Ethereum price weekly analysis 1 August: ETH slumps after celebrating third birthday
The Ethereum token lost some ground over the past week and needs to find some support at current levels.
Key takeaways
- After trading above $480 early last week, ether has slipped to around US$435.
- Trading volumes have increased slightly week-on-week.
- Ethereum celebrated its third birthday in the last week, coming a long way from its first release, Frontier.
Ethereum has taken a substantial hit over the last seven days of trading, losing around 9% to finish at US$435.
The cryptocurrency was trading around US$475 this time last week before nosediving late Thursday afternoon into Friday. Ethereum lost about 2% over that period and continued to fall steadily over the weekend.
Ethereum fell further on Monday evening into Tuesday, from US$466 to US$457. However, at the time of writing, there has been a slight uptick in price movement, edging the digital currency a few cents higher.
Last week, Ethereum's 24-hour trading volume peaked at $2.28 billion but was sent on a downward spiral over the course of the last five or six days, plunging as low as $1.63 billion. Despite this, trading volumes soared at the beginning of the week, shooting back up to a high of $2.14 billion.
As part of the publication's latest round of price predictions, FXStreet's Tomas Salles suggests that there is little to no room for speculation. The analyst said that any close below the channel's base at US$435 would require a reassessment of the situation and market position.
The ETH/USD and ETH/BTC pairs remain under bearish pressure in a negative zone, according to NewsBTC.
ETHNews flagged that over the short term, ether's price may recover above US$435 but hurdles such as US$440 and US$445, coupled with a bearish trendline with resistance at US$452 could add pressure over the long term.
Following on from the three-year anniversary celebrations, a new survey found that smart contract network tokens, such as Ethereum and EOS, were more popular among those who identified as left wing liberals.
Additionally, the world's biggest cryptocurrency exchange, Binance, revealed its first public acquisition to be a secure, anonymous, digital wallet application that can store over 20,000 different Ethereum-based tokens.
You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.
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