Ethereum price remained unchanged amid the decline in momentum as all eyes were on its breakout from resistance and continuation of recovery. According to a market expert, the Ethereum price might advance above the level of $2,000 before the next correction, although BTC will have a significant effect on the future direction.
At the time of writing, ETH is trading at $1,910.70, with a 24-hour trading volume of $14.42 billion and a market capitalization of $230.41 billion. The Ethereum price is up 0.2% over the last 24 hours, reflecting limited price movement as investors waited for the next major catalyst.
Ethereum Price Signals Final Shakeout Before Bull Run
On August 7, crypto analyst Crypto Lens outlined the long-term prospects for Ethereum, noting that the existing market dynamics bear a close resemblance to past periods.
As noted by Crypto Lens, ETH managed to achieve the predicted $1,928 price, thus preserving the general prospects intact. The key objective for the moment will be the $2,000 mark, seen by Crypto Lens as a potential psychological level.
Crypto Lens proposed a series of steps starting with a rise in ETH up to $2,000. In case BTC moves higher in the $70,000 – $72,000 zone, ETH is expected to see its gains extended to $2,100 – $2,200.
Meanwhile, Crypto Lens suggests that the above price movement will probably lead to a period of seven to ten days of distribution, where selling pressure slowly mounts. Eventually, the analyst sees a return of the price of Ethereum to the much lower range between $1,400 and $900.
The final stage of the forecast sees Ethereum rising to reach $7,000, though the analyst pointed out that Bitcoin’s performance is still the determining factor for this prediction.
Bitcoin Remains the Key Driver
The forecast highlights how Bitcoin will play a key part in Ethereum’s next step. According to Crypto Lens, Bitcoin has not reached the expected $70,000, thus giving Ethereum some time to advance before making corrections.
According to Crypto Lens, the level 0.618 of Fibonacci Retracement is likely to mark possible levels of resistance and support. This means that Ethereum can be trading above $2,000.
Crypto Lens suggests that Ethereum might have been spooked by its negative sentiments, and confidence may rapidly recover once ETH starts trending up again. The next ATH that will happen in the future can turn the entire outlook of Ethereum.
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Ethereum Technical Indicators Show Mixed Signals
However, momentum in buying ETH seems to be waning. The Ethereum price is trading at $1,910; ETH trades above the mid-point of the Bollinger Bands, which stands at $1,893.38. The upper and lower Bollinger bands are pegged at $1,950.37 and $1,836.39, respectively.
Remaining above the midpoint indicates that the bulls are defending their price range. Breaking above $1,950 will boost near-term bullish momentum.
The MACD line is now at 20.38, falling below the signal line, which stands at 24.46, and the histogram is now negative at -4.08. This indicates that the strength to buy may be weakening and therefore increases the likelihood that the price will experience range trading or a pullback.
What Comes Next?
Currently, investors will be keeping an eye on the ability of Ethereum price to remain above the support level of $1,890, attempting to rise up towards $2,000.
A price move above $1,950 will make the positive scenario from Crypto Lens more convincing. Yet, according to negative momentum oscillators, the market might first need some time for consolidation.
No matter what kind of trend Ethereum ends up taking, it looks like the move made by Bitcoin will still be the most important factor affecting the path of ETH.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
