The downward trend continues and today the price fell below the mark of 2,000 US dollars. Is there still hope for Ethereum? Investors are currently shivering their way through the price and now a new support is already in place. How can the bulls support this critical price to stop the downtrend?
Critical support is once again at hand
And once again Ethereum is struggling as it fell below the US $2,000 level today. It looked very promising at the beginning of the month, but again, it was unable to break through the US$2,340 level and is already back on the decline. Last week it was just able to hold at 2,120 US dollars – a whole four days.
The support between 2,035 US dollars and 2,000 US dollars will be crucial to prevent the slide from continuing in the coming weeks.
What is the short-term price forecast?
The crucial support is between 2,035 US dollars (200-day MA) and 2,000 US dollars. The daily RSI, however, is definitely trending lower as it has failed to break the 50 level in recent weeks as well. Even though the very flat rise suggests that there is still hope to defend the US $2,000 level, the falling RSI is more indicative of a retracement.
The bears have a grip on the July lows
The new July low that Ethereum hit today is mostly due to the bears who are pushing hard on the July lows. Not only is Ethereum in a downtrend, but all other coins continue to fall as well. There is hope, however, as the long-awaited London Upgrade draws ever closer. Various tests are said to have already been conducted over the past week so that nothing will stand in the way of its release on August 4.
It is still expected that this could be a real milestone for Ether and also serve as a price catalyst. Goldman Sachs is also convinced that Ethereum will end up surpassing Satoshi Nakamoto’s creation. Of course, whether this will actually be the case remains to be seen.
Another plus, of course, is that Ethereum has created “safe haven” status for itself in the crypto universe, and it sI am also the second largest cryptocurrency. The demand is very constant despite the ups and downs and the expansion of supply is predictable – if you look at other coins. Thus, we strongly expect that in the very near future the Ethereum price will rise again and the investors’ trembling will come to an end.
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