Price Analysis

Ethereum Price Analysis: Will Bulls Now Continue the Momentum for Ethereum (ETH)?

  • Ethereum price is on an upswing as seen from the 5-day ETH chart with the price going as high as $236

Ethereum, the second-largest cryptocurrency on the blockchain network is fast becoming an independent network which is capable of being an able competitor for Bitcoin due to its mass adoption, user-friendly features and key developments of the large-scale impact taking place. July had seen mainly a bear phase for Ethereum, but August has come as a breath of fresh air for the coin, with the price showing a continual upward momentum, as observed from the 5-day Ethereum chart with the price fluctuating in the range of $212 – $236.

Current Statistics of Ethereum:

As on August 6, 2019, at 4:36:17 UTC, important statistics are as below:

  • ETH price is trading at $227.816
  • Current market cap is around $24,537,479,611
  • 24-hour volume is at $7,189,771,144
  • ROI is at a high of 7,983.25 %
  • Circulating supply is at a 107,203,460 ETH

ETH to USD Price Comparison:

Ethereum Price Prediction
Ethereum Price Chart by TradingView

The price of Ethereum has mostly been in the downward range for the past week but now has been picking up as seen from the 5-Day chart. From a low of $212.593 on Aug 01, the price had a good rally to $227.7009 on Aug 05, in a matter of 3d 17h 35m, to the extent of 7.11%. In a matter of 16h on the same day, the Ethereum price rose higher to $236.055 to the tune of 3.70%. The price was lower to the extent of 3.70% in a matter of 3h 25m on the same day at $232.855. The price has today lowered to $227.816, the downward movement being to the extent of 2.16%. This downward momentum looks like a temporary phase for ETH, which is working on consolidating its position.

Ethereum Price Prediction:

Ethereum has moved to a good start in August after the bearish July mode. The crypto market is still volatile, but Ethereum seems to have recovered well. It only has to be seen whether ETH will be able to maintain the current momentum. Analysts predict a bullish trend for the medium term and have maintained the target price of around $500 for the year-end.

Conclusion:

Investors can now heave a sigh of relief as now ETH price seems to be on the recovery mode. The price has picked up well in the past two days. Long term investors can continue to hold on to their investments.

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Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

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