Ethereum plunged to triple digits in mid-June, sparking panic over the crypto sphere that there could be another slump. However, the markets saw a real and not a slump, despite the Feds raising 75 BPS interest rates. ETH today crossed the $1,700 mark and the world’s second largest cryptocurrency is attracting heavy bullish sentiment.
July was the only month in which markets rose this year and delivered good returns for investors. Investors who caused the dip when it plunged below $1,000 and are sitting on good gains today. However, will the price of Ethereum rise to $2,000? Or will it experience a slump after a full month rally? Here is a price prediction for Ethereum for the coming weeks.
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Ethereum Price Prediction
Pseudonymous crypto analyst Smart Contracter predicted that Ethereum appears to be approaching the $2,000 mark. He claimed over the weekend that if ETH crosses $1,700, the next stop could be $2,000. General crypto markets have maintained bullish momentum, suggesting they could hit another high this month.
“Keep it simple. If Ethereum is accepted in this range (1,700). Then I think we could see a move to the highs in the low $2,000. Everything keeps pumping when this happens, as ETH/USD is the market in my opinion leads, “ he tweeted.
However, Smart Contracter warned investors not to take an entry position when ETH reaches $2,000. According to his predictions, Ethereum could lose nearly 36% of its value after it hits $2K.
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The downside target for Ethereum after hitting $2,000 is $1,280, Smart Contracter predicted. “If it confirms with a new high, there should be some good longer-term buying opportunities around $1,270 in the coming month,” he tweeted his 210,000 followers.
Also, several analysts have called last month’s rally a bulltrap, saying that markets could see a downturn. Therefore, it is advised to remain cautious as crypto markets may see a pullback this month.
At the time of writing, Ethereum was trading at $1,720 and is up 2.2% in 24-hour trading. The world’s second-largest cryptocurrency fell 65% from its all-time high of $4,878 in November last year.