Ethereum

Bitcoin

Spot

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Ethereum price is currently trading at $1858.24 while witnessing a loss of -0.81% during the intraday session.</a> </li> 
 <li> <span>2</span> <a>ETH price has slipped below 20- and 50-day EMAs.</a> </li> 
 <li> <span>3</span> <a>The year-to-date return of Ethereum is 55.35% while the three-month return is -2.46%.</a> </li> 
</ul> 
<p>The bullish trend for ETH price started in mid-June 2023, after the price formed support at $1645 and was successful in rising above $2000. The surge was due to BlackRock, an investment banking firm, filing Bitcoin Spot ETF. The cryptocurrency price formed a high of $2029.11.&nbsp;</p> 
<p>Ethereum price faced strong rejection above $2000 and bears entered the market to push the price back below it. The price retraced and formed support at $1844. It has entered into a consolidation zone ranging between $1844 and $1900 after the correction and has been consolidating since the end of July 2023.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh3.googleusercontent.com/m0-llkSfKlo4atAJDspBQjkN_t5n8cHujPKMgihIE99CFZ0plrjPSKu98yqwLFRkOm7OU-SS4ibLIetk2Q9SA1yZOkc10Kp3OgBy6JnCwc9gyNX6wbgp2CK_ZNQ_AX6dhx4YtL1rzCbHMdEZW4pUOQ" alt="Ethereum Price Prediction: ETH Price Consolidates Amid TVL Drop"> 
  <figcaption class="wp-element-caption">
    Source: ETH/USDT By <a href="https://www.tradingview.com/x/RPJCuJfT/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>The previous candle did shatter the support level but the candle did not close below it as bulls entered the market and pushed the price back above $1844.&nbsp;</p> 
<p>The current candle is bearish and is striving to close below the $1844 level. If bears take control and push the price below $1844, the price might melt toward $1800. While on the other hand, if bulls can push the price above $1900, it might surge toward the next resistance level of $1900.</p> 
<h2 class="wp-block-heading" id="strong-ethereum-network-analysis-strong"><strong>Ethereum Network Analysis&nbsp;</strong></h2> 
<p>The daily active addresses have increased by 11.3% to 365,520 in the past 30 days. From July 25, there has been a strong spike in the active addresses, rising from 279,850 to 365,520. The daily transaction has crossed the million mark and is currently at 1,048,101.&nbsp;</p> 
<p>However, daily transactions have dropped by 1.3% in the last 30 days. The total value locked has also declined by 15.1% to $22,880 in the past 30 days. The market capitalization has increased by 0.76% to $ 223,506,425,891 at the time of writing. The 24-hour trading volume has also surged by 20.62%.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-will-eth-price-fall-to-the-1700-level-strong"><strong>Will ETH Price Fall To the $1700 Level?</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh6.googleusercontent.com/mjlCJ4tBGBdDB5CLKqYw8C7ghpn9ZbxYevkReDurtbhl5ML5OMfPKQHiDn9R4DpI6k8BifIB4dUqF5dhTAui7tOLU_MgMaty_N94lfCM6yl6KOEc68pgAckgaFz-oWuEO_aJNs0LCYbDjwyVw_7OAw" alt="Ethereum Price Prediction: ETH Price Consolidates Amid TVL Drop"> 
  <figcaption class="wp-element-caption">
    Source: ETH/USDT By <a href="https://www.tradingview.com/x/qjjM1iiU/" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>The <a href="https://www.thecoinrepublic.com/2023/07/31/ethereum-price-forecast-aug23-whats-the-return-gift-from-eth/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency price</a> has slipped below 20 and 50-day exponential moving averages (EMAs), indicating a rise in bearish momentum. Chaikin money flow (CMF) score is -0.13 suggesting weakness in the market. Since 20 July, CMF has been below the 0 mark.&nbsp;</p> 
<p>The relative strength index is 46.79 implying that the price is in neutral territory facing the same pressure from bulls as well as bears. The Bollinger bands have started to contract indicating a decrease in the volatility.&nbsp;</p> 
<p>Ethereum price has been trading below the 20-day simple moving average (SMA) of Bollinger indicating the dominance of sellers in the market. The long/short ratio is 0.97 with 49.32% longs and 50.68% shorts indicating a slightly higher position of sellers in the last 24 hours.</p> 
<h4 class="wp-block-heading"><strong>Conclusion&nbsp;</strong></h4> 
<p>Technical parameters suggest that the price is bearish momentum and might break the support level of $1844 in the upcoming days. The market structure and price action for Ethereum are currently indecisive as the price is stuck in a consolidation zone.</p> 
<h5 class="wp-block-heading"><strong>Technical Levels</strong></h5> 
<ul> 
 <li>Major support: $1700 and $1645&nbsp;</li> 
 <li>Major resistance: $1900 and $2010</li> 
</ul> 
<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: ETH Price Consolidates Amid TVL Drop

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Thecoinrepublic.com

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