Search ForexCrunch
  • Ethereum price loses some of its upward momentum and settles at just above the $3000 level
  • Bearish period expected at least for short term
  • Fears of regulation seem to have spooked the markets for now

The Ethereum price appears to have lost its momentum over the past few days and is once again stuck in a level just above the $3000 mark. With the vast majority of the crypto market also in a downturn, Ethereum seems to be heading for a bearish period of consolidation before resuming its move upwards.

Although the crypto market initially seemed to have shrugged off the spectre of more regulation after the Gary Gensler speech, the tide seems to have turn. The Ethereum price was rejected at the $3400 level and has lost around 11% from that value, settling just above the $3000 level. Buyers appear to be cautious at least for now whilst some profit taking is inevitable after the 100% rise from the July 20 level.

If you haven’t yet bought some Ethereum then have a look at this How To Buy Cryptocurrency Beginners Guide.

Short Term Prediction For Ethereum Price: Consolidation Before Next Push Upwards?


 

Although the Ethereum price has retraced slightly over the past few days, it is still massively up from the July 20 low of $1700. It appears that short period of consolidation is in order with a higher low being printed for the next push upwards.

A bullish thesis would have the Ethereum price once again sail over the $3400 level to begin tagging the $3800 price level. A push to the $4000 mark would once again be the next probable level. However, this looks unlikely as a short-term prediction at this point.

A bearish thesis will most likely play out over the next few days. Ethereum could descend to the $2700 level or a 10% retracement after which the $2500 support level could begin to be tested. If a sell off occurs, the Ethereum price may drop further even to the $2100 mark which would represent a decline of 30% from the current level.

If you want to invest in some cryptocurrency then take a look at these Top Cryptocurrency Brokers.

Long Term Prediction For ETH: Still Bullish Over The Long Haul

Although the Ethereum price is currently experiencing a retracement, the long-term indicators for ETH still appear bullish. The ascending triangle since the July 20 low appears to be intact although a period of bearish pressure should be expected.

There is also the spectre of continued regulation and a general clampdown on crypto. However continued institutional investment in Ethereum cannot be denied either.

Some analysts are even touting Ethereum to overcome Bitcoin over a five-year period. Although this seems to be rather far-fetched, the long term potential of ETH cannot be denied.

Looking to buy or trade Ethereum now? Invest at eToro!

Capital at risk

Expert score

5

Etoro - Best For Beginner & Experts

  • 0% Commission and No stamp Duty
  • Regulated by US,UK & International Stock
  • Copy Successfull Traders
Your capital is at risk.