Forecast of Ethereum (ETH) Valuation as of August 9
In the crypto market landscape of August 2021, Ethereum (ETH) and Cardano (ADA) were the centre of attention, with both digital assets showing promising growth prospects.
Ethereum, the second-largest cryptocurrency by market capitalisation, was widely expected to continue its price growth with a strong chance to consolidate gains near the $5,000 mark. This optimistic outlook was based on market bets, technical analysis, and institutional interest.
Technical analysis pointed towards a bullish momentum, with Ethereum entering a discovery phase approaching its previous 2021 peaks. Projections extended to around $7,500 based on Fibonacci levels, suggesting further upside beyond the $5,000 mark. Institutional accumulation and ETF inflows were notable drivers of price growth, supporting demand and potentially limiting supply.
However, analysts also warned of possible corrections to the $4,000-$4,400 range if key support levels failed, signaling that consolidation or retracement was possible before any sustained uptrend. Despite these cautious notes, the dominant narrative favoured further upside potential combined with some volatility and possible consolidation after reaching new highs.
As of now, Ethereum is trading at $4,205, having broken out from the previous resistance at $4,238 on the hourly chart. The prediction for Ethereum suggests a possible continuation of its rise after a breakout of the resistance at $3,941 on a bigger time frame. However, no significant moves are expected by the end of the day for Ethereum due to the passed daily Average True Range (ATR).
On the other hand, Cardano (ADA) is currently experiencing a potential growth towards $4,400 if the bar closes without a long wick. If it remains above the $4,093 level, it might test the $4,500 range by the end of August from a midterm perspective.
In conclusion, the prediction for both Ethereum and Cardano indicates a potentially bullish market outlook for the rest of August. While there are risks of short-term pullbacks and consolidation, the overall sentiment remains positive, reflecting a belief in the long-term growth potential of these digital assets.
- The price prediction for Ethereum extends beyond $5,000, with some technical analysis suggesting a possible rise to around $7,500 based on Fibonacci levels.
- In the crypto market landscape of August 2021, altcoins like Cardano are also showing promising growth prospects, with potential for ADA to reach $4,500.
- The trading activity in the crypto market, driven by institutional interest, could lead to further upside potential for both Ethereum and other digital assets, indicating a bullish market outlook for the rest of the month.
%20Valuation%20as%20of%20August%209){kind=link}