Ethereum is rallying back above $450 after a fast dip below it. What should we expect next? The following 23 July Ethereum price prediction has clues.
Ethereum still looks bearish. Last week, price advanced to $510 but quickly dropped back to $440 at the end of the week. This week, price started bullish with a move above $450. The current move upside is small and lack the real momentum to convince more buyers. In the last update before the dip to $440 last week, we had two high likely scenarios in mind. The chart below was used in the last update.
The rally from $400 to $500 looks corrective. There is no much evidence that a dip would follow especially when one considers that BTCUSD might break more resistance prices to hit higher. Preferably, there might be a minor correction – wave x- before the rally resumes above $500 to probably complete a double zigzag pattern. Alternatively and less likely, price might drop below the channel and break below $400 is the Zigzag pattern holds, Stay tuned for the next update.
23 July Ethereum price prediction: what next?
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.
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