Despite the massive rally of crypto assets this year, their prices have plunged yet again due to the market crash on May 19th. Ethereum has also taken a turn for the worse, with its price dip by nearly 60%. Thereafter Ethereum price consolidated around $2000 till mid-July.
August turned out to be a gamechanger for ETH price. Are you amazed? Yes, as per the reports of Crypto Compare, the Ethereum network emerged as the most innovative crypto asset based on interesting services it offers, such as smart contracts, NFTs and more. ETH and Ethereum-based products, therefore, in the month of August have grown to $13.8 billion after smashing 72.8% monthly growth.
Ethereum price experienced a push in its various services soon after the EIP-1559 upgrade happened on August 5. This further resulted in increased burning, resulting in an ETH price spike. The current trend in the future perspective holds good for Eth holders, little bad for traders.
Ethereum price is valued at $3,161.08 at the press time, down by 1% in the last 24 hours. However, the ETH price is up with significant 55% growth as compared to the $1787.51 on 20th July.
The chart pattern is hinting at the milestone of $5000, indicating that bulls are all set for another major breakthrough. As in the last two days, the ETH price formed a strong support level at $3100, with RSI indication at 43.77 the price is going through a strong consolidation phase trading at $3.161.08 at the press time.
The ETH price may face a slight pullback, as Ethereum gas price reached a 3 month high of 79.782 GWEI. It is quite necessary to hold the currency as stabilisation of the price may take a little longer than expected. Thereafter the price could hit the $4000 mark soon by surpassing its resistance level at $3300. If the currency stables at a value of $4000, then a milestone of $5000 won’t be a big deal for this second largest crypto asset.
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