Ethereum Price has been trading in the $1,869.34 – $1,973.97 range in the last 24 hours. ETH made a failed attempt at breaking $2000 resistance, a decline followed right after resulting in a dip below the $1950 support level and settling below the 100 hourly SMA.
The price has already fallen below the $1,920 support level, but the bulls are defending the $1,850 level. Near $1,866, a recent bottom was formed, and the price is now retracing. It is currently attempting to break through the $1,900 resistance level.
The next resistance is at $1920. For ETH to reclaim the $2000 level a break above $1975 will be crucial as there is a bearish trendline forming there. However, to pursue this uptrend support from the broader crypto market will be needed.
In case of a downtrend, the immediate support is at $1865. Further, $1850 is the crucial support level to hold for ETH. a break below this level will push the price down to $1800 and a move towards the next support level at $1750 will continue.
The total trading volume has fallen by 7.65 percent to $12.98 billion. Nevertheless, the market cap is around $219.66 billion, giving it a 17.15 percent market share.
Long Term Ethereum Price Catalyst
Although the present price action looks pretty grim the long-term play for the network looks very promising. The Ethereum blockchain is the leader of the Defi market and the developments happening vouch for the fact that Eth will stay the leader and surge higher.
Popular Ethereum proponent who goes by the Twitter handle Croissant in a recent Twitter thread made a long-term bullish case for Ethereum. Below are some Excerpts.
ETH Price in Smart Contracts
A whopping 26% of $ETH is locked in smart contracts in the network’s dApps. This accounts for $57.7 Billion in assets, i.e a 15% surge since the beginning of 2021.
Croissant says, As new protocols needing $ETH are developed, the rate at which this occurs will only accelerate.
Ethereum Layer 2
In order to address the key problem of scaling on the network, hundreds of projects have been launched with an explicit aim to increase the scaling to a greater level.
Right now the network can process 15 TPS, but once the projects combined with sharding are deployed the network could achieve 100,000 TPS.
Croissant says Zero-knowledge proofs are one of the most potential scaling options for $ETH.
The initiative is being led by zkSync, with an EVM-compatible rollout due in August.
This rollout is expected to improve network security and expand it to 10,000+ TPS.