- Ethereum Is Up Almost 80% from its July low of $1700
- Rally pauses for a breather with $3000 level likely to be tested
- Infrastructure bill still being digested by crypto investors
The Ethereum price retreated slightly after the substantial gains made over the past few days but this seems to be just a slight retracement before the next big leg up. There has been renewed interest in the crypto market of late especially after the passing of the infrastructure bill in the Senate but the overall reaction has been rather positive.
ETH has settled at just over the $3100 mark after having reached the $3295 level on 11 August. This 5% retreat could be the prelude for a further drop although buying interest does not seem to have diminished. There have also been some wild predictions on the future of the Ethereum price but it would be best to keep one’s feet on the ground.
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Short Term Prediction For Ethereum Price: A Period Of Retracement Before An Increase
The Ethereum price has appreciated almost 80% since its July 20 low of $1700 which is a stunning reversal. Although the rally seems to have paused for a breather, there is no reason to believe that it will not recommence anytime soon.
A bullish thesis would see the Ethereum price once again rise to the $3300 level and begin an ascent to the $3600 mark. However there there does not seem to be enough buying interest to push the price up further, at least in the immediate short term.
A bearish thesis which is the more likely proposition at the moment and the $3000 mark would be critical. If this is broken, then the Ethereum price will descend to the $2600 level and probably decline further if a sell off occurs.
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Long Term Prediction For ETH: Extremely Bullish
Although we have seen this slight reversal of late, the predictions for the Ethereum price remain extremely bullish. Some long-term predictions have ETH at the astonishing level of $14000 by the end of the year, although admittedly these are rather too optimistic.
A more level headed prediction for the Ethereum price would be for it to regain the $4000 level by the end of September and perhaps for it to continue to the $5000 mark by the end of the year. Several factors remain in play for Ethereum’s performance, most notably the continuing issue of inflation as well as the implications of the windfall crypto tax in the infrastructure bill passed by the Senate.
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Gerald Fenech
