Ethereum

Plunge

bullish

<p>The post <a href="https://coinpedia.org/price-analysis/will-ethereum-eth-price-retest-4k-or-plunge-to-2-8k-in-august/" rel="noopener noreferrer nofollow">Will Ethereum (ETH) Price Retest $4K Or Plunge To $2.8K In August?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>With a strong bullish recovery in the market over the past weekend, top crypto tokens have displayed a significant uptrend in their respective portfolios. This highlights a high possibility of a positive outlook for these tokens this week.</p>
<p>However, since the Ethereum ETF launch, the <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/" target="_blank" rel="noopener noreferrer nofollow">Ethereum price</a> has continued its struggle to regain momentum and is constantly hovering close to its $3.3K level. What’s next for the Ethereum token as the market records increased bullish action?</p>
<h2 class="wp-block-heading" id="h-eth-crypto-records-increased-price-volatility">ETH Crypto Records Increased Price Volatility:</h2>
<p>Despite recording a correction of 3.15% within the past seven days, the Ethereum coin price has successfully regained momentum and has jumped 4.84% in valuation within the past day with a trading volume of $11.076 Billion and a 24-hour high of $3,384.53.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdQf9GwMgI2bsv4JrtAo3RRuBK-IXD6_LOaOgxMgv6qOee1ifclUSDThEZUmgZSl4B4kZfMvp3WBNLTZ1FB3Tvmb2KSnwRQmiYjqaQz3vIlNOoWuxzhFn1AG8Za3B9hc6SW6IdeRxS0kBiczkTDSshUKO0V?key=7vl87ceXsJ3DXDdM2vDmUw" alt="Ethereum Price Analysis">
 <figcaption class="wp-element-caption">
  TradingView: ETH/USDT
 </figcaption>
</figure>
<p>Furthermore, the altcoin leader, <a href="https://markets.coinpedia.org/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH coin price</a>, has formed a descending channel pattern in the 1D time frame and has continued to trade within it since mid-May. This highlights a long-term bearish sentiment in the crypto market.</p>
<p>However, following a breakdown it has also formed an ascending channel pattern, indicating a significant rise in its buying pressure over the shorter time periods for the Ethereum token.</p>
<h2 class="wp-block-heading" id="h-ethereum-market-sentiments">Ethereum Market Sentiments:</h2>
<p>The Relative Strength Index (RSI) displays a sharp rise above the mid-point. Further, its average trendline shows a potential positive crossover. This suggests that the price will continue gaining value this week.</p>
<p>Moreover, the MACD indicator has displayed a constant decline in its red histogram with a high possibility of a bullish convergence in the 1D time frame. This indicates an increase in the buying-over-selling pressure.</p>
<h2 class="wp-block-heading" id="h-can-eth-price-hit-5k-this-august">Can ETH Price Hit $5K This August?</h2>
<p>If the market continues trading under a bullish sentiment, the Ethereum price will gain momentum, break out of its resistance level of $3.7K, and head toward its upper high of $4,000 in the coming time.</p>
<p>However, if the bears regain control over the bulls, the ETH crypto price will plunge toward its crucial support level of $2,800 during the upcoming weeks.</p>

Will Ethereum (ETH) Price Retest $4K Or Plunge To $2.8K In August?

Table of Contents

CoinPedia News

Other articles published on Jul 29, 2024

Binance's First Airdrop Portal Project: What is Banana Gun?

BlackRock Sees Low Demand for Other Cryptos Other Than Bitcoin and Ethereum

Compound Finance Faces Scrutiny After Controversial Proposal 289 Passes

Fitch Updated 2024 Interest Rate Cut Forecasts! When and How Many Times Will FED Cut Interest Rates?

Ripple Leader Reveals Untold Beauty of Bitcoin

University of Wyoming to Open Bitcoin Research Institute

Join our free newsletter for daily crypto updates!