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Ethereum (ETH) is predicted to stage a bounce after data disclosed that traders grow impatient with the asset.
An Ethereum whale is reported to have transferred 55,050 ETH ($93.7 million) from an unknown wallet to Binance.
Ethereum (ETH) was anticipated to trade above $2000 after the merge upgrade. Interestingly, the asset has in a surprising twist of event failed to break into major resistance levels as it rotates between $1700 and $1900. The asset is currently trading at $1,705.66 and has fallen by 7 percent in the last 30 days.
According to crypto analytics platform Santiment, traders are growing impatient with the current state of ETH. This indicates that wallets are dumping ETH at lower values, and from history, there is an increased likelihood of price rebound.
Whale Alert platform has also reported that 55,050 ETH ($93.7 million) has been transferred from an unknown wallet to Binance. This is said to provide a clear indication of the ongoing market behavior with regard to ETH. The asset has also seen a drastic reduction in its gas fees after it recorded a yearly high in May. The reason has been linked to the availability of layer 2 solutions which is said to contribute to the scalability of Ethereum.
Some Ethereum (ETH) Predictions
In July, co-founder and former CEO of BitMEX Arthur Hayes, predicted that ETH could make a huge jump from $1875 to $31,063, representing a 1556 percent surge. His reasons are linked to the possibility of Artificial Intelligence applications creating decentralized autonomous organizations (DAOs) to operate smart contracts. In this case, tokens issued would be traded on Decentralized Exchanges running on Ethereum.
DEX is naturally suited to support trading any type of equity, debt, utility, participation, etc. token issued by an AI-powered DAO. DAOs will fundraise and issue tokens on-chain. A plethora of new DAO tokens will trade on DEXs…As DAOs capture more economic value than companies, DEXs will trade more than traditional CEXs. I believe the largest driver of on-chain activity will be an explosion of trading volume on DEXs hosted on Ethereum….Given the market is forward-looking, I want to guestimate the percentage that will be reached 5 years into the future. I am not concerned about getting this number exactly right. I want to be directionally correct and profit as the narrative shifts from ‘won’t happen to ‘might happen.
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Crypto analyst Altcoin Sherpa has also predicted that ETH could hit $3000 in the near term. According to the prediction, ETH could trade at $2000 in the second half of Q3 2023. From there, the asset could climb up to hit $2,700 in Q4 2023 before making a pullback to $1,200.
$ETH: Wouldn’t be surprised to see this go as high as near $3000 before a pullback. Still to be determined how far the pullback would go; it’s going to depend on the macro economy IMO. Still bullish for now though. #Ethereum.
Ethereum has a bullish market sentiment and could make a quick rebound into $1800 in the next 24 hours if it breaks the $1,778.80 resistance level. However, the asset could go as low as $1500 if it breaks its support line of $1,625.21. Its safety score is currently fixed at 80/100 and has a 24-hour trading volume of $4,281,009,919.
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