{"id":431913,"date":"2023-08-22T10:47:03","date_gmt":"2023-08-22T10:47:03","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=431913"},"modified":"2023-08-22T10:47:03","modified_gmt":"2023-08-22T10:47:03","slug":"ethereum-price-prediction-eth-consolidates-at-1660-is-a-breakout-imminent","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/ethereum-price-prediction-eth-consolidates-at-1660-is-a-breakout-imminent","title":{"rendered":"Ethereum Price Prediction: ETH Consolidates at $1,660 – Is A Breakout Imminent?"},"content":{"rendered":"

The Price of Ethereum went down a tiny bit, just 0.4%, on the last day. It’s now at $1,664, 10% lower than a week ago. Its 24-hour trading volume is up by more than 15%.<\/p>\n

ETH went down by 12% in the last month. But for the year, it went up by 6%. However, these gains became smaller because the whole market lost value last week and in the past few weeks.<\/p>\n

Ethereum’s new testnet, Holesky, enables the system to test upcoming updates, such as Cancun-Deneb, more efficiently.<\/p>\n

Such developments could help the ETH<\/a> Price recover very soon since layer-two rollups will be cheaper and more efficient.<\/p>\n

Ethereum’s signs show that it might be near the lowest point of its recent drop. The RSI-14 indicator has stayed below 40 after dropping to 20 last week.<\/p>\n

Also, Ethereum’s average price over the past 50 days is about to go lower than its average price over the past 200 days. This can often mean more losses are coming.<\/p>\n

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Source: TradingView Daily Chart<\/figcaption><\/figure>\n

But even if there are more losses in the next few days, they might not be ample. Ethereum’s price has increased slightly from a level where it usually doesn’t drop much. So, a recovery might happen soon. Ethereum’s fundamentals are still strong.<\/p>\n

Ethereum has something exciting coming up in the next few weeks: the launch of its new Holesky testnet. If this goes well, it could increase the price of ETH for a while.<\/p>\n

A testnet alone won’t make Ethereum better or more valuable, but preparing for future changes is essential.<\/p>\n

One of these changes is the Cancun-Deneb upgrade, which many people are waiting for. This upgrade will pave the way for something called Proto-DankSharding. This will help Ethereum’s special networks called layer-two rollups. These changes will help these networks be faster, and transactions will cost less.<\/p>\n

This will help Ethereum become a more extensive network that can handle more things simultaneously. This makes it even more vital as the top platform for smart contracts in the crypto world.<\/p>\n

Ethereum has more than half of all the money for decentralized finance (DeFi). It’s also getting more popular, like how PayPal<\/a> will use its own digital money on Ethereum.<\/p>\n

Because of these good things, we might see ETH’s price go back to around $1,700 to $1,800 in the next few weeks<\/p>\n

Ethereum (ETH) Statistics<\/strong>:<\/p>\n