Catcoin News: Ethereum Weekly Price Analysis
The well-known crypto token Ethereum (ETH) is currently trading between $1,678.11 and $1,738.02. A day before, the token showed a bullish trendat $1890.77 while on 29th July it traded at approximately $1,710, and $1,614 was its price on 28th. This entire scenario brings to the front that the famous token has performed effectively in the previous days notwithstanding the overall market downtrend. Catcoin
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A prominent place has been occupied by Ethereum Blockchain in the news headlines because of the provision of the products like Smart Contracts and Layer 2 solutions which have turned it into a beneficial platform for the artists and developers to create non-fungible tokens (NFTs). All the altcoin holding investors keenly observe the price of Ether (ETH) to anticipate their respective tokens’ price especially in these days of recession.
In the 2nd week of July 2022, the Ethereum holders have been much satisfied with the performance of the token as its price was nearly $1,180 was witnessed at the beginning of the week whereas the denouement of the week saw $1,380 in its price. In addition to this, Ethereum surpassed the critical level of up to $1,400 as well.
A time came when the token approximately declined below thecrucial point of$1k on July 13th nonetheless shortly in the next few days it skyrocketed by almost 40%. At the moment, it is significant for Ethereum to maintain its price level higher than the mark of $1,280 hence it will be easy for the token to stay away from any bear trap.
Analysis of the Recent 2 Days
During a previous couple of days this week, the bulls have driven the market to a significant extent. In the case of Ethereum, the bull-run was witnessed following its merge – a shift to the proof-of-stake (after quitting proof-of-work) mechanism of consensus–which has been confirmed to take place in September 2022.
Having an abrupt escalation of above 5%, Ethereum reached a somewhat stable position on July 30th. In the recent two days, a great effort has been made by Ethereum to take the RSI to $1,700. Due to this advancement, the token’s market capitalization has additionally touched $207.44B which was around $150B a couple of weeks ago.
Further Anticipation
If this bearish attitude continues, the investors expect that the token will get at another pattern target of up to $1,879 during the impending 7 days. The market of cryptocurrency is considerably irregular thus its reaction will be in a contrasting direction, moving downward at the support point of nearly $1,680. The long-term investors as well as the whales are confident that a unique all-time high will be witnessed by Ethereum in this year’s ending quarter. Notably,the former peak point of Ether is $4,811. Several news venues have in advance anticipated the new market peak of ETH between$6,500 and $7,000.
