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After regaining the critically important $2,000 level, the Ethereum price has appreciated considerably over the past days. It is currently in an accumulation phase although there may be some small retracements like the one over the past 24 hours.

After reaching a low of $1772 on 26 June, Ethereum has appreciated considerably to climb to the $2330 level yesterday. This represents an increase of at least 20% and there appears to be strong support at the $2100 level. There was a slight retracement over the past 24 hours where the Ethereum price retraced to the $2295 level or a minimal 3% drop. The overall forecast for Ethereum seems to be bullish

Short Term Ethereum Price Forecast: Moving Forward Slowly

ethereum price

After setting a high of $2287 on June 30, the 2nd largest cryptocurrency by market cap experienced a pullback to the $2,045 level. This price pint eventually reversed the trend and Ethereum switched to a bullish trend. A climb of 7% to the $2370 level confirmed the bullish thesis but there still seem to be traps on the way.

Today’s slight retracement confirms some buying pressure as the retracement level of $2320 has been breached but only slightly. With the Bitcoin price also in retreat, there could be opportunities for buyers to enter at this level. The next resistance point is expected to be $2552 and even the $2640 level. If these prices are reached in the short term, then it would be confirmed that buyers have entered the market.

There is also the bearish thesis to contend with however. The Ethereum price might continue dropping to the psychologically significant $2045 level and this would indicate a lack of buying pressure. If this occurs, the price might descend below the $1965 level. Crucial support levels would be the $1804 and $1728 mark but this scenario looks extremely unlikely in the current scenario.

Ethereum long term: More Power For The Bulls?

Although the slight price retracement for Ethereum might signal that the climb is over for the moment, Ether’s price prospects look quite good long term. There is considerable support at the $2200 level and the price should not really descend below that for the coming weeks.

As already discussed, the Ethereum price next resistance level is the $2500 mark. Reaching this would signify a massive 30% increase from the June 26 low of $1730. If this price point is overcome, then the next resistance level of $2600 should easily be reached. The $3000 level would be the next realistic target with some minor pullbacks along the way.