Ethereum

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Ethereum price trades at $1888.84, declining 0.14% during the intraday session.</a> </li> 
 <li> <span>2</span> <a>ETH price has negatively crossed the 20-day EMA.</a> </li> 
 <li> <span>3</span> <a>The year-to-date return of Ethereum is 57.91% while one week return is -5.77%.</a> </li> 
</ul> 
<p>ETH price gained bullish momentum after the formation of support at $1650 which led to a rise of roughly 23% in the span of a month. The bullish rally led to the formation of a July high at $2029.11. The cryptocurrency price could not sustain above $2000 and the candle retraced below the psychological level. After the high formation, there were a series of losing days and prices melted down below $1950.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh5.googleusercontent.com/jSWJ90CtTv5ol1bCfPWe1Qf3PRdXTHBrWbU5Abep4HrU8zzYmpHwDlKx7INBZdJJGfAL7zUte_njOEt6sl9W7quVjvEuwrQ6s6QpO-Xcyw7m65oLrbA5N-k7hO1Ex7gCp9DMbNmlYO8rl8ohXLl7nso" alt="Ethereum Price Prediction: Will ETH Price Reclaim $2000 Mark?&nbsp;"> 
  <figcaption class="wp-element-caption">
    Source: ETH/USDT By <a href="https://www.tradingview.com/x/PH2FGADu/" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>The recent candles have been facing rejection at $1880 and the previous candle closed as a bullish candle. The current candle has turned bearish and is headed toward the low of the previous candle. If it can shatter the low of previous candle, it might melt toward $1860. Traders expected that $1900 will hold the price which turned out to be false. For the price to regain bullish momentum, ETH price needs to form strong support.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-analysis-of-the-ethereum-ecosystem-strong"><strong>Analysis Of the Ethereum Ecosystem</strong></h2> 
<p>The daily active addresses of Ethereum have witnessed a surge of 30.9%, reaching 342,678 in the last three months. DAA peaked at 474,700 on 11 June. Since then there has been a decline in the price movement. Ethereum is the fourth largest in daily active addresses. The daily transaction has also reached 1,093,783, rising 0.2% in a month. Total value locked has also surged by 1.5% to $25,750.9 million in a month.&nbsp;</p> 
<p>Addresses that have been active in the past 30 days, showcase an average return of -0.35% which is slightly near to breakeven. Long term who have been active over the past 365 days are up 14.9% on their returns. The 24-hour trading volume has increased by 13.20% and the market capitalization is down by 1.12% to $227,013,401,519.&nbsp;</p> 
<p>Sentiment, an on-chain data aggregator, stated in a report that traders have shifted their focus from Ethereum after getting bored because of its middling price action. Sentiment also says that many altcoins surge as soon as traders become distracted by other shiny assets in the market.&nbsp;</p> 
<h3 class="wp-block-heading" id="strong-technical-analysis-of-ethereum-strong"><strong>Technical Analysis Of Ethereum</strong>&nbsp;</h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh6.googleusercontent.com/oTzqCwbknYGXxF8NX3G0WnAUQWo6XK8D0siHCr4qXegwWVCKja0J7a8cGEus-07BPWBriLQ65iUiYd1xMRYqUfYGpOsELNkTajea2KocenQMJH0rNZFgTGRIjtBsguVUn912V7sRsequfYPI_4bbudg" alt="Ethereum Price Prediction: Will ETH Price Reclaim $2000 Mark?&nbsp;"> 
  <figcaption class="wp-element-caption">
    Source: ETH/USDT By <a href="https://www.tradingview.com/x/7quQrAY9/" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>The <a href="https://www.thecoinrepublic.com/2023/07/10/ethereum-price-prediction-will-eth-price-revisit-1800-level/" rel="noopener noreferrer nofollow">cryptocurrency price</a> has negatively crossed 20-day EMA implying increased participation of bears in the market. Chaikin money flow score is 0.12 suggesting weakness in the market.&nbsp;</p> 
<p>The relative strength index trades at 50.07 denoting that the price is in neutral territory with the same pressure from bulls and bears. The long/short ratio is 0.99 with 49.85% longs and 50.15% shorts indicating a slightly higher pressure from the selling side.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion&nbsp;</strong></h4> 
<p>The market structure and price action of <a href="https://www.thecoinrepublic.com/2023/07/10/ethereum-price-prediction-will-eth-price-revisit-1800-level/" rel="noopener noreferrer nofollow">Ethereum</a> has turned bearish after the price could not sustain above $2000. The technical parameters suggest that there is a weakness in the market. However, the overall network activity has been showing positive signs hinting at a chance that the price might reclaim $2000.&nbsp;</p> 
<h5 class="wp-block-heading"><strong>Technical levels</strong></h5> 
<p>Major support: $1860 and $1825</p> 
<p>Major resistance: $2008 and $2121</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Ethereum Price Prediction: Will ETH Price Reclaim $2000 Mark?

Table of Contents

Thecoinrepublic.com

Other articles published on Jul 21, 2023

Avalanche’s Struct Finance TVL Surges 120%, Clinches First Spot.

BakerySwap's Ambitious Upgrade: NFTs with a Twist of AI and Multi-Chain Compatibility

Harnessing Blockchain Applications And Cryptocurrency-Based Cybersecurity Innovations

Shiba Inu Lead Kusama to Speak at Major Conference

Crypto Fans Show Support Over New Crypto Regulation Bill Filed in Congress

Crypto Venture Capital Firms Raise Over $350 Million in Funding

Join our free newsletter for daily crypto updates!