- Ethereum price is well supported at the $3100 mark
- Jump to $3300 Before A Slight Retreat And Consolidation
- Crypto market uncertainty also weighing on Ethereum and other coins in general
The Ethereum price is currently trading at the $3243 level after having reached the $3800 mark earlier yesterday. The current trend for Ethereum seems to be a stable period before another push forward occurs. However, the current instability in the crypto market makes a prediction rather difficult.
The continued spectre of more regulation in the crypto sphere is always a worry for investors although there appears to be some hesitancy for prices to continue moving forward. ETH is expected to continue trading in a very tight range between the $3100 and $3400 mark so a boost forward is quite out of the question at the moment.
Although not exactly correlated, the upcoming possibility of tapering of economic support related to Covid19 could create a buying spree into the crypto market. Investors will be looking for more opportunities to make quick profits at this point with piling into ETH a likely possibility.
If you haven’t yet bought some Ethereum then you should take a look at this How To Buy Cryptocurrency Beginner’s Guide.
Short Term Prediction For Ethereum Price: A Period Of Consolidation Before The Next Move Forward?
The Ethereum price is currently stuck between the $3000 and $3300 levels. This indicates a tight trading range although support seems to be very strong at the bottom end of the scale. Although many cryptos have been considerably down over the past days, ETH is still relatively unscathed with only a couple of percentage points in negative movement.
One also has to consider that the Ethereum price is still almost 100% up from its swing low of $1700 on July 20. The ascending triangle seems to be intact although massive resistance is being encountered at the $3400-$3500 level.
If a bullish thesis were to come into the equation, the Ethereum price should rise to the $3400 level and begin tagging the $3500 mark. If this were to be broken, a rise to the $3800 level would not be amiss. This would represent a 20% increase from the current price although at this point, this kind of movement would be highly unlikely.
A bearish thesis would see the Ethereum price knocked down to the $3000 level of support where a sell off could easily precipitate a 10% decline to the $2700 mark. Again, there is considerable support at that level so a decline from that point is quite far-fetched.
If you haven’t yet got into cryptocurrency trading, then you may take a look at these Top Cryptocurrency Brokers.
Long Term Prediction For ETH: Still Bullish By End Of Year
Although a period of volatility remains a possibility, the Ethereum price is expected to continue reaching new All Time Highs by the end of the year. Some analysts are even predicting the $5000 mark by December 2021.
The general outlook for Ethereum remains bullish although pitfalls remain. A massive bull run is expected to begin around end September to mid October although there have been predictions like these before and which went awry. Still, ETH remains a good long term bet overall.
Where to Buy Ethereum
If you want to purchase Ethereum, you can do so on the following exchanges:
• eToro
eToro is one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
• Binance
The other platform where you can buy Ethereum 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.
Looking to buy or trade Ethereum now? Invest at eToro!
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Gerald Fenech
