Ethereum (ETH) Price Prediction and Analysis in July 2020

By July 10, 2020DApps
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ethereum price prediction

We will be taking into account some of the historical prices and market opinions for ETH in order to develop an Ethereum price prediction for July 2020.

Ethereum Overview

Ethereum is the most used blockchain platform for smart contract and dapp development, with nearly 80% of the market’s tokens running on its ERC20 standard.

The native crypto of the platform is ETH and currently ranks as number two according to a market capitalization of $26,699,000,232 and a trading price of $239.03, with a decrease of -2.79%. There are actually 111,698,992 ETH in circulation. A total volume of $8,105,610,153 worth of ETH has been traded in the last 24 hours.

Ethereum Price Prediction: Analysis

ETH quickly rose from its June opening price of $230 to $248,24 in one day and continued this positive momentum into the next day, when it reached $252. While the coin pulled back sharply that same day to $233, it slowly regained most of its gains by July 10th.

On July 11th, ETH peaked at $249,89, but subsequently corrected itself and went below the $230 support line, reaching a low of $229,94.

Once again, Ethereum started a prompt recovery but traded mostly between $220 and $235 for the next few weeks. There were several resistance breakthroughs on June 22nd, 23rd, and 24th, with ETH peaking over the $240 resistance, but the coin faltered back to $230 levels.

ETH resumed the same pattern of trading between $220 and slightly above $230 until July 6th, when it broke past $240 to hit a daily high of $242,13. The coin managed to keep itself around the $240 level in the next few days, reaching $248,31 on July 8th, closing at $246,67.

Ethereum is once again on its path of re-testing the psychological level of resistance at $250, which has been suppressed many times since May 30.

ETHUSD
Source: FX street

Ethereum’s chart shows that a move from the recent break of the symmetrical triangle could take the coin to its 12-month high of $284 if Bitcoin maintains stability.

The current pivot, resistance, and support levels calculated by WalletInvestor are:

  • Resistance Level (R3): 260.345
  • Resistance Level (R2): 254.327
  • Resistance Level (R1): 250.497
  • Pivot Point: 244.479
  • Support Level (S1): 240.649
  • Support Level (S2): 234.631
  • Support Level (S3): 230.801

Developments

The highly-anticipated 2.0 upgrade for Ethereum is expected to happen later this month. The activity levels on the Ethereum platform have reached its highest peak in two years, according to the number of active addresses.

The seven-day moving average for ETH active addresses reached 405,014 on Friday, a level that has not been surpassed since May 2018, according to data supplied from Glassnode.

Ethereum Price Prediction: Market Opinion for July 2020

Several crypto prediction sites have launched their own Ethereum price prediction for July 2020, and in order to better reflect the market sentiment for this altcoin, we decided to feature some of the most relevant ones below in our article.

Longforecast

Longforecast predicts that ETH will have a maximum price for July of $294, while the minimum price has been estimated at $223. The month’s average price was projected at around $249. It is expected that ETH will have a closing price of $251, change for July 11.1%.

Digitalcoinprice

Digitalcoinprice’s Ethereum price prediction for July places the coin at a value of $440.01, meaning a hike of 78.25 %.

Coinpredictor

Coinpredictor sees a decrease of -1.3% in the next day, placing ETH at $223.55. The site forecasted that, in the next 7 days, the price of ETH will be $220.37, with a -2.7% decrease. Towards the end of July, ETH is predicted to be around $255.03, meaning a change of +12.6%.

WalletInvestor

WalletInvestor made predictions for the next 10 days of July, along with the minimum and maximum values of each particular day.

Gov.capital

Gov.capital predicted that Ethereum will be valued at around $203 near the end of July, with a maximum price of $233 and a minimum price of $172.

Cryptorating

Cryptorating’s Ethereum price prediction for the next day is $261.40, with a change of 6.16%. The site estimates that, in one week, the coin will trade at $246.17, which means an increase of -0.03%. Towards the end of the month, ETH is expected to close at $280.88, with an increase of 14.07%.

Cryptoground

Cryptoground projected that, in one day, ETH will have $201.1750, with a change of -18.37%. In a week, the price of ETH is anticipated to be around $204.6000, with a change of -16.98%. ETH is expected to have a closing price of $202.7734, which signifies a change of -17.72%.

30rates

30rates launched an Ethereum price prediction for every day of July (without the weekends), along with the minimum and maximum prices for each day. The site projects that on the last day of July, ETH will have a minimum of $233, a maximum of $269, and a closing price of $251.

DateWeekdayMinMaxPrice
07/14Tuesday$248$286$267
07/16Thursday$252$290$271
07/17Friday$250$288$269
07/20Monday$246$282$264
07/21Tuesday$251$289$270
07/24Friday$256$294$275
07/27Monday$246$284$265
07/28Tuesday$244$280$262

Altcoinforecast

Altcoinforecast predicts that on July 31th, ETH will be trading at a value of $231.79.

Ethereum Price Prediction: Verdict

We have reached the conclusion of our Ethereum price prediction for July 2020. We hope that the material we offered here will be of help to you in your upcoming ETH trading actions. From what we could notice, the price of ETH is possible to reach the $250 resistance should the market remain stable as now.

Featured image: currency.com

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