Ethereum Price Prediction: $2500 remains a tough nut to crack for ETH amid impending death cross


  • ETH price remains on an 11-day uptrend but capped below $2500.
  • Ethereum awaits the August 4 upgrade amid a recovery in hash rate.
  • The coin at risk of a bearish reversal due to impending death cross on the 1D chart.

Amid sluggish trading seen across the crypto market this Saturday, Ethereum price remains trapped in a narrow range around $2450, potentially contemplating the next move.

In doing so, ETH price consolidates its ten-day winning streak, hovering close to monthly highs just shy of the $2500 mark.

The buying interest around the world’s second most traded digital asset remains unabated ahead of its upgrade, known as Ethereum Improvement Proposal (EIP) 1559, which is set to go live on August 4.

The upgrade is expected to alter the transaction costs while reducing the supply of the ether token, which could power the ETH price sharply higher. Further, the recovery in the hash rates also keeps the bullish tone intact around Ethereum.

As of writing, ETH/USD is trading at $2463, modestly flat on the day. Ethereum is gaining 14% on a weekly basis.  

ETH/USD’s upside appears faltering as technical indicator warrants caution

Ethereum’s daily chart shows that the price is lacking a follow-through upside momentum, as the bears are awaiting confirmation of a death cross formation.

The 200-Daily Moving Average (DMA) is set to cut through the 50-DMA from below, with a confirmation on a daily closing basis to indicate the potential for a major sell-off. 

The death cross validation could call for a bearish reversal, opening floors towards the 50 and 200-DMAs confluence near $2140.

The initial support could emerge at the July 7 highs of $2411, below which Friday’s lows of $2318 could be tested.

The $2250 psychological level could come to the rescue of ETH bulls should the downside pressure intensify.

ETH/USD: Daily chart

However, with the 14-day Relative Strength Index (RSI) still trending above the midline, the ETH buyers could defy the death cross warning and resume the uptrend to retest $2500.

The next relevant bullish target is placed at the 100-DMA at $2538. ETH bulls would seek fresh entries above the latter, exposing the $2600 round number.

ETH/USD: Additional levels to watch

ETH/USD

Overview
Today last price 2449.18
Today Daily Change -14.73
Today Daily Change % -0.60
Today daily open 2463.9
 
Trends
Daily SMA20 2074.97
Daily SMA50 2142.87
Daily SMA100 2537.48
Daily SMA200 2132.59
 
Levels
Previous Daily High 2474.82
Previous Daily Low 2317.51
Previous Weekly High 2474.82
Previous Weekly Low 2108.08
Previous Monthly High 2890
Previous Monthly Low 1700
Daily Fibonacci 38.2% 2414.73
Daily Fibonacci 61.8% 2377.6
Daily Pivot Point S1 2362.67
Daily Pivot Point S2 2261.43
Daily Pivot Point S3 2205.36
Daily Pivot Point R1 2519.98
Daily Pivot Point R2 2576.05
Daily Pivot Point R3 2677.29

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

AVAX Price Prediction: Avalanche bears target $47

AVAX price continues to outperform the majority of the market in its performance. It also has the distinction of being one of a few high market cap cryptocurrencies that remains near its all-time highs. However, that might change soon.

More Avax news

Axie Infinity Price Prediction: AXS to surge to $71

Axie Infinity price has followed the rest of the aggregated crypto market in a strong bounce after experiencing double-digit percentage losses. Any upside potential here is likely limited due to the number of Ichimoku resistance levels ahead.  

More Axie Infinity news

VeChain Price Prediction: bears plan to attack VET at $0.10

VeChain price pulls back after -25% drop. Bears take profit, and bulls look for some reprieve from massive losses. A massive gap between the close and daily Tenkan-Sen indicates a mean reversion trade was likely.

More VeChain news

Robinhood to launch crypto wallets for Bitcoin, Ethereum, and Dogecoin by October

Robinhood prepares to launch a wallet for BTC, ETH and DOGE to facilitate cryptocurrency holding for users. Waitlisted users on Robinhood to get access to the wallet as early as October 2021.  The launch of a wallet ...

More Bitcoin news

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP