Ethereum is trading at $1,707 as the sideways trading continues this Sunday. As written in yesterday’s NullTX Ethereum price analysis and prediction, ETHUSD continues to trade within the $1,600-$1,700 range as the market awaits next week to decide its next move.
With the trading volume down significantly this Sunday, the crypto bears are coming out as market momentum falters. Bitcoin’s 24-hour trading volume is at $15.5 billion, down 28%, while Ethereum’s volume of $10 billion shows a decline of 30% in the past day.
The sharp decrease in trading volume makes sense this today is Sunday, and most traders are taking the day off. Moreover, with the two-month-long sideways market and lack of any substantial bullish momentum, cryptocurrencies are losing the interest of retail and institutional investors.
Despite the decline in volume, the long-term potential for Bitcoin and Ethereum remains positive. Last week we saw Coinbase partner with BlackRock, opening up access to billions of funds to flow into Bitcoin, Ethereum, and other major crypto assets.
In addition, CME Group, one of the largest options trading platforms, is scheduled to release Bitcoin and Ether derivatives at the end of August, providing further exposure to crypto markets.
On the bearish side, last month revealed that Tesla sold most of its cryptocurrency in Q2 2022, signaling a change in the company’s position on digital assets and the likely outcome of the market this year.
In addition, Michael Saylor, one of Bitcoin’s most prominent proponents, stepped down as CEO after his venture into digital assets cost the company $1 billion in losses.
Looking at the three-month Ethereum chart, we see that Ethereum’s trend has been bullish over the past two months. After dipping to a low of $900 from a peak of $2,390 in May, we’re likely to continue to see Ethereum slowly attempt to climb back to the $2,000 range.
With the market excited about Ethereum’s upcoming network merge in September, which will turn ETH’s blockchain from the archaic proof-of-work to a forward-looking eco-friendly proof-of-stake consensus model, Ethereum has a bright few months ahead.
It’s unlikely we will see ETH prices below $1,000 anytime soon, but with the strength of the bear market, we can’t rule out another significant correction. However, it’s worth noting that if Ethereum dips below $1,000, it will cause a sharp rebound as the buy volume will increase drastically at that range.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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Analysts believe that once the spot ETF builds momentum, Ethereum will see “huge” price action, similar to Bitcoin’s performance after the launch of the spot Bitcoin ETF.
JinseFinanceTo date, Farcaster has earned nearly $1.9 million through registration fees and data storage fees.
JinseFinanceApproval for a U.S. spot Ethereum ETF should be completed by the end of summer. Before and after that, how does the market view the price trend of Ethereum?
JinseFinanceRecommended readings tonight: 1. Ethereum spot ETH may be passed soon. How will the market trend go in the future? ; 2. Vitalik: What is the real difference between Ethereum L2 and execution sharding? 3. Why is the FIT21 cryptocurrency bill a watershed for the industry? ;
JinseFinanceRecommended reading for this evening: 1. Vitalik's latest blog post: Discussion on multi-dimensional gas pricing; 2. Interpretation of ZK coprocessor network Lagrange with $13.2 million seed round financing; 3. Meme coins replace VC tokens to make Bitcoin better and better;
JinseFinanceThe performance divergence between Bitcoin and Ethereum is growing during this cycle. This manifests itself as weaker price performance for ETH and can be explained by overall weaker capital rotation trends, especially relative to past cycles and ATH breakouts.
JinseFinance
CointelegraphThe week-long daily lower high pattern suggests bulls will not be able to flip $43,000 as support, which could drag down many altcoins that just bounced back.
CointelegraphAltcoins are selling off ahead of the launch of a bitcoin ETF this week, a possible sign that traders are concerned about the historic launch.
CointelegraphOn-chain and derivatives data show that ETH price is unlikely to rise above $3,500 anytime soon.
Cointelegraph