After an excellent performance last week, this Monday, Ethereum’s price struggles to hold above the $1,900 level as trading volume rises. We’re likely to see ETHUSD attempt to maintain current support levels in a price continuation pattern through the next several days before the cryptocurrency market decides on its next move.
Ethereum Price Analysis and Prediction
Ethereum managed to peak above the $2k level on Sunday, briefly breaking past its three-month-high. After a significant bearish drop in mid-June, where Ethereum’s price dropped from $1,800 to a low of $900, ETHUSD made an excellent recovery over the course of the subsequent two months.
The $2k level for Ethereum is an important milestone, and if the digital asset can maintain current support, we’re likely to see further growth in September.
The market is anticipating Ethereum’s network merge next month, which will provide additional bullish momentum for ETH, likely pushing it to the $2,500 level.
With the three-month-high level of $2k achieved for ETHUSD, the next range for the crypto asset is to conquer the $3k level. While we’re still far from another bull rally, September could ramp up the markets and bring ETH prices above the $2k range.
If you’re betting on the continual bullish momentum for crypto markets and the potential reversal of the bear market, now is an excellent time to open a position for the next bull run. However, if you still believe that the bear market is in effect, it could be wise to wait for another drop before loading up on undervalued digital assets.
According to the latest CPI data, inflation has declined, especially in June, when the U.S. saw its first month this year with price rises slowing down. Gas prices are down, and energy prices are stabilizing, signaling that the Fed’s monetary policy has been effective. Whether the economy will recover in Q4 is still early to tell, but traders remain hopeful.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/ethereum-price-struggles-to-hold-at-1900-trading-volume-rises/