zealous analysts are predicting a $10,000 level by the end of the year, the $5000 mark would be more of a plausible scenario.
Although the continued specter of increased crypto regulation remains on the horizon, the long-term implications may be actually positive for the crypto industry as a whole. With projects such as Ethereum this could be a boon as more acceptance in the financial world becomes the norm.
Where to Buy Ethereum
If you want to purchase Ripple, you can do so on the following exchanges:
• eToro
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• Binance
The other platform where you can buy ETH is Binance. Binance is one of the largest exchange platforms. It supports a wide range of cryptocurrencies and trading pairs. It also offers user-friendly features.
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Gerald Fenech
