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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ethereum Price Maze: Will It Soar To $2,000 Or Stay At $1,500 In September?

Christian Encila
Christian Encila
2 years ago
3 mins read
Ethereum

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As Ethereum (ETH) grapples with quite a tense market sentiment, crypto investors are on edge, with some sounding cautionary alarms about the potential for further price erosion before any sign of recovery. 

The second-largest cryptocurrency by market capitalization has faced tumultuous weeks, with its price bouncing off the $1,626 support level, giving bulls a glimmer of hope.

In a bid to regain lost ground, Ethereum needs to engineer a bullish breakout from the overhead trendline, aiming to potentially push its price back up to $2,020. 

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Ethereum Bears Gain Upper Hand With Escalating Sell-Off: Impact On ETH Price

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ETH Bullish Breakout Looms, But Challenges Persist

Over the past few weeks, Ethereum has witnessed multiple rebounds from the support trendline, thwarting sellers’ attempts to instigate a significant correction. The current ETH price hovers around $1,629, showing modest 24-hour gains of 0.5% but a seven-day dip of 4.9%.

According to recent price analysis, if buyers maintain their pressure and the support trendline remains resilient, Ethereum could witness a 5-6% surge. Such a surge could challenge the persistent descending trendline that has dominated the ongoing corrective phase, and breaking past this resistance is crucial for a more pronounced recovery.

ETH market cap currently at $195 billion. Chart: TradingView.com

Ethereum’s Dwindling On-Chain Activity Raises Concerns

While Ethereum’s price struggles, there has been a noticeable decline in transaction volume and overall activity on the Ethereum blockchain. Recent data shows that transaction volume has hit a nine-month low, accompanied by daily transaction fees reaching an eight-month low. 

This trend has sparked concerns within the crypto community, with a growing consensus that users are losing interest in the Ethereum blockchain and possibly exploring alternatives.

Around mid-April, there was a significant shift in investor sentiment towards Ethereum, which was then trading at approximately $2,140 and had experienced substantial gains for the year.

During the following four months, there was a consistent trend of large-scale selling by Ethereum “whales,” individuals holding between 10 and 10,000 ETH in their crypto wallets. These whales are often regarded as informed and influential players in the cryptocurrency market.

One notable development that has raised eyebrows is the actions of Ethereum co-founder Vitalik Buterin. Observers have noted that Buterin has been transferring substantial amounts of Ethereum from his public wallets to other cryptocurrency wallets over the past month.

Source: The Motley Fool

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The approximate sum of $6 million worth of Ethereum being moved has led some to view this as a potential red flag. Comparable to corporate insiders selling their shares when anticipating a price decline, Buterin’s actions have added to the uncertainty surrounding Ethereum’s future trajectory.

With investors cautiously optimistic about a potential price rally, Ethereum must overcome significant challenges, including breaking past key resistance levels and reigniting user interest in its blockchain. All eyes remain on Ethereum’s next moves, as well as Buterin’s, along with crypto enthusiasts bracing for what the future holds for this influential digital asset.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Adobe Stock

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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