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Ethereum’s Price Hovers at $1700: Wallet Dumps Hint at Potential Bounce

John KumiBy 0Edited by John Kiguru 31. August 20233 Mins Read
Crypto currency etherium. ethereum coin on exchange charts. e-currency etherium on the background of the schedule, arm,.
  • Ethereum (ETH) is predicted to stage a bounce after data disclosed that traders grow impatient with the asset. 
  • An Ethereum whale is reported to have transferred 55,050 ETH ($93.7 million) from an unknown wallet to Binance. 

Ethereum (ETH) was anticipated to trade above $2000 after the merge upgrade. Interestingly, the asset has in a surprising twist of event failed to break into major resistance levels as it rotates between $1700 and $1900. The asset is currently trading at $1,705.66 and has fallen by 7 percent in the last 30 days.

According to crypto analytics platform Santiment, traders are growing impatient with the current state of ETH. This indicates that wallets are dumping ETH at lower values, and from history, there is an increased likelihood of price rebound. 

Whale Alert platform has also reported that 55,050 ETH ($93.7 million) has been transferred from an unknown wallet to Binance. This is said to provide a clear indication of the ongoing market behavior with regard to ETH. The asset has also seen a drastic reduction in its gas fees after it recorded a yearly high in May. The reason has been linked to the availability of layer 2 solutions which is said to contribute to the scalability of Ethereum. 

Some Ethereum (ETH) Predictions

In July, co-founder and former CEO of BitMEX Arthur Hayes, predicted that ETH could make a huge jump from $1875 to $31,063, representing a 1556 percent surge. His reasons are linked to the possibility of Artificial Intelligence applications creating decentralized autonomous organizations (DAOs) to operate smart contracts. In this case, tokens issued would be traded on Decentralized Exchanges running on Ethereum.

DEX is naturally suited to support trading any type of equity, debt, utility, participation, etc. token issued by an AI-powered DAO. DAOs will fundraise and issue tokens on-chain. A plethora of new DAO tokens will trade on DEXs…As DAOs capture more economic value than companies, DEXs will trade more than traditional CEXs. I believe the largest driver of on-chain activity will be an explosion of trading volume on DEXs hosted on Ethereum….Given the market is forward-looking, I want to guestimate the percentage that will be reached 5 years into the future. I am not concerned about getting this number exactly right. I want to be directionally correct and profit as the narrative shifts from ‘won’t happen to ‘might happen.

Crypto analyst Altcoin Sherpa has also predicted that ETH could hit $3000 in the near term. According to the prediction, ETH could trade at $2000 in the second half of Q3 2023. From there, the asset could climb up to hit $2,700 in Q4 2023 before making a pullback to $1,200. 

$ETH: Wouldn’t be surprised to see this go as high as near $3000 before a pullback. Still to be determined how far the pullback would go; it’s going to depend on the macro economy IMO. Still bullish for now though. #Ethereum.

Ethereum has a bullish market sentiment and could make a quick rebound into $1800 in the next 24 hours if it breaks the $1,778.80 resistance level. However, the asset could go as low as $1500 if it breaks its support line of $1,625.21. Its safety score is currently fixed at 80/100 and has a 24-hour trading volume of $4,281,009,919. 

 

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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

John is a seasoned cryptocurrency and blockchain writer and researcher, boasting an extensive track record of years immersed in the ever-evolving digital frontier. With a profound interest in the dynamic landscape of emerging startups, tokens, and the intricate interplay of demand and supply within the crypto realm, John brings a wealth of knowledge to the table. His academic background is marked by a Bachelor's degree in Geography and Economics, a unique blend that has equipped him with a multifaceted perspective. This diverse educational foundation allows John to dissect the geographical and economic factors influencing the cryptocurrency market, offering insights that go beyond the surface. John's dedication to the crypto and blockchain space is not merely professional but also personal, as he possesses a genuine passion for the technologies that underpin this revolutionary industry. With his astute research skills and commitment to staying at the forefront of industry trends, John is a trusted voice in the world of cryptocurrencies, helping readers navigate the complex and rapidly changing terrain of digital assets and blockchain innovation. John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: info@crypto-news-flash.com Phone: +49 160 92211628

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