“¢ Ethereum Price Seems To Be Consolidating at $2400-$2500.
“¢ Bearish Pressure Still A Concern.
“¢ New SEC Chair interview on crypto regulation may have a short-term negative effect on ETH
The Ethereum price has retreated slightly from the $2600 high that was set on Aug 1 but its decline has been much less than others. Although the new SEC Chair Gary Gensler came out strong on crypto regulation as predicted, the long-term effects for large caps may also be beneficial in the long run.
AS the crypto space passes into an uncertain period, it does seem that Ethereum will continue its slow ascent to the $2800-$3000 levels before perhaps making a slight retracement. There has been very little movement over the past 24 hours and although trading volume has dropped significantly, there is still considerable buying interest.
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Short Term Prediction For Ethereum Price: A beeline For The $2800 mark
As clouds start gathering over the crypto market, the Ethereum price seems to be defying expectations to continue moving forward. It reached the $2604 level on Aug 1 but then declined to just above the $2400 level on Aug 3 but has increased slightly since.
If bearish pressure continues, then ETH is expected to descend to the $2300 level after which a sell-off could precipitate the fall to the $2100 mark. It remains to be seen how the market will react to Gensler’s extensive interview and comments on crypto regulation but so far this has been muted.
A bullish prediction for the Ethereum price should see the crypto tag the $2800 line before gaining considerably and start touching the $3000 level. However, there does not seem to be that much buying momentum at present and this could take a while to happen.
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Long Term Prediction For Ethereum: Choppy Waters But $4K Still Possible By End Of Year
The Ethereum price seems to be consolidating at around the $2500 level before starting a big move either way. Although some slight retracements are expected, the general prediction is that ETH will continue moving up.
Although Ethereum always seems to follow Bitcoin’s price movement, this recent move has been slightly different. As from July 31, ETH seems to have broken free from BTC’s slump with the world’s largest cryptocurrency plunging by 10%. Ethereum plunged by 9% but the recovery has been swifter.
It appears that the Ethereum price rally has already started and the price is expected to continue increasing long term. Barring some retracements which are part and parcel of the game, ETH is expected to sail over the $3000 mark during August and even regain the $4000 level by year end.
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Gerald Fenech
