ETH Volume Surges by 60%. Could The Biggest DeFi Network Regain the $2k trading level?

Following a sharp spike above $2,000 on July 13, Ethereum’s (ETH) price has receded, targeting the $1,800 support zone. After weeks of consolidation around this price level, investors are concerned.

However, attention turns to Ethereum (ETH) amidst a significant surge in trading volume as investors anticipate a reclaim of the $2,000 threshold. Could the leading blockchain network for DeFi protocols soar again? Let’s explore the possibilities.

ETH Price Performance

In the last seven days, the price of ETH is down by 1.63% and down by 2.11% in the last 30 days. It is important to note that since reaching the price level of $2,016 on July 14, ETH has declined by 11%. The price of ETH is down by a slight 0.02% and is trading at $1,828.35.

Technical Indicators on the ETH Daily Chart

As illustrated in the chart, the price of ETH is below the 50-day moving average, which indicates a short-term bearish price movement. ETH trades above the 200-day SMA, which denotes an overall long-term bullish price trend.

The Moving Average Convergence/Divergence is below the signal line with red histogram bars, confirming the bearish momentum present in the Ether market today.

Also, the Relative Strength Index (RSI) is at 42.08, approaching the oversold zone, where a trend reversal might occur if buyers capitalize on the low price.

These indicators suggest a bearish momentum is prevalent in the ETH market. But overall, the asset is bullish in the long term as ETH remains above the 200 SMA, potentially attracting new buyers at the oversold position.

Important Price Levels for ETH

The chart shows that ETH has consolidated within the $1818 support zone for 30 days.

This support zone is crucial for ETH, as a bounce-off from it could propel it to the major resistance level of $2016. However, if ETH fails to bounce off from this zone, its price will experience a significant decline.

Expert Price Prediction for ETH

According to a price forecast by Gov Capital, Ethereum will be near $2,587.61 by the end of 2023. The prediction extends further, indicating an ascent to $5,033.84 in 2024 and $7,301.05 by the end of 2025.

Based on their AI-powered technical analysis, PricePrediction upheld an optimistic extended outlook for Ethereum’s value. Their projections indicated potential prices of approximately $2,851.56 in 2023, $4,224.26 in 2024, and $6,442.41 in 2025. Looking further ahead, their Ethereum price forecast for 2030 envisioned a substantial surge to $41,716.25.

On the other hand, Digtalcoinprice said ETH could reach $6,829.87 by 2025. It projected that the ETH price could average $4,500.84 in 2023 and $5,118.69 in 2024. The site also suggested the price could reach around $21,611.85 in 2030.

CaptainAltCoin shared an upbeat sentiment, suggesting that Ethereum might climb to $42,500.66 by 2030. The forecast extended to 2040, projecting an Ethereum price potential of $85,001.31.

Telegaon’s projections span from an anticipated average of $5,617.24 in 2025 to an estimated $9,798.93 in 2030, followed by a potential rise to $23,871.42 in 2040.

Factors that could affect the price performance of ETH

One of the biggest gateway payment systems, PayPal, launched a USD-backed stablecoin dubbed PayPal USD (PYUSD) on the Ethereum blockchain. According to the August 7 announcement, the ERC-20 token, PYUSD, will provide a seamless bridge between fiat and web3 consumers.

It would allow consumers, merchants, and developers to connect fiat and digital currency seamlessly. As an ERC-20 token, PYUSD could provide a gateway for more adoptions for the Ethereum blockchain, potentially leading to a boost in price for ETH.

PayPal’s recent integration is poised to enhance Ethereum’s adoption for covering gas fees, making it more accessible to a broader spectrum of Web 2 and web3 users.