Price Analysis

Ethereum Price at the Foothill of Massive Explosion! ETH Price Seems to be Poised to Hit $8000 Soon

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jul 29, 2022

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Article Highlights
  • Ethereum price after the recent jump manifests huge possibility of igniting a strong bull run that may uplift the price beyond the current ATH

  • While ETH is about to ignite a significant upturned, the other altcoins are also expected to spike, letting off a strong Altcoin Season

Ethereum price has risen above $1700 after the recent spike and displays huge possibilities of smashing $1800 levels in no time. While the asset seems to consolidate pretty well presently, a major upswing is fast approaching that could escalate the prices close to $2000 in the next couple of weeks. 

The second largest crypto is believed to be at the foothill of an explosion as it appears to mirror the 2016-17 trend. Where-in the price ignited a strong bull run to mark its highs beyond $1000 for the first time since its inception. If the asset follows a similar pattern, the ETH price is subjected to a surge by more than 10x very soon.

A popular analyst here compares the price action of the asset during the 2017-18 bull run and the current rally. The analyst says that the asset is copying the previous bull run rally and hence may be poised for a significant upswing. Moreover, the RSI is also forming a similar pattern and hence it may ignite a notable Altcoin season as it happened between January 2017 to June 2017. 

On the other hand, the number of non-zero addresses has reached an ATH of 84,626,207 and the number of addresses in profit also reached a month high of 47,590,069.435. Therefore, the (ETH) which is just below the crucial resistance at $1830 is expected to break these levels and jump high towards $2260. Else a notable drop may drag the price back towards $1600. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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