ETH Volume Surges by 60%. Could The Biggest DeFi Network Regain the $2k trading level?

Following a sharp spike above $2,000 on July 13, Ethereum's (ETH) price has receded, targeting the $1,800 support zone. After weeks of consolidation around this price level, investors are concerned.

However, attention turns to Ethereum (ETH) amidst a significant surge in trading volume as investors anticipate a reclaim of the $2,000 threshold. Could the leading blockchain network for DeFi protocols soar again? Let's explore the possibilities.

ETH Price Performance

In the last seven days, the price of ETH is down by 1.63% and down by 2.11% in the last 30 days. It is important to note that since reaching the price level of $2,016 on July 14, ETH has declined by 11%. The price of ETH is down by a slight 0.02% and is trading at $1,828.35.

Technical Indicators on the ETH Daily ChartSource: Tradingview.com

As illustrated in the chart, the price of ETH is below the 50-day moving average, which indicates a short-term bearish price movement. ETH trades above the 200-day SMA, which denotes an overall long-term bullish price trend.

The Moving Average Convergence/Divergence is below the signal line with red histogram bars, confirming the bearish momentum present in the Ether market today.

Also, the Relative Strength Index (RSI) is at 42.08, approaching the oversold zone, where a trend reversal might occur if buyers capitalize on the low price.

These indicators suggest a bearish momentum is prevalent in the ETH market. But overall, the asset is bullish in the long term as ETH remains above the 200 SMA, potentially attracting new buyers at the oversold position.

Important Price Levels for ETHSource: Tradingview.com

The chart shows that ETH has consolidated within the $1818 support zone for 30 days.

This support zone is crucial for ETH, as a bounce-off from it could propel it to the major resistance level of $2016. However, if ETH fails to bounce off from this zone, its price will experience a significant decline.

Expert Price Prediction for ETH

According to a price forecast by GovCapital, Ethereumwill be near $2,587.61 by the end of 2023. The prediction extends further, indicating an ascent to $5,033.84 in 2024 and $7,301.05 by the end of 2025.

Based on their AI-powered technical analysis, PricePrediction upheld an optimistic extended outlook for Ethereum's value. Their projections indicated potential prices of approximately $2,851.56 in 2023, $4,224.26 in 2024, and $6,442.41 in 2025. Looking further ahead, their Ethereum price forecast for 2030 envisioned a substantial surge to $41,716.25.

On the other hand, Digtalcoinprice said ETH could reach $6,829.87 by 2025. It projected that the ETH price could average $4,500.84 in 2023 and $5,118.69 in 2024. The site also suggested the price could reach around $21,611.85 in 2030.

CaptainAltCoin shared an upbeat sentiment, suggesting that Ethereum might climb to $42,500.66 by 2030. The forecast extended to 2040, projecting an Ethereum price potential of $85,001.31.

Telegaon's projections span from an anticipated average of $5,617.24 in 2025 to an estimated $9,798.93 in 2030, followed by a potential rise to $23,871.42 in 2040.

Factors that could affect the price performance of ETH

One of the biggest gateway payment systems, PayPal, launched a USD-backed stablecoin dubbed PayPal USD (PYUSD) on the Ethereum blockchain. According to the August 7 announcement, the ERC-20 token, PYUSD, will provide a seamless bridge between fiat and web3 consumers.

It would allow consumers, merchants, and developers to connect fiat and digital currency seamlessly. As an ERC-20 token, PYUSD could provide a gateway for more adoptions for the Ethereum blockchain, potentially leading to a boost in price for ETH.

PayPal's recent integration is poised to enhance Ethereum's adoption for covering gas fees, making it more accessible to a broader spectrum of Web 2 and web3 users.

Chimpzee (CHMPZ) Top Eco-Friendly Coin: The Next 10X Crypto Gem?

>>>Visit Chimpzee Presale

One of the most promising upcoming environment-centered initiatives on the Web3 platform is Chimpzee. Chimpzee (CHMPZ) is an innovative cryptocurrency platform that enables its users to generate passive earnings while contributing to animal conservation and the battle against climate change.

Chimpzee is now distributing up to 10 million tokens to early presale investors allowing those who participate first to enjoy potentially high future returns.

The project joyously marks a milestone achievement as it raised over $1 million through a substantial distribution of $CHMPZ tokens to the public.CHMPZ tokens, currently valued at $0.00085 each, will rise by 12% to $0.0018, marking the final gold stage. This added benefit comes in addition to Chimpzee's existing offer of a 100% token bonus for participants in the presale.

Hey #ChimpzeeArmy!

We've just entered the 9th Stage of the #Chimpzee #Presale!

It's the final golden phase in the presale!

Participate in the #Chimpzee mission to earn, combat climate change, and support animal conservation!https://t.co/Geog3EVuMC#EcoCrypto pic.twitter.com/No4xaFzuhk

- Official Chimpzee Project (@RealChimpzee) August 5, 2023

According to information on Chimpzee's website, investors can claim their tokens immediately after the presale stage.Investors must act swiftly, as stage 9 of Chimpzee's presale is in the next few days.

After this, in stage 10, buyers can mint special Chimpzee NFTs to qualify for an 18% APY staking yield opportunity.

Earn Passive Income While Making a Difference with Chimpzee: The Disruptive Crypto Platform

>>>Visit Chimpzee Presale

The platform will encompass a store where users can acquire Chimpzee merchandise to earn rewards, a marketplace for trading NFTs, and an exciting Zero Tolerance" game that allowers to earn in crypto.

Chimpzee continues to embody its philanthropic identity within the Web3 sphere, demonstrating its commitment as a charity-oriented project as its presale gains momentum.

Notably, Chimpzee has recently contributed $20,000 to the WILD Foundation, providing crucial backing to their endeavors to safeguard the black jaguar species.

Before this, the project supported planting 1,200 trees in Brazil and 20,000 trees in Guatemala, alongside a $15,000 contribution towards elephant conservation efforts.

Chimpzee maintains an extensive list of wildlife and environmental conservation organizations it intends to support through donations.

Chimpzee's Innovative Merchandise Store: A Blend of Earning and Donating

According to the project team, a portion of the proceeds from merchandise sales will be directed to the listed charitable organizations.

#Chimpzee is giving away 10,000,000 $CHMPZ tokens in an exclusive #Airdrop!

Only 685,000 left! Act fast - first come, first served!

Grab these extra tokens on top of your bonus. Incredible deals await: pic.twitter.com/4kBiUpzIxv

- Official Chimpzee Project (@RealChimpzee) August 7, 2023

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