Ethereum Price Prediction for July: Cryptocurrency crash escalates, ETH about to fall to $2,500? Cryptocurrency market prices have pulled back sharply in July, and investors appear to be worried. Overall, the market size has fallen from $2.8 trillion to $2 trillion over the past few months, a milestone set in March that is consistent with most cryptocurrencies. Currencies alike, Ethereum was unable to withstand increasing pressure from sellers. The second-largest digital asset extended its correction below the key $3,000 level. Ethereum fell 7% to $2,940 on Friday, CoinGecko data showed, falling 16.5% over the past seven days. Nonetheless, trading volume surged nearly 60% to $30 billion, highlighting a sharp increase in selling activity.
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Ethereum Price Prediction: Cryptocurrency market prices have experienced a sharp correction in July and investors appear to be worried. Overall, the market has fallen over the past few months from $2.8 trillion to $2 trillion, a milestone reached in March.
Like most cryptocurrencies, Ethereum is unable to withstand increasing pressure from sellers. The second-largest digital asset extended its correction below the key $3,000 level.
Ethereum fell 7% to $2,940 on Friday, down 16.5% in the past seven days, CoinGecko data showed. Still, trading volume surged nearly 60% to $30 billion, underscoring a sharp increase in selling activity.
Despite the imminent approval of an Ethereum ETF, bearish sentiment continues to rise. Investors originally thought Ethereum's rise to $3,975 in June heralded the start of a long-term bull market, but the past few weeks have proven to be a trap.
The U.S. Securities and Exchange Commission (SEC) is currently reviewing individual Ethereum ETF applications in preparation for official trading. However, market headwinds have spared no effort to upend cryptocurrency portfolios.
While actual trading of the Ethereum ETF would be a game changer, especially for altcoins eyeing similar milestones, the continued decline has many worried about how far it will go.
According to the Ethereum price prediction, the smart contract’s token is now below all three key exponential moving averages (EMA), including the 20-day, 50-day, and 100-day.
Given the continued decline in the Relative Strength Index (RSI), the downtrend is likely to continue into the weekend.
If sellers increase their efforts, Ethereum could break above the previously tested support at $2,800 (highlighted in black on the chart). The move could further destabilize ETH prices, exacerbating the sell-off towards $2,500.
The Money Flow Index (MFI), an indicator that tracks money inflows and outflows into the Ethereum market, is showing signs of bottoming above oversold territory.
If selling pressure equals buying pressure, ETH will start to trade sideways, leading to the chance of recovery in the coming days.
A potential double bottom pattern forming from the $2,800 support could also influence a trend reversal. The last time Ethereum price tested this support, it saw a sharp rise to $3,975.
In the short term, traders can watch for a retracement of the $3,000 support level, with ETH likely consolidating pending the next catalyst, possibly spot ETF approval, triggering a sharp rally above $4,000.
In 2024, the Ethereum network will experience several major enhancements. Ongoing “sharding” is intended to further increase the scalability of the network.
Sharding will enable Ethereum to process large numbers of transactions simultaneously, easing congestion and lowering gas fees. Anticipated technological enhancements may attract more developers and users to the platform, potentially increasing demand for ETH
Institutional interest in Ethereum is growing. Many large financial institutions are beginning to incorporate Ethereum into their business scope, whether through direct investment, using DeFi applications, or creating Ethereum-based products.
The expected launch of an Ethereum ETF in 2024 could open the door to a surge in institutional funds. These advancements are expected to increase investor trust and spark interest in ETH.
Ethereum is the driving force behind the development of the DeFi ecosystem. The space has witnessed an increasing number of assets on Ethereum. Decentralized exchanges (DEX), lending platforms, and yield farming are innovations in DeFI that continue to gain traction.
As the ecosystem expands, the demand and utility for ETH is likely to increase, positively impacting its price.
Ethereum has also made great progress in the field of Metaverse and NFT. The popularity of virtual real estate, collectibles, and digital art is driving demand for ETH, especially since most NFTs are created on the Ethereum blockchain.
Most NFTs are minted on the Ethereum blockchain. As the concept of the Metaverse develops, Ethereum's role in powering these virtual worlds may lead to higher adoption rates, resulting in an increase in the price of ETH.
The regulatory environment for cryptocurrencies still has both positive and negative sides. While clear regulation can support growth, overly restrictive policies can hinder innovation and discourage investment.
Traders need to pay attention to global regulatory changes as they may affect the price of Ethereum. Favorable ETF approvals or supportive blockchain policies could trigger price spikes and become positive regulatory updates.
Ethereum (ETH) technical analysis shows a mixed picture, with indicators such as EMA, MACD, RSI and Fibonacci levels present. The EMA issued a “sell” signal, suggesting a bearish trend with potential support at $3,090.3.
MACD is -47.4, indicating selling due to bearish momentum, while RSI is at 41.2, which is neutral but close to oversold levels. Fibonacci levels suggest support at $3,266.8 and resistance at $3,767.7, providing insight into potential price action.
A break below $3,266.8 could lead to further losses, while a break above $3,767.7 could signal bullish momentum.
1. Stay informed: It is crucial to keep up to date with Ethereum’s technical upgrades and their timelines. Effective execution of these improvements could mean significant upward trends.
2. Pay attention to institutional trends: Pay attention to the latest developments of large financial institutions participating in ETH. The higher the institutional adoption rate, the more room there is for price increases.
3. Pay attention to DeFi and NFT trends: The rise of DeFi and NFTs in the Ethereum ecosystem demonstrates the high demand and utility of ETH. Monitoring these industries can provide insights into potential price fluctuations.
4. Regulatory News: Stay informed about regulatory changes around the world. Favorable regulatory updates may lead to a positive market outlook, while negative news may trigger the opposite reaction.
5. Technical analysis: Use technical indicators to gain insight into market trends and possible entry and exit points. This can help make informed decisions when trading
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