Santiment predicts that Ethereum price can reclaim the psychological $2k price mark by August. Since reaching its peak of $2,132 in April 2023, Ethereum (ETH) has struggled to regain its bullish momentum. According to Santiment, the psychological area of value at…
Santiment predicts that Ethereum price can reclaim the psychological $2k price mark by August.
ETH’s subdued price action has resulted in fewer discussions about the asset, paralleling levels seen in mid-May. However, history shows that altcoins often thrive when traders are fixated on other assets.
Gauging market sentiment
The report shows that profit-taking still slightly outweighs losses, but this balance could shift if ETH experiences a significant drop, potentially triggering panic selling.
The most favorable opportunities arise when both groups are in negative territory, indicating a potential undervaluation. The report notes that most ethereum tokens remain held in self-custody, with less than 7% residing on exchanges. This suggests a lower likelihood of large sell-offs and reinforces confidence in the asset’s long-term potential.
Ether price analysis and whale movements
At press time, ethereum (ETH) is valued at $1,892, representing a 5.5% decline over the last seven days. The 24-hour trading volume of ETH stands at $10.4 billion.
With a circulating supply of 120 million ETH, the token has a market cap of $227.2 billion, according to CoinMarketCap.
We can identify some crucial price levels and indicators from the daily chart. The support level at $1,800 may serve as a crucial line of defense against further losses, with buyers likely to step in to defend the price at this level.
On the other hand, the $2,000 level acts as resistance, where selling pressure tends to increase, preventing the price from rising further in the near term. For ethereum to regain bullish momentum and potentially break above this resistance, it would need strong buying momentum and positive market sentiment.
The Relative Strength Index (RSI) on the daily timeframe is currently at 43.34. There might still be room for further downside movement before reaching oversold territory, where a potential rebound could occur.
However, maintaining a patient outlook, Santiment predicts that ethereum could surge back above $2,000, possibly even before August arrives.