Ethereum Signals a Bearish Trend; Can ETH Still Go Up?
Ether’s price is bearish. Positive sentiments from the Holesky upgrade and possible ETF launch may lead to a trend reversal.
Last few weeks, Ethereum has faced a challenge as its price experienced a decline, hinting at a possible bearish trend. Overcoming the $1700 barrier has proven difficult for ETH.
Despite this, the question arises: Can Ethereum still go up? Looking closely, Ethereum’s current trading value is around $1664, with resistance at $2000 and support at $1500. The price movement forms a triangle pattern, which shows uncertainty.
To gain a better understanding, please read this post before investing in Ethereum.
Evaluating the ‘Buy the Dip’ Opportunity
Renowned crypto analyst Benjamin Cowen offers a cautious perspective on the “buy the dip” strategy, especially for altcoins. He anticipates a continued bearish trend affecting altcoins in the coming months. He believes the crypto will stabilize following the aftermath of a bear market.
While Ethereum strives to enhance its ecosystem with the Shanghai upgrade, its recent performance remains average. Ethereum’s value has decreased by about 12% in the past month.
Will Ethereum’s Bearish Trend Continue? The Impact of ETF Listings
At the start of the week, Ethereum traded around $1,670. The challenge of surpassing the $2,000 resistance level and cautious ETH prediction from analysts adds to more uncertainty. The price of Ethereum might trade between $1600 to $3000 in 2023.
The fate of Ethereum’s price trend depends on the market sentiment. The possibility of multiple Ethereum futures exchange-traded funds (ETFs) emerging in the U.S. could potentially transform Ethereum’s trajectory, pushing it toward new record highs.
The U.S. Securities and Exchange Commission (SEC) is reportedly considering permitting the listing of several Ethereum futures ETFs which will be a significant step for the crypto realm. Volatility Shares plans to launch an Ethereum futures ETF in October, with positive signs from the SEC so far.
The introduction of Ethereum futures ETFs might attract institutional capital, mirroring Bitcoin’s past price surge following the introduction of its futures. Although Ethereum currently trades around $1,668.03, the optimism surrounding potential ETF listings could serve as a potent bullish force.
Pre-Mine Ethereum Whale Emerges After 8 Years
Whale Alert, a well-known platform tracking blockchain activities, has revealed a surprising development: an Ethereum address that had been dormant for an astonishing 8.1 years has come back to life. This address, previously holding 191 Ethereum tokens valued at around $317,724, has suddenly shown activity, sparking curiosity in the crypto community.
Pre-mining means mining and distributing cryptocurrencies before their official launch. The awakening of this whale address is a rare event. Opinions within the crypto community are divided regarding the implications of these reactivations.
Many believe that these resurgences could indicate bearish market trends supported by historical patterns. For instance, after a similar whale reactivation in July, Ether’s price plummeted by 20.42%. Weekly awakenings of dormant wallets from May to mid-July led to a 17.3% decline in ETH’s price.
As this awakened whale interacts with the current market, the community assumes potential ETH price fluctuations. All attention is focused on the revived whale’s movements and the uncertain shifts it might introduce.
ETH Price Outlook
Crypto analyst Ali Martinez, known for sharing his insights on Twitter, has raised concerns about Ethereum’s price trajectory. As ETH faces a decline in value, influenced by the performance of the dominant cryptocurrency Bitcoin, Martinez believes that there is a risk of a significant price correction ahead. He even suggests that Ethereum’s price could drop to $1,000.
He has found an Ascending Triangle pattern on the chart. Generally, such a pattern indicates a continued upward trend, but it can also signify an impending reversal in price movement. If Ethereum’s price dips below the $1,600-$1,550 range, Martinez believes this could trigger a substantial 37%-45% correction, ultimately leading to a target Ether price of $1,000.
Martinez also highlights the bearish signals he sees for Ethereum’s future. He points out that the network’s fundamentals are showing weakness, citing a decrease in monthly active Ethereum wallets compared to the yearly average. It suggests limited on-chain activity and implies a “weak network health and usage,” according to the analyst.
Ethereum’s New Testnet ‘Holesky’ Prepares for Launch
ETH developers are gearing up for the Holesky, which aims to enhance the platform’s overall development. This initiative involves bringing more than 1.5 billion Holesky test net Ether to the network. Core developers of Ethereum have evaluated around 1.4 million validators for Holesky, underscoring their commitment to advancing the blockchain’s capabilities.
Scheduled to Replace Goerli Testnet: Holesky is slated to replace the current Goerli testnet as a staking, infrastructure, and protocol-developer testing ground in 2023. The Ethereum community is eager to improve its testing environment, with Holesky set to launch on September 15, 2023, at 14:00 UTC. This public testnet will introduce a significant amount of testnet coins, securing future Ethereum upgrades.
Addressing Technical Challenges: During the Ethereum Execution Layer Meeting 168, core developer Tim Beiko discussed recent progress. While some client issues were encountered, most have been addressed or are in the process of being resolved. Collaborations with external tech partners like Kurtosis Tech have been instrumental in pre-launch testing, contributing to the robustness of the upcoming testnet.
As Ethereum developers eagerly anticipate the Holesky test net launch, discussions and improvements continue with the goal of optimizing the Ethereum ecosystem for future enhancements. The core developer Execution Layer Meeting, scheduled for August 31, 2023, will likely provide further insights into the platform’s ongoing evolution.
Conclusion
The upcoming Holesky testnet is a big deal for Ethereum. It is like a practice ground where developers test new ideas before they are used for real. Holesky will have a long-term effect on ETH price, but the launch (or any positive news) of the ETF will create a positive sentiment in the market, and retail investors will jump into Ethereum for a long-term investment.
Ether’s price is bearish. Positive sentiments from the Holesky upgrade and possible ETF launch may lead to a trend reversal.
Last few weeks, Ethereum has faced a challenge as its price experienced a decline, hinting at a possible bearish trend. Overcoming the $1700 barrier has proven difficult for ETH.
Despite this, the question arises: Can Ethereum still go up? Looking closely, Ethereum’s current trading value is around $1664, with resistance at $2000 and support at $1500. The price movement forms a triangle pattern, which shows uncertainty.
To gain a better understanding, please read this post before investing in Ethereum.
Evaluating the ‘Buy the Dip’ Opportunity
Renowned crypto analyst Benjamin Cowen offers a cautious perspective on the “buy the dip” strategy, especially for altcoins. He anticipates a continued bearish trend affecting altcoins in the coming months. He believes the crypto will stabilize following the aftermath of a bear market.
While Ethereum strives to enhance its ecosystem with the Shanghai upgrade, its recent performance remains average. Ethereum’s value has decreased by about 12% in the past month.
Will Ethereum’s Bearish Trend Continue? The Impact of ETF Listings
At the start of the week, Ethereum traded around $1,670. The challenge of surpassing the $2,000 resistance level and cautious ETH prediction from analysts adds to more uncertainty. The price of Ethereum might trade between $1600 to $3000 in 2023.
The fate of Ethereum’s price trend depends on the market sentiment. The possibility of multiple Ethereum futures exchange-traded funds (ETFs) emerging in the U.S. could potentially transform Ethereum’s trajectory, pushing it toward new record highs.
The U.S. Securities and Exchange Commission (SEC) is reportedly considering permitting the listing of several Ethereum futures ETFs which will be a significant step for the crypto realm. Volatility Shares plans to launch an Ethereum futures ETF in October, with positive signs from the SEC so far.
The introduction of Ethereum futures ETFs might attract institutional capital, mirroring Bitcoin’s past price surge following the introduction of its futures. Although Ethereum currently trades around $1,668.03, the optimism surrounding potential ETF listings could serve as a potent bullish force.
Pre-Mine Ethereum Whale Emerges After 8 Years
Whale Alert, a well-known platform tracking blockchain activities, has revealed a surprising development: an Ethereum address that had been dormant for an astonishing 8.1 years has come back to life. This address, previously holding 191 Ethereum tokens valued at around $317,724, has suddenly shown activity, sparking curiosity in the crypto community.
Pre-mining means mining and distributing cryptocurrencies before their official launch. The awakening of this whale address is a rare event. Opinions within the crypto community are divided regarding the implications of these reactivations.
Many believe that these resurgences could indicate bearish market trends supported by historical patterns. For instance, after a similar whale reactivation in July, Ether’s price plummeted by 20.42%. Weekly awakenings of dormant wallets from May to mid-July led to a 17.3% decline in ETH’s price.
As this awakened whale interacts with the current market, the community assumes potential ETH price fluctuations. All attention is focused on the revived whale’s movements and the uncertain shifts it might introduce.
ETH Price Outlook
Crypto analyst Ali Martinez, known for sharing his insights on Twitter, has raised concerns about Ethereum’s price trajectory. As ETH faces a decline in value, influenced by the performance of the dominant cryptocurrency Bitcoin, Martinez believes that there is a risk of a significant price correction ahead. He even suggests that Ethereum’s price could drop to $1,000.
He has found an Ascending Triangle pattern on the chart. Generally, such a pattern indicates a continued upward trend, but it can also signify an impending reversal in price movement. If Ethereum’s price dips below the $1,600-$1,550 range, Martinez believes this could trigger a substantial 37%-45% correction, ultimately leading to a target Ether price of $1,000.
Martinez also highlights the bearish signals he sees for Ethereum’s future. He points out that the network’s fundamentals are showing weakness, citing a decrease in monthly active Ethereum wallets compared to the yearly average. It suggests limited on-chain activity and implies a “weak network health and usage,” according to the analyst.
Ethereum’s New Testnet ‘Holesky’ Prepares for Launch
ETH developers are gearing up for the Holesky, which aims to enhance the platform’s overall development. This initiative involves bringing more than 1.5 billion Holesky test net Ether to the network. Core developers of Ethereum have evaluated around 1.4 million validators for Holesky, underscoring their commitment to advancing the blockchain’s capabilities.
Scheduled to Replace Goerli Testnet: Holesky is slated to replace the current Goerli testnet as a staking, infrastructure, and protocol-developer testing ground in 2023. The Ethereum community is eager to improve its testing environment, with Holesky set to launch on September 15, 2023, at 14:00 UTC. This public testnet will introduce a significant amount of testnet coins, securing future Ethereum upgrades.
Addressing Technical Challenges: During the Ethereum Execution Layer Meeting 168, core developer Tim Beiko discussed recent progress. While some client issues were encountered, most have been addressed or are in the process of being resolved. Collaborations with external tech partners like Kurtosis Tech have been instrumental in pre-launch testing, contributing to the robustness of the upcoming testnet.
As Ethereum developers eagerly anticipate the Holesky test net launch, discussions and improvements continue with the goal of optimizing the Ethereum ecosystem for future enhancements. The core developer Execution Layer Meeting, scheduled for August 31, 2023, will likely provide further insights into the platform’s ongoing evolution.
Conclusion
The upcoming Holesky testnet is a big deal for Ethereum. It is like a practice ground where developers test new ideas before they are used for real. Holesky will have a long-term effect on ETH price, but the launch (or any positive news) of the ETF will create a positive sentiment in the market, and retail investors will jump into Ethereum for a long-term investment.