Ethereum (ETH) Price Estimate July 2023 – Rise or Fall?

Ethereum (ETH) has advanced from $1,622 to $1,933 since June 15, 2023, and the current price stands at $1,910. But where is the price of Ethereum (ETH) going next, and what can we expect from July 2023?

Fundamentals of Ethereum (ETH) are strongly tied to the overall cryptocurrency market, which remains supported after BlackRock, an investment firm that manages more than $9 trillion in assets, announced a plan to create a bitcoin exchange-traded fund (ETF) even as the sector faces U.S. regulatory scrutiny.

Today, Crypto Lists will discuss Ethereum (ETH) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

Ethereum price surge is following the growth of Bitcoin

The last seven days have been a positive period for the cryptocurrency market, and all major cryptocurrencies have been advancing due to growing speculations around the first Bitcoin ETF approval in the U.S. BlackRock, the world’s biggest asset investment firm, applied to the U.S. Securities and Exchange Commission (SEC) for a Bitcoin ETF on July 16 and it is important to say that throughout its history, BlackRock has applied for 576 ETFs, facing only one rejection.

Positive movements in Bitcoin often lead to increased investor confidence, and when Bitcoin experiences significant price movements, it tends to impact the value of many other cryptocurrencies, including Ethereum (ETH). Ethereum has had a volatile journey this year, facing numerous technical and fundamental challenges. However, its surge above $1,900 reveals a promising uptrend and the possibility that the price of this cryptocurrency could advance again above the strong resistance level that stands at $2,000.

Another positive information is that there has been a significant increase in the number of whale transactions recently, and when whales increase their trading activity (transactions worth $100,000 and above), it usually indicates strong confidence in the underlying Ethereum’s short-term price prospects. According to market research firm Santiment, the trading volume of Ethereum has increased by more than 30% in the last seven days.

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A breakthrough at $2,000 resistance level is crucial

Ethereum is currently showing positive momentum, but it is crucial for buying strength to increase above the current levels in order to sustain the upward trend over the upcoming weeks. An analyst from company Material Indicators said:

“If ETH fails to break through the resistance level that stands at $2,000, it could become trapped in a narrow trading range, limiting its potential for further growth. However, if it manages to overcome this hurdle, it could provide a strong bullish signal for investors and potentially lead to further price increases.”

The SEC approval for BlackRock would certainly positively influence the price of Bitcoin, Ethereum, and many other cryptocurrencies; still, investors should keep in mind that the U.S. Securities and Exchange Commission has rejected all Bitcoin ETF applications recently, including those from asset managers like VanEck, Ark Invest, and Bitwise.

Technical analysis for Ethereum (ETH)

Ethereum (ETH) has advanced approximately 19% since June 15, 2023, rising from $1,622 to a high of $1,933. The current Ethereum (ETH) price stands at $1,908, and for the bulls to remain the control of price movement, a move above $2,000 would be beneficial. The chart below shows that Ethereum (ETH) has been moving in an uptrend since January 2023, and according to the rules of technical analysis, everything indicates that the price could advance above the current levels.

Important support & resistance levels for Ethereum (ETH)

On this chart (the period from November 2022), I marked important support and resistance levels that can help traders to understand where the price could move. Ethereum (ETH) bulls have been feeling more confident the last several days, and if the price advances again above $2,000, the next target could be resistance that stands at $2,200.

The current support level is $1,800, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $1,700. If the price drops below $1,600, which represents strong support, the next target could be located around $1,500.

What speaks for the rise in the Ethereum (ETH) price

The main reason for the Ethereum price surge is that it has been following the growth of Bitcoin, just like the rest of the cryptocurrency market. For the bulls to remain the control of price movement, a move above $2,000 would be beneficial.

Positive information is that there has been a significant increase in the number of whale transactions recently, and according to market research firm Santiment, the trading volume of Ethereum has increased more than 30% in the last seven days.

What indicates further downfall for Ethereum (ETH)

The price of Ethereum is currently trading above $1,900, but a break below this level would indicate that ETH could probably test the current support level, which stands at $1,800.

The SEC approval for BlackRock would certainly positively influence the price of Ethereum, but investors should also keep in mind that regulatory concerns surrounding Bitcoin and the cryptocurrency market can also have a spillover effect, dampening investor sentiment and leading to a broader market correction.

The highly volatile nature of the cryptocurrencies may scare investors again to sell ETH if some negative news happens in the cryptocurrency market – like BlackRock didn’t get the SEC approval or a prominent crypto firm going bankrupt.

What do analysts and experts say?

From a recent low of $1,622 on June 15, Ethereum (ETH) jumped to a high of $1,933 on June 22, an 19% gain within a short time. The main question is, does it have more bullish strength left, which depends on both technical and fundamental factors. Growing speculations around the first Bitcoin ETF approval in the U.S. is certainly positive news for Ethereum, and according to Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, BlackRock’s offering has “good odds” of getting U.S. regulatory approval.

The SEC approval would certainly positively influence the price of Ethereum; still, investors should keep in mind that the U.S. Securities and Exchange Commission has rejected all Bitcoin ETF applications recently, including those from asset managers like VanEck, Ark Invest, and Bitwise. For now, bulls control the price movement of Ethereum, but the highly volatile nature of the cryptocurrencies may scare investors again to sell ETH if some negative news happens in the cryptocurrency market.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.