- Ethereum price closed the previous day’s trade at $1725.47 with a market capitalization of $209.26 billion and a circulating supply of 121,744,128.19 ETH
- The ETH price appears to have been preparing for a notable upswing and may undergo a strong upswing of more than 17% very soon
Ethereum Price Analysis for July 2022
|Current Price||$ 1,678.76|
|Market Cap||$204.38 billion|
|Circulating Supply||121,744,128.19 ETH|
Will Ethereum Price Reach $2100 This Week?
Ethereum’s price action in the past 24 to 48 hours was beyond expectation as the asset spiked magnificently with the launch of the Shadow fork. The price, which was swinging just below $1600, surged beyond $1700 and appears to be poised to hit the upper resistance at $1843.67 any time from now.
The price after surging above $1700 is undergoing a minor consolidation as the bull may have got exhausted. However, after experiencing enough selling pressure, the asset may be compelled to break above the local resistance and head towards $2000. However, by the end of the week, the asset may hover close to the resistance and may eventually not break above these levels.
Additional Read: Ethereum Merge Update
Will ETH Price Reach $2500 in July 2022?
After undergoing a steep descending trend for the past couple of months, the last fortnight turned out to be pretty bullish for the Ethereum price. The asset was on the verge to retest the lows below $1000 again, but the bulls entered and uplifted the price inducing significant bullish momentum.
Currently, the price is closer to breaking above the consolidation and secure levels beyond the immediate resistance. While the monthly close is fast approaching, the asset tends to be highly volatile and hence may gain a notable bullish momentum and rise close to $2000. However, considering the chart patterns and the technicals, $2500 may be a little tougher for the month end but may achieve in the coming days.
Will ETH Price Reach $10K in 2022?
Ethereum price has been quite stable ever since the beginning of 2022 trade as the asset underwent minor price variations. No doubt the asset dropped extremely hard amid the market crash, but rebounded fairly, maintaining the lower support. Presently, the ETH price is close to achieving $2000, while the crucial resistance lies above $3200. Therefore, after attaining these levels, the asset may eliminate the bearish impact to some extent.
The rally in H2 2022 is expected to maintain a decent upswing without huge pullbacks hitting the bottoms. By the end of Q3, the ETH price may surge notably and hover around $2900 to $3100. Further, by the end of yearly trade in 2022, the asset may aim to head towards its ATH but may certainly not form a new one. Therefore, currently achieving $10K could be pretty tough for the ETH price but may achieve during the upcoming bull rally.
Additional Read: Ethereum Price Prediction
Ethereum Price Prediction: ETH Price Trend Comparison with MATIC
- Polygon(MATIC) is the layer-1 blockchain built over the Ethereum chain and hence shares a deep correlation
- During the descending trend in the first half of June, both maintained an equal drop from the average levels to hit the lows close to -50%.
- However, with a strong rebound, MATIC price rose massively to surge beyond +60% at the press time.
- On the other hand, Ethereum price continues to hover below the average levels at around -7.25%
Ethereum Price Prediction: ETH/USDT Price Trend Comparison with ETH/BTC
- Ethereum price paired with USDT displayed huge weakness compared to that of the Bitcoin pair
- During the free fall in June, the ETH/BTC maintained significant strength and consolidated just below the average regions for a longer time
- While the ETH/USDT pair dropped heavily to -48% and after a brief consolidation recovered notably to hit -7.18%
- On the other hand, the ETH/BTC pair maintained significant strength and rebounded fairly to hit +15% at the moment
Ethereum (ETH) Technical Overview
- Ethereum price has spiked by more than 30% in the past couple of days after swinging within an ascending parallel channel
- Presently, the price faced a rejection from the upper resistance and entered the channel again but it may be a short-live correction
- At the same time ETH price is also experiencing an upward bullish pressure that may assist the price to revisit the resistance again
- Therefore, the price may again slice through the resistance again in the next couple of hours and eventually regain the levels beyond $1800 at the earliest.
Additional Read: Ethereum Technical Analysis
Impact of Crypto Crash on ETH Price
Ethereum price was drastically impacted with the 2022 crypto crash as it fueled the ongoing descending trend. The ETH price was compelled to drop below $1000 as it experienced extreme bearish pressure which was followed by rounds of negative events within the crypto space. However, the asset is currently attempting hard to rebound finely but the bears are expected to restrict the price below $1800.
Along with the bearish trend, the traders are also traumatized by the newly implemented tax regime. According to the new policy, the traders are required to pay 30% tax on crypto profits and 1% TDS on every transaction. With this policy, the traders and the exchanges, both have been affected drastically.
Where & How to buy Ethereum (ETH)
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].
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