The Ethereum price has moved almost exclusively sideways in the last few days and has seen little movement. The Ethereum course follows the development of the Bitcoin course. In the coming month of August, however, there could be a major breakout in the ETH price. What is the Ethereum price prediction for the coming month?
Ethereum Price Analysis for end of July 2023
The Ethereum price recently fell back below the $1,900 mark in response to the Bitcoin price drop to $29,000. However, the price has risen slightly again in the last few days from below $1,850.
From $1,840, the Ethereum price rose slightly towards $1,880. Nevertheless, the trend continues to point sideways over the last 1 to 2 weeks. The Ethereum forecast for August is therefore not easy to make.
Will Ethereum Price go up in August?
The Ethereum forecast for the coming weeks is not easy to make due to the price movement of the last few days and weeks. However, given the external factors, we can make informed assumptions.
The Ethereum price has mostly moved within a range between 1,850 and 1,950 dollars in the last few weeks. This sideways movement appears to be a “time bomb” that could soon burst with a massive rise or fall. We could see a sharp rise or fall in price soon.
The Blackrock Bitcoin ETF approval process has many investors holding their breath right now. If the application is approved soon or the first rumors of a successful application appear, not only could the Bitcoin price rise, but also the Ethereum price.
Ethereum Price Prediction: How high will Ethereum Price reach?
The Ethereum price could rise significantly in the coming weeks if the market breaks out to the upside. The resistance at $2,000 would have to be broken. If this happens, the Ethereum price could rise towards the $2,500 level in the forecast.
We anticipate that there should be a major increase in Ethereum price in August and the price will move towards this mark. We therefore assume an Ethereum forecast of $2,150 to $2,350 for the end of August.