The value of Bitcoin continues to decline as the crypto king is speeding towards new lows daily less than $26,800. The downward trend has resulted in even more loss for the altcoins. What’s the next step for ETH? What price targets are we setting when it returns towards the long-term resistance line? Let’s talk about the latest data and the expectations.
As of the writing time this article, at the time of writing, Ethereum price was $1,557. The losses of 1% persist and the negative outlook continues to persist since the last Tuesday. The futures ETFs have been a complete loss. Then, the prospect for the ongoing conflict that exists between Palestine and Israel expanding into the region affected markets across the world.
The weekly chart readings indicate that the altcoin’s price has been falling since the beginning of April. The price was $2140 at the first quarter, which marked its highest level of the year. However, breaking the resistance area horizontally at $1,950 was just a slight deviation.
After the resistance was confirmed during July, it reversed to the previous level. The final decision of Ripple was a signal to sell in a variety of altcoins, however investors saw this coming as time progressed. The week that passed witnessed the price fall to $1,546. In order to sustain the upward trend in the near time, the support zone should be kept.
ETH Coin Price Predictions
Alongside the negative aspects in general market, Ethereum also has its particular issues. The first is that the declining amount of transactions during the down market negatively influences the earnings of the network, and also brings inflation back to levels that are positive on an annual basis.
In the opposite direction concerns over centralization are raising eyebrows. The Ethereum founder Vitalik Buterin, proposed a two-tier stake scheme to tackle the centralization issues. In this system, the primary participants would include Node Operators along with Delegators. This will reduce issues of centralization as well as increase security when staking pools are being staking.
But, the debates will not stop because of liquid stake protocols such as Lido which are a different aspect of the issue. In the end, the future in the direction of ETH is not the most optimistic If the downward trend continues, it’s likely to reach new lows.
At this stage, BTC price performance will determine. The goal of ETH during the case of a shock sell-off is $1350.