Ethereum Price Analysis and Prediction for August 6th – ETHUSD Holds $1,700

2022-8-7 17:44

Cryptocurrency markets remain relatively flat this Saturday as Bitcoin holds the $23k support while Ethereum is climbing above the $1,700 range. The global cryptocurrency market cap is up 1.51% in the past 24 hours, currently valued at $1.1 trillion. The fact the global market is above the $1 trillion range confirms the short-term sentiment this weekend that will hold Bitcoin and Ethereum at current levels until next week.

Ethereum Price Prediction and Market Analysis

ETHUSD is trading at $1,716, up 2.53% in the past 24 hours. After dipping to a low of $1,666 and peaking at $1,743, Ethereum has found its sideways trading range in the $1,700s.

The 24-hour trading volume for ETHUSD is starting to fall as the digital asset narrows its range. Currently, the daily volume for Ethereum is $15.3 billion, down 11.83%.

7D ETHUSD // Source: CoinMarketCap

Looking at the weekly chart, the current level of $1,700 is on the higher side, and ETHUSD could drop to the mid $1,600s in the next 24-48 hours. However, ETH is showing bullish momentum as investors are still excited for the upcoming merge in September, when Ethereum’s blockchain will switch from a proof-of-work to a proof-of-stake consensus mechanism, contributing to a more eco-friendly and sustainable network.

Moreover, looking at the weekly chart, we can see a potential inverse head and shoulders pattern, aka head and shoulders bottom. Such a pattern could mean an upcoming reversal in ETHUSD’s downtrend and could signal a breakout above $1,700 to the $1,800 range come next week. The declining trading volume suggests that Ether needs some momentum before attempting a breakout, so watching the volume could be a good indicator of an upcoming market movement.

Many argue that Ether could overtake Bitcoin in an event dubbed “The Flippening.” However, at this time, Ethereum’s valuation is still well below half of Bitcoin’s. For ETH to overtake BTC, it would have to more than double in price without BTC exhibiting any substantial price growth, a highly unlikely event.

If Ether is to overtake Bitcoin, it would have to continuously outperform Bitcoin over the course of several months, slowly inching towards a higher market cap without influencing BTC’s market.

Ethereum’s current market cap is at $209 billion, up 2% in the past 24 hours. Our prediction for the next 24-48 hours is that ETHUSD will continue to trade sideways throughout the weekend and look to Bitcoin and the stock market’s action early next week to decide its next move.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.

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Image Source: grejak/123RF

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