ETH price forecast: Cryptocurrency targets $1,600 level
ETH price forecast: Cryptocurrency targets $1,600 level
After falling to $1,565 on Monday, Ethereum made several attempts to test the $1,600 level but encountered resistance at $1,595.
It is worth noting that the transfer of 15,000 ETH from an unknown wallet to OKEx has added intrigue to the Ethereum market, as such large transactions can affect the price of the asset, albeit temporarily.
ETH is currently trading up 0.17% at $1,591.08.
If Ethereum is able to overcome the $1,600 level, it will encounter key resistance levels at $1,620 and $1,650, a breakout of which would create bullish momentum for the asset to move towards $1,700.
However, if ETH fails to break above the $1,600 resistance level, it will fall to the $1,580 support level, a break of which will continue the bearish trend towards $1,565.
According to a study by data platform Coinglass, interest in Ethereum derivatives has increased significantly recently. The data pointed to a 4.1% increase to $5 billion, with total trading volume up 332% to $10.35 billion.
Experts believe that if interest continues to grow, especially ahead of the expected approval of a futures ETF in October, the price of Ethereum could head towards the $1,800 mark.
However, despite this optimistic outlook, crypto analyst DonAld believes that Ethereum could collapse relative to Bitcoin. According to his assumptions, the price of ETH will fall to 0.047 BTC ($1,232) in the near future, which would be the best time to buy the asset.
Further reading: BTC/USD pair started a wave of recovery.
