The Ethereum price bounced back slightly from its recent pullback and is now trading at around the $2140-$2200 level. This seems to be a slight reversal from the bearish indications of a day or two ago when Ethereum was expected to drop well below the $2000 mark. If you haven’t bought any crypto yet, then it would be useful if you review this How To Buy CryptoCurrency Beginner’s Guide.
Ethereum seems to be consolidating its position between the $2100-$2200 mark before beginning another thrust to the $2600 level. Of course, there are still many pitfalls to reach that. A key level of resistance remains the $2400 mark which has already been rejected a number of times. A trend reversal seems to be there however with the Ethereum price looking quite solid for the time being.
The second-largest cryptocurrency by market cap has seen a considerable decline from its all-time high of late. After reaching a dizzying high of $4600 in late April/Early May, the Ethereum price tumbled very fast to reach the $1800 mark on 22 June. It has since recovered around 20% to the $2380 level on 5 July but suffered a setback over the past 72 hours to flirt with the $2100 mark. The recent recovery to the $2150 level or a 3% increase may indicate that Ethereum is ready for another charge forward.
There is of course a bearish thesis that runs counter to that proposal. If the $2100 level does not hold, then Ethereum could quickly tumble to the $1900 level where the next level of support is. If that barrier falls then another slump to the %1700 level is possible. However, this scenario looks unlikely as buyers have seemingly entered the market. If you haven’t yet bought some Ethereum, it would be useful if you could check out these Best Cryptocurrency Brokers.
Long Term Price Forecast For ETH: Of Musk Tweets And Fed Warnings
Elon Musk has once again weighed in on cryptocurrency this time bashing both Bitcoin and Ethereum. He said that their transaction rate remained slow whilst the cost was still rather high. This tweet did not seem to have an immediate effect on the Ethereum price but the long-term implications are there.
The US Federal Reserve also spoke about Digital Assets for the first time in its Annual Monetary Report. The Fed made reference to the recent surge in crypto prices and said that this also indicates the increased risk appetite for digital assets. With Ethereum having lost around 10% over the past 10 days, it would now be interesting to observe any more price movements to get a feel of what’s about to happen. The price could still rise if more buyers come into the market although FUD is always bad news for future predictions.