Ethereum is trading close to $400. Will it drop deeper? The following 1 August Ethereum price prediction looks at ETHUSD based on Elliott wave theory.
While BTC rallied strongly in the last four weeks, the alt-coins stay sideways or even drop in price. Ethereum has moved between $400 and $500. At this juncture, unless a sudden price surge happens, a dip below $400 down to $300 is very much likely. In this update, we will look at two scenarios. Before that, let’s review the last update where the chart below was used.
The fast drop to $440 meant that the bearish scenario is more likely. The current rally is looking corrective and might be followed by another big bearish move. Unless a fast rally happens above $510, price will falter further. A break below $440 would be the trigger and we might see price at $350 afterwards.
1 August Ethereum price prediction: what next?
Price broke below $440 as expected in the last update. If the bearish trend will continue, a dip below $400 should follow which might lead to $280. Alternatively, price might hold above $400 considering that wave (b) looks shallow. The alternative scenario looks at a double zigzag correction instead, up to $550 if price breaks above the wave w-x (in green) channel. Price is knocking on $400 currently. The 1st scenario is more likely to play out. Stay tuned for the next update.