Ethereum Price Prediction: ETH Rises to $1,700

Ethereum Price Prediction: ETH Rises to $1,700 – Is Bear Market Over?

Updated: 30 August 2023

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Ethereum is bullish today after a 4.3% gain in 24 hours. The largest altcoin is trading at $1,716 at the time of writing.

The cryptocurrency market made a notable uptrend yesterday, with global capitalization gaining by 4.4% to $1.13 trillion. All the top-ten cryptos are trading in the green today amid renewed investor confidence.

Ether has posted high volatility in the last 24 hours as the price traded from $1,639 to $1,741.

The buying momentum has cooled, but markets are anxious about whether the bear market is over and if ETH can rally to $2,000 in the coming weeks.

Ethereum Rises to $1,700 As Crypto Market Recovers

Ethereum saw a notable recovery on August 29 as the price increased from around $1,640 to $1,740. While it has held levels above $1,700, buyers appear hesitant, and the uptrend has cooled.

Likely, selling activity might not be witnessed as traders hesitate to book profits at the current levels as they anticipate more future gains.

If Ether holds levels above $1,729, more gains will likely come. Ether has tested this level several times before retreating.

Breaking past the $1,828 will strengthen the rising momentum, in which case ETH might be ripe for a rally past $2,000.

Ethereum Establishes Support At $1,715

Ethereum has established a support level of $1,715. The price keeps bouncing from these levels, and if it fails to hold, a decline below $1,696 is likely.

Another critical support level is at $1,645, in which ETH will return to recent lows where the price consolidated without significant movements.

The Moving Average Convergence Divergence (MACD) is positive, confirming the bulls are in control. A continuation of the bullish trend will see ETH break past $1,800.

Whales Accumulate Amid Recent Rally

Ethereum spiked with the rest of the cryptocurrency market after Grayscale won its lawsuit against the US Securities and Exchange Commission (SEC).

The ruling raised hopes for a Bitcoin spot ETF approval, making the crypto market more accessible to investors.

THIS JUST IN: The D.C. Circuit ruled 3-0 in favor of Grayscale and $GBTC. This is a monumental step forward for all who have been advocating for Bitcoin exposure through the added protections of the ETF wrapper. Read the decision: https://t.co/ulAtcsad2G pic.twitter.com/BNZABvM7tw

— Grayscale (@Grayscale) August 29, 2023

After ETH rallied because of the news, a whale address purchased 8,000 ETH worth 13.66 million USDC. The whale address bought Ether at $1,708. The renewed confidence in ETH could see more gains.

The price of $ETH jumped ~4%.

And a whale spent 13.66M $USDC to buy 8,000 $ETH at $1,708 just now.https://t.co/gpwcokqCv1 pic.twitter.com/cBz3ti22st

— Lookonchain (@lookonchain) August 29, 2023

Wall Street Memes Presale Making Headlines After $25M Raise

The Wall Street Memes presale continues to garner interest across the cryptocurrency community.

The presale has seen over $25 being raised, and less than a month is left before the presale closes.

The WSM presale is available to the public, and investors can take a chance to buy now before exchange listings slated for Q3 and Q4, 2023.

Wall Street Memes is unique from other meme coins as it was not created spontaneously.

The token has enjoyed the backing of over a million followers on its social media channels because of its memes focused on investing in stocks and cryptocurrencies.

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