As Ethereum (ETH) moves to consolidate the gains from previous days and weeks, the second-largest cryptocurrency by market capitalization might be in for a further decline before bullish continuation, giving interested investors an opportunity to accumulate it in time.
Indeed, as crypto market analyst Crypto Tony noted, Ethereum has taken the upper boundary liquidity, and for now, “we roll over and grab the lower liquidity sitting around $1,780,” taking into account the chart pattern analysis he shared in a tweet on July 18.
Having said that, according to the expert’s observations illustrated in the chart, this crypto asset will return to its bullish path, which is why he believes that the $1,780 level might be the ideal time to begin accumulating Ethereum.
Ethereum price analysis
In the meantime, the price of Ethereum currently stands at $1,892.19, indicating a decline of 0.75% in the last 24 hours but still holding on to the 1.25% increase over the previous seven days and a 9.18% gain across the last month, according to the data retrieved on July 18.
Generally speaking, the price of Ethereum still has a long way from its all-time high (ATH) of $4,878.26 it had reached in November 202. However, if many crypto experts and investors’ expectations are correct, it could, indeed, rise significantly in the following weeks or months.
Earlier, pseudonymous crypto trading analyst Altcoin Sherpa shared a chart pattern analysis and prediction for the price of Ethereum, arguing it might rise to as near as $3,000 in late 2023 before pulling back again, as Finbold reported on July 12.
One of the things that could help this advance is the positive crypto investor sentiment as they turn their attention away from stablecoins and to Ethereum and Bitcoin (BTC), as well as Elon Musk’s support of optimistic crypto prognoses for the future.
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