{"id":550231,"date":"2023-09-06T10:30:57","date_gmt":"2023-09-06T10:30:57","guid":{"rendered":"https:\/\/ktsl888.com\/?p=550231"},"modified":"2023-09-06T08:51:54","modified_gmt":"2023-09-06T08:51:54","slug":"ethereum-price-maze-will-it-soar-to-2000-or-stay-at-1500-in-september","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum-price-maze-will-it-soar-to-2000-or-stay-at-1500-in-september\/","title":{"rendered":"Ethereum Price Maze: Will It Soar To $2,000 Or Stay At $1,500 In September?"},"content":{"rendered":"
As Ethereum (ETH) grapples with quite a tense market sentiment, crypto investors are on edge, with some sounding cautionary alarms about the potential for further price erosion before any sign of recovery.\u00a0<\/span><\/p>\n The second-largest cryptocurrency by market capitalization has faced tumultuous weeks, with its price bouncing off the $1,626 support level, giving bulls a glimmer of hope.<\/span><\/p>\n In a bid to regain lost ground, Ethereum needs to engineer a bullish breakout from the overhead trendline, aiming to potentially push its price back up to $2,020.\u00a0<\/span><\/p>\n Over the past few weeks, Ethereum has witnessed multiple rebounds from the support trendline, thwarting sellers’ attempts to instigate a significant correction. The current <\/span>ETH price<\/span><\/a> hovers around $1,629, showing modest 24-hour gains of 0.5% but a seven-day dip of 4.9%.<\/span><\/p>\n According to recent <\/span>price analysis<\/span><\/a>, if buyers maintain their pressure and the support trendline remains resilient, Ethereum could witness a 5-6% surge. Such a surge could challenge the persistent descending trendline that has dominated the ongoing corrective phase, and breaking past this resistance is crucial for a more pronounced recovery.<\/span><\/p>\n <\/p>\n While Ethereum’s price struggles, there has been a noticeable decline in transaction volume and overall activity on the Ethereum blockchain. <\/span>Recent data<\/span><\/a> shows that transaction volume has hit a nine-month low, accompanied by daily transaction fees reaching an eight-month low.\u00a0<\/span><\/p>\n This trend has sparked concerns within the crypto community, with a growing consensus that users are losing interest in the Ethereum blockchain and possibly exploring alternatives.<\/span><\/p>\n Around mid-April, there was a significant shift in investor sentiment towards Ethereum, which was then trading at approximately $2,140 and had experienced substantial gains for the year.<\/p>\n During the following four months, there was a consistent trend of large-scale selling by Ethereum “whales,” individuals holding between 10 and 10,000 ETH in their crypto wallets. These whales are often regarded as informed and influential players in the cryptocurrency market.<\/p>\n One notable development that has raised eyebrows is the actions of Ethereum co-founder Vitalik Buterin. Observers have noted that Buterin has been <\/span>transferring substantial amounts of Ethereum<\/span><\/a> from his public wallets to other cryptocurrency wallets over the past month.<\/span><\/p>\n <\/p>\nETH Bullish Breakout Looms, But Challenges Persist<\/strong><\/h2>\n
ETH market cap currently at $195 billion. Chart: TradingView.com<\/a><\/pre>\n
Ethereum’s Dwindling On-Chain Activity Raises Concerns<\/strong><\/h2>\n
Source: The Motley Fool<\/pre>\n