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Ethereum Price Prediction for Today, July 31: ETH May Touch $2000 Level

The Ethereum price prediction is getting ready to touch the resistance level of $2000 as the market moves sideways.

Ethereum Prediction Statistics Data:

  • Ethereum price now – $1721
  • Ethereum market cap – $209.3 billion
  • Ethereum circulating supply – 121.7 million
  • Ethereum total supply – 121.7 million
  • Ethereum Coinmarketcap ranking – #2

ETH/USD Market

Key Levels:

Resistance levels: $2600, $2800, $3000

Support levels: $1000, $800, $600

ETH/USD is currently ranging around $1721, and it is likely to climb above the upper boundary of the channel. Now, the Ethereum price has been moving sideways, as the coin is struggling to stay above the 9-day and 21-day moving averages. The Ethereum price is likely to shoot to the upside as the red line of the 9-day MA stays above the green line of the 21-day MA.

Ethereum Price Prediction: Ethereum (ETH) May Keep Moving Sideways

According to the daily chart, if the Ethereum price crosses above the channel; it could hit the nearest resistance level of $2000. However, a successful break above this level could open the doors for an additional increase to the $2400 level. In the meantime, any further bullish movement could push the coin to the potential resistance levels of $2600, $2800, and $3000.

Moreover, as the technical indicator Relative Strength Index (14) moves below the 70-level, the nearest support could be found at the $1600 level. If there is a bearish break below this support, ETH/USD could test another support before breaking towards the lower boundary of the channel. However, any further losses could lead the price towards the support levels of $1000, $800, and $600.

When compared with Bitcoin, the Ethereum price is moving bullishly, and the coin hovers around 7217 SAT. Therefore, if the price crosses above the upper boundary, there is a possibility that additional resistance levels may be created in the long term. However, the next resistance level above the current price is close to the 7400 SAT. More so, if the price crosses below the 9-day and 21-day moving averages, it could hit the critical support at 6000 SAT and below.

ETHBTC – Daily Chart

However, if the bulls put more pressure, a bullish movement above the upper boundary of the channel may play out and the potential resistance level could be located at 8500 and above. Therefore, if the technical indicator Relative Strength Index (14) remains below the 70-level, the Ethereum price could break into the overbought region.

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This On-Chain Indicator Suggests Bitcoin Still Only 1/3rd Into Bear Market

The Bitcoin long-term holder SOPR may suggest that the crypto has still only gone one-third of the way through the latest bear market. Bitcoin 20-day SMA Long-Term Holder SOPR Has Only Been 86 Days Into Bottoming Zone As pointed out by an analyst in a CryptoQuant post, the crypto is still only 1/3rd of the::Listen

The Bitcoin long-term holder SOPR may suggest that the crypto has still only gone one-third of the way through the latest bear market.

Bitcoin 20-day SMA Long-Term Holder SOPR Has Only Been 86 Days Into Bottoming Zone

As pointed out by an analyst in a CryptoQuant post, the crypto is still only 1/3rd of the way into the 260 days average historical bottoming period.

The relevant indicator here is the “Spent Output Profit Ratio” (or SOPR in brief), which tells us about whether the average Bitcoin investor is selling at a profit or at a loss right now.

The metric works by looking at the history of each coin being sold on the chain to see what price it was last moved at. If this previous selling price was less than the latest BTC value, then the coin has just been sold at a profit. While if the last value was more than the current one, then that particular coin realized some loss.

When the value of the SOPR is greater than one, it means the market as a whole is selling at a profit right now.

On the other hand, the indicator being less than one implies the average holder is moving coins at a loss at the moment.

The “long-term holders” (LTHs) is the Bitcoin cohort that includes all investors who have held onto their coins for at least 155 days without selling or moving them.

Now, here is a chart that shows the trend in the BTC SOPR (20-day MA) specifically for these LTHs over the the last several years:

Looks like the value of the metric has been pretty low recently | Source: CryptoQuant

As you can see in the above graph, the Bitcoin LTH SOPR (20-day SMA) dipped below the “one” mark a while back.

Also, in the chart the quant has marked all the relevant zones of trend for the indicator in relation to the bear market.

It seems like historical bottoming periods have lasted whenever the metric has been stuck below the breakeven point.

On average, past bear markets have lasted around 260 days based on the LTH SOPR. In the current cycle, the coin has so far been 86 days into the bottoming zone.

This would suggest that if Bitcoin ends this bear market in about the same time as the average, then the crypto is still only one-third of the way through.

BTC Price

At the time of writing, Bitcoin’s price floats around $23k, down 2% in the last week. Over the past month, the coin has gained 13% in value.

The value of the crypto seems to have been moving sideways during the last few days | Source: BTCUSD on TradingView
Featured image from mana5280 on Unsplash.com, charts from TradingView.com, CryptoQuant.com

Ethereum Price Prediction for Today, July 31: ETH May Touch $2000 Level

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