Ethereum Price Prediction as Bulls Hold $1,800 Despite Market Sell-Off – Dip Buying Opportunity?
Ethereum's chart reveals that the altcoin is nearing or at a bottom, and that it should recover very soon, assuming no more negative news in the next few days and weeks.
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For example, ETH's 30-day moving average (yellow) is falling substantially below its 200-day average, and so is its actual price, indicating that the coin has lost a massive amount of momentum and is decidedly oversold.
In much the same vein, ETH's relative strength index fell below 30 at the start of this week and remains low, meaning that it doesn't really have anywhere else to go but up in the near future.
But traders should be mindful that the coin's support level has declined significantly since the middle of July, something which underlines how further price falls are still a possibility before the coin recovers.
As noted above, ETH and much of the cryptocurrency market has been affected by this week's downgrading of US debt, which has also seen stock markets around the world struggle, in a sign that the global economy continues to provide an uncertain climate for investors.
Such uncertainty has evidently hurt ETH and other coins, meaning that the bear market crypto has seen for the past year and a half is still ongoing, despite recoveries since the beginning of the year.
That said, ETH is primed to rise healthily once the market returns to bullish sentiment and growth.
This is largely because of its enviable fundamentals, with Ethereum remaining the biggest layer-one blockchain network in terms of total value locked in.
This represents just how much more Ethereum is used and adopted than the vast majority of its rivals, yet ETH's tokenomics are also highly bullish.
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