Ethereum Price Analysis and Prediction August Week 2
At this time, the price of Ethereum is $1,992.44 showing a rise of more than 4%. The respective increase is beneficial for the biggest altcoin Ethereum because previously the token was in a danger zone. Presently Ether is displaying a strong advancement and witnessing an exclusive high after every hour. Our last week Ethereum price analysis predicted a bullish movement which came true.
While discussing the significant progress of the token, Glassnode (an on-chain analytics company) witnessed the investors’ intention to elevate the risk exposure within the present environment. Altcoin cycle Signal of Swissblock mentioned that some power of Bitcoin tempered because the investors divested into the lower-risk atmosphere-based altcoins, as mentioned by Jan Happel and Yann Allemann in their newsletter’s latest edition.
Ether’s Price Prediction Is Still under Overshadowed by Bear Market
Since the Merge of Ethereum has taken the position of a driving force behind the token’s progress, it has outcompeted Bitcoin, heightening the level of the altcoins. The general market capitalization additionally touched its peak since the denouement of May, moving ahead the figure of up to $700B, as noted in the figures shared by CoinMarketCap and Trading View. Notwithstanding Ethereum’s likely price aims, the traders are even now conservative following several months of benefit.
QCP Capital (a trading company), in its newest update on the Telegram channel, cautioned its subscribers to take a cautious approach while moving forward for profits in a promising market of altcoins. However, despite viewing the token’s previous resistance level of nearly $2100, a general perception is that if it remains above the respective level, its further resistance levels include $3000, $3200, as well as $3400.
Ethereum Can Maintain Bullish Pattern
Additionally, the technical indicator called Relative Strength Index (14) places ETH within the overbought zone, nonetheless, any bearish movements external to the respective barrier could deteriorate the technical scenario and pave a way toward the additional sell-off lower than the 9-day as well as 21-day averages. In comparison with Bitcoin, the coin’s price is stepping toward surpassing the channel’s upper boundary because the token is spiking upside.
On the contrary, in the case of the market’s drop lower than the moving averages of 9 days and 21 days, the critical support is likely to be witnessed near 0.070 BTC. Discussing the upside, if ETH exceeds the channel, it may reach the figure of 9500 SAT as well as above in the terms of resistance level.
