Ethereum Price Analysis: ETH Buyers Aims To Take Down $2,200

Daily Ethereum ETH Price Forecast

Last Updated July 23rd 2021
2 Min Read
  • Ethereum price is hovering between $2,130 and $1,960 over the last 10 days.
  • ETH reached an all-time high level of $2,197 on April 10.
  • Ethereum buyers have been on an absolute tear rising from $1,590 on March 25 to $2,130 April 2. In the process, it jumped by a staggering ~35%. During this upward surge, ETH managed to flip the 20-day and 50-day SMAs from resistance to support.

    Ethereum Price Now Faces Resistance At $2,185

    After reaching the $2,130 level, Ethereum price now faces a formidable resistance barrier at $2,185. Over the next ten days, ETH has been trending between $2,130 and $1,960 – in a narrow $170 channel. On April 10, Ethereum reached a new all-time high level of  $2,197. The MACD shows sustained bullish market momentum, so a further rise in price is expected.

    Image: ETH/USD daily

    Looking at IntoTheBlock’s IOMAP, there is a very robust support wall at $2,075. Previously, at this level, >600,000 addresses had purchased around 12.5 million ETH tokens.

    Image: IntoTheBlock

    Santiment shared this tweet regarding the “fear” index among Ethereum investors:

    “The crowd mood toward #Bitcoin and #Ethereum appears to have dropped to extreme negative territory after $BTC fell back under $60k & $ETH dipped back under $2k this week. Historically, buying during this level of #FUD & fear is a #bullish opportunity.”

    Ethereum Surpasses Coca-Cola, Netflix and Adobe 

    Ether (ETH) recently hit a new price milestone after reaching $2000 for the first time. The move pushed Ether's total market cap above that of many world-leading businesses. According to reports, ETH has entered the top 40 assets by market capitalization. 

    Ether's market capitalization is estimated to be around $247 billion. Meanwhile, the market capitalization of Netflix is about $245 billion. Software giant Adobe is valued at $240, while Coca-Cola has a market capitalization of $229 billion. The world's most valued firm is Apple, with $2.23 trillion in market cap, followed by Microsoft ($1,93T in market cap).  

    Ethereum's net market cap is also higher than the gross domestic product (GDP) of some countries. Ethereum's valuation is now higher than the GDP of Peru ($225 billion) and is twice as valuable as the GDP of Slovakia ($117 billion).

    Ethereum Price Is Expected To Reach These Levels

    Ethereum price is going to approach the $2,185 resistance barrier. If it breaks above this wall, ETH will reach $2.200.