Ethereum Price Analysis – July Week 2

Ethereum Blockchain now remains in the headlines due to its Layer 2 solutions and Smart Contracts which made it useful for creators and artists to mint non-fungible tokens (NFTs). Week number 2 of July has proved very satisfactory for Ethereum holders as they entered the week with $1,180 and exited with $1,380. Not just this but Ethereum crossed the $1,400 crucial point as well. At one time, on the 13th of July, it almost fell below the $1k critical mark but surprisingly it depicted a 40% increase in the coming days. Now, it is crucial to keep the price above $1,280 so that this fresh increase doesn’t convert into a bear trap.

Last 2 Days’ Analysis

The last two days of the week were specifically more significant as the bulls reigned over the market. For Ethereum, the bullish trend was a result of the merge (transition from proof-of-work to proof-of-stake consensus) confirmation in September this year. With more than a 10% sudden increase, Ethereum touched its 1-month peak at 21:00 on the 16th of July. In these couple of days, Ethereum has perfectly set a stage to push the RSI towards $1,700. With this positivity, the market cap also reached $154.48 billion. The 24-hour trading volume remains at $21.15 billion.

Prediction for Ethereum

With this bearish trend, investors are hopeful that Ethereum will touch the next pattern target ($1,679) in the upcoming week. The crypto market is very unpredictable hence it can react in the opposite way as well so it could fall towards the support line of $1,280. As the whales and HODLers are optimistic that Ethereum would make a new all-time high in the last quarter of this year, it can be supposed that this bullish trend is the ground for the next bull market. Remember that the previous all-time high ATH of Ether (ETH) is $4,811. A large number of news outlets have already predicted the new ATH to be something between $6,500 and $7,000.