Ethereum Forecast: Short-term Price Recovery
ETH is waiting for critical confirmation from a technical signal that could add credibility to the bull thesis about continuing the bullish trend.
Ethereum is likely to retest key support despite the potential for price reversals before an impulsive breakthrough occurs. The price of Ethereum suffered a drop of 22% compared to the highest level on July 7 and is now showing signs of short-term recovery. On the daily chart, the price of Ethereum presented a warning at the bottom of the momentum reversal indicator, suggesting that the next candlestick could reverse the decline in ETH. However, investors need to wait for confirmation of this next candlestick before establishing an accelerated interest.
Ethereum has started an upward correction from the zone of $ 1,865 to the US dollar. The price of ETH has climbed above $ 2,000 but is facing strong resistance close to $ 2,050. Ethereum tested the $ 1,865 zone before a decent wave of recovery began.
According to Messari’s review of decentralized finances for the second quarter, the Ethereum network settled $2.5 trillion between April and June this year.
He added that this represents a gain of more than 65% quarterly and almost 1,500% per year. Messari noted the Ethereum network could settle $8 trillion by the end of this year if the current pace continues.
Researcher Ryan Watkins stated that the biggest driver of this growth is still the activity of DeFi and stablecoin. In the same quarter of 2020, when the DeFi sector started to grow, $ 159 billion was settled at Ethereum. Going back a year to 2019, when the markets were still mostly bearish, only $ 73 billion was settled online. Ethereum Whales is also increasing its holdings with the top ten ETH wallets. They now control more than 20% of the total stock.
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