Ethereum Price Forecast as ETH Falls Below $3100 Support – Will the Fall Continue?

Ethereum (ETH) is struggling in the cryptocurrency market. Its daily chart confirmed solid bearish sentiment. Genesis The recent delisting of ETH from exchange trading could be a potential catalyst for this downward dynamic.

Genesis moved 40,000 ETH tokens to two wallets, causing ETH to rise fall significantly below support level $3100. A position below support suggests that sellers are dominating, which will make it difficult for ETH to regain strength.

Genesis Trading transferred 27,500 ETH to an address starting with 0xcbCF at 9:43 UTC+8 today, worth approximately $87.09 million, and transferred 12,500 ETH to an address starting with 0x72FE, worth approximately $39.59 million, suspected of pursuing bankruptcy liquidation procedures.

— Wu Blockchain (@WuBlockchain) August 2, 2024

Many people are speculating about further price drops based on thisThis analysis will examine whether ETH will be able to bounce back from this.

Ethereum’s Recent Price Movements

Ethereum price has been in a downtrend since July 1. On July 5, the coin dropped from $3,479 to $2,834, a price drop of 18.53%. The next day, ETH recorded bullish momentum that led to $3,546 on July 15.

From July 15 to July 24, ETH consolidated at $3,400. However, on July 25, it dropped sharply to $3,100 and stayed there for some time.

Today, August 2, ETH faced intense selling pressure, taking the price to $3,050 and breaking the $3,100 support level. ETH transactions at $3,034, which represents a price decline of 2.31% in 24 hours. It has also seen a decline of 6.63% in the past seven days.

Despite the price decline, a well-known analyst shared an optimistic forecast for ETH prices.

ETH to Hit $4,000 Price Level, Analyst Says

July 27, RLinda Analyst common insights into the ETHUSDT chart on TradingView. RLinda noticed that bulls are trying to keep ETH above a key support line.

This indicates a high level of interest in purchasing at this level, which could lead to price increases in the future. The analyst mentioned that ETH price is experiencing a temporary decline.

According to his chart the coin is I am currently testing important levelsincluding the 0.5 Fibonacci level and the 200-day MA to see if it can hold.

RLinda suggested that while the drop may seem significant, it could result in higher prices. As such, RLinda predicted that ETH could it will soon increase to 4000 dollars.

This analysis gives the community hope as strong buying interest and support levels indicate a potential rebound. The community can expect a possible increase. But first the price has to break above critical levels.

Ethereum Bearish Crossroads: Technical Analysis Signals Caution

Ethereum price is currently under strong bearish pressure. Several technical indicators point to negative market sentiment. The price is below the 50-day and 200-day simple moving averages (SMA), which could indicate further declines.

The Relative Strength Index (RSI) is hovering around 30. This low reading indicates an oversold market. While this may suggest a potential rebound, it also reflects the strong selling pressure Ethereum is facing.

Support for the bearish view is the moving average convergence and divergence (MACD) indicator. It is below the signal line and shows red histogram bars. This pattern often signals a continuation of downward momentum in the near term.

Based on these indicators, Ethereum appears to be in a bearish state. Market sentiment is negative and sellers appear to be in control.

Will the landfill continue?

Bearish sentiment may persist in the short term. However, there are two potential scenarios for Ethereum price action.

ETH is currently trading below a bearish trendline. If it manages to break through this line, we could see a price rebound. This would be a positive sign for bulls.

However, if buyers are unable to sustain the price at current levels, the decline is likely to continue. Key support level is $2,811 can act as a reversal zone.

These factors determine the continuation of the downward trend. If Ethereum breaks above the trend line, this may be a signal of a trend reversal.

However, if it fails to do so and the rate falls below USD 2,811, we may witness further declines. Although current technical analysis paints a pessimistic picture for Ethereum, the new meme coin could be a viable diversification option.

Pepe Unchained: A Promising Ethereum Alternative in the Meme Coin Space

Pepe Unchained (PEPU) is gaining more and more attention in the cryptocurrency world. This innovative meme coin has raised over $6.7 million in its ongoing presale.

Judging by pre-sales, the film’s price could reach $7 million next week. Pepe Unchained is different from many meme coins in the crypto space. Its goal is to create its own layer 2 network on Ethereum.

Why can Pepe Unchained be an alternative to Ethereum?

Pepe Unchained plans to create its network based on ETH. This could make transactions 100 times faster than Ethereum.

The project also offers a staking program for its users or investors. Investors can lock up their tokens to earn additional rewards.

It is worth noting that investors can rate your PEPU tokens to earn rewards, with an estimated return of 283% per year. Currently, over 566 million tokens have been invested on the platform.

PEPU tokens are currently available for $0.0088396 each, but this price will increase in less than 24 hours. Pepe Unchained’s social media presence is growing. He has almost 9,000 users on Twitter Followers and over 4100 Telegrams members.

Some crypto analysts started talking about Pepe Unchained. They see potential in project ideas and goals. As the project is currently in the pre-sale phase, early investors can purchase the tokens at this low price before they become widely available.

Iepe Unchained’s innovative approach and strong community support make it potential alternative to Ethereum. However, investors should always do their research before investing in any cryptocurrency project.