Ethereum

April

Read

<p class="is-style-lead">Santiment predicts that Ethereum price can reclaim the psychological $2k price mark by August.&nbsp;</p> 
<p>Since reaching its peak of $2,132 in April 2023, Ethereum <a href="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">(ETH)</a>&nbsp;has struggled to regain its bullish momentum.&nbsp;</p> 
<p>According to Santiment, the psychological area of value at $2,000 has become a pivotal point for traders, determining their optimism or skepticism towards the asset. As bitcoin(<a href="https://crypto.news/bitcoin-price/" rel="noopener noreferrer nofollow">BTC</a>) dominated the market in June, ETH only <a href="https://insights.santiment.net/read/ethereum-enjoying-its-time-under-the-radar-7342" target="_blank" rel="noopener noreferrer nofollow">managed</a> a meager 4.8% gain against BTC, failing to excite traders.&nbsp;</p> 
<p>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.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/one-fund-may-be-behind-40-increase-in-eth-prices/" rel="noopener noreferrer nofollow"> One fund may be behind 40% increase in ETH prices </a> </p> 
<p>Currently, all eyes are on <a href="https://crypto.news/price/xrp/" rel="noopener noreferrer nofollow">XRP</a>, following Ripple Labs’ <a href="https://crypto.news/ripple-ceo-calls-xrp-ruling-a-win-for-crypto-industry/" rel="noopener noreferrer nofollow">partial victory</a> against the Securities and Exchange Commission (SEC) on July 13.&nbsp;</p> 
<h2 class="wp-block-heading" id="gauging-market-sentiment">Gauging market sentiment&nbsp;</h2> 
<p>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.</p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
 <div class="wp-block-embed__wrapper"> <iframe title="Ethereum $50,000 Price Prediction" width="1020" height="574" src="https://www.youtube.com/embed/5f2e7XVLX1k?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div> 
</figure> 
<p>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.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">📊 <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Ethereum</a> is sitting rather quietly at $1,895 while <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#XRP</a> and <a href="https://twitter.com/hashtag/Chainlink?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Chainlink</a> have been grabbing headlines as of late. Our latest insight takes a look at the under the radar metrics that could be very well hinting at an <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETH</a> return above $2,000 and beyond. <a href="https://t.co/5TKfhncwA4" target="_blank" rel="noopener noreferrer nofollow">https://t.co/5TKfhncwA4</a> <a href="https://t.co/cdNgTUtMED" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/cdNgTUtMED</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1682255539785592834?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 21, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<h2 class="wp-block-heading" id="ether-price-analysis-and-whale-movements">Ether price analysis and whale movements</h2> 
<p>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.&nbsp;</p> 
<p>With a circulating supply of 120 million ETH, the token has a market cap of $227.2 billion, according to CoinMarketCap.</p> 
<p>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. </p> 
<figure class="wp-block-image size-large"> 
 <img decoding="async" loading="lazy" width="1024" height="1024" src="https://crypto.news/app/uploads/2023/07/AAA-1-1024x1024.jpeg" alt="Ethereum price can reclaim $2k in August, Santiment predicts - 1" class="wp-image-14179834"> 
 <figcaption class="wp-element-caption">
   Ethereum price | Source: CoinGecko 
 </figcaption> 
</figure> 
<p>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.</p> 
<p>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.</p> 
<p>In the past 48 hours, four large Ethereum holders, often called “whales,” <a href="https://crypto.news/ethereum-whales-move-79k-eth-to-gate-io-and-coinbase/." rel="noopener noreferrer nofollow">moved</a> 78,900 ETH coins to the cryptocurrency exchanges Gate.io and Coinbase. This significant movement of funds attracted attention in the crypto community.&nbsp;</p> 
<p>Additionally, an ethereum wallet that had been inactive for eight years suddenly came alive and <a href="https://crypto.news/dormant-whale-awakens-after-8-years-moves-over-116-million-of-ethereum-to-kraken/" rel="noopener noreferrer nofollow">transferred 61,216 ETH</a>, valued at an impressive $116 million, to the Kraken exchange. This unexpected awakening of the dormant whale sparked curiosity and could be interpreted as a bearish signal.</p> 
<p>However, maintaining a patient outlook, Santiment predicts that ethereum could surge back above $2,000, possibly even before August arrives.</p> 
<p> Read more: <a href="https://crypto.news/eth-price-analysis-where-is-ethereum-headed-after-shanghai-update/" rel="noopener noreferrer nofollow"> ETH price analysis: Where is Ethereum headed after Shanghai update? </a> </p>

Ethereum price can reclaim $2k in August, Santiment predicts

Table of Contents

crypto.news

Other articles published on Jul 21, 2023

Indonesia’s Crypto Exchange and Clearing House Now Operational

Theft of $480 Million in DeFi Attacks in the First Half of 2023

FTX Crypto Exchange Sues SBF and Top Executives for $1B Fraud

Indonesia Unveils National Cryptocurrency Exchange & Futures Clearing House

Bitcoin Could Reach Six-Figure Prices, Says Mark Yusko

"Roll the Crypto Dice: Embrace Chance and Win Big with Bitpaid's Dice Game!"

Join our free newsletter for daily crypto updates!