Today's Ethereum Price Dropped, What are the Predictions for ETH in the Future?

Bittime - Ethereum (ETH) began a turbulent journey on July 22 after peaking at $3,555. A gradual decline turned into a sharp decline on August 2, sending this major altcoin into a steep fall.

Why Did ETH Drop Sharply?

On July 23, the Ethereum ETF began trading, causing significant selling pressure. Grayscale ETFs, specifically ETHE, experienced outflows of more than $2 billion, which contributed to the decline in ETH prices. However, this selling pressure is starting to subside. 

According to an Arkham Intelligence report, ETHE outflows fell 80% this week, indicating that the selling may end soon.

ETH Price Analysis

Source: TradingView

On May 27, Ethereum reached a peak of $3,977, slightly lower than its March 11 peak of $4,092. After reaching this peak, ETH fell to the $2,820 support level on July 5. If impulse wave five forms from the July 5 lows and breaks above $3,500, it will confirm the end of the corrective stage since March.

However, with the recent price rejection, the rise from July 5 appears to be a three-wave ABC pattern, which could extend the WXYXZ corrective pattern, showing two additional waves. In this scenario, ETH would likely fall to at least $2,800, given that the July 22 peak was much lower than the May 27 peak.

Technical Indicators

The daily RSI is now in the extreme oversold zone at 18%, but there are no signs of reversal yet. MACD is still showing strong bearish momentum, indicating that further downside support needs to be monitored.

Ethereum Price Prediction

If ETH completes the Z wave of the WXYXZ pattern, it should immediately start consolidating before there are any signs of a reversal. On the hourly chart, a bearish pennant formation is visible, usually pointing to further declines, but the larger wick on the hourly candle suggests that buyers are slowly starting to enter.

If the price breaks below this triangle, we can expect a lower target of $1,900. Conversely, an upward breakout could be the first signal of an impending consolidation before ETH starts to recover.

Read also: Bitcoin Price Prediction after Drop to $53,000 according to Crypto Academy

Conclusion

Ethereum price has experienced a significant decline, but indicators suggest a potential bullish reversal. Close monitoring of technical indicators and chart patterns will be crucial in determining the future direction of ETH prices.

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