Leading altcoin Ethereum (ETH) is moving to consolidate its gains in the previous days and weeks. However, there are some prospects for the second largest cryptocurrency by market cap. According to some, the altcoin may experience another decline before continuing the rise. That is, it gives interested investors the opportunity to save on time. Here are the details…
Analyst drew attention to $ 1,780 for the leading altcoin
Leading altcoin Ethereum is currently trading at $1,909, up 0.5 percent. However, according to some, the coin risks experiencing a deeper decline. This presents a buying opportunity. Indeed, as noted by crypto market analyst Crypto Tony, Ethereum has taken its cap liquidity. “For now, we are taking over the lower liquidity sitting around $1,780,” the analyst said, taking into account the chart analysis he shared in a tweet on July 18.
Having said that, this crypto asset will be back on its bullish path, according to the expert’s observations shown in the chart. Therefore, he believes that the $1,780 level would be the ideal time to start accumulating Ethereum. Meanwhile, according to data received on July 18, the price of Ethereum currently stands at $1,909. This marks a 0.5 percent rise in the last 24 hours. But it’s still based on a 1.25% increase over the previous seven days and a 9.18% gain over the past month.
Another analyst expects $3,000
Overall, the price of Ethereum is still a long way off from the all-time high (ATH) of $4,878.26, which it reached in November 202. However, if the expectations of many crypto experts and investors are correct, it will indeed rise significantly in the coming weeks or months. Earlier, anonymous crypto trade analyst Altcoin Sherpa shared his analysis of ETH on July 12. He argued that ETH could rise as high as $3,000 by the end of 2023 before pulling back again. To this end, he shared a chart pattern analysis and forecast for Ethereum price.
One thing that could help this move forward, according to the analyst, is the positive crypto investor sentiment, which has turned their attention from stablecoins to Ethereum and Bitcoin (BTC), as well as supporting Elon Musk’s optimistic crypto predictions for the future. Meanwhile, network updates supporting ETH are also available. For example cryptocoin.com As we reported, the Ethereum network switched from Proof-of-Work to the Proof-of-Stake consensus algorithm last September. Following the launch of the London hard fork on Ethereum’s (ETH) mainnet, 3.46 million ETH tokens worth over $6.5 billion have been burned so far. According to available data, around 146,000 ETH tokens are burned in Ethereum each month, further helping to reduce the circulating supply of the cryptocurrency.
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