Ethereum Price monthly Forecast: Is ETHUSD at risk in near-term?

Ethereum price remains overhead against the USD and Bitcoin, and ETHUSD might trade in a range above $290. Here is the Ethereum Price monthly Forecast

11 August, AtoZForex – On Wednesday, Ethereum or ETH touched $314.75, the highest level in over a month since it reached $322.28 on June 29. The price again pulled back at a bit on Thursday to just above 301 USD. But Ethereum has been rising steadily. Over the past two weeks, Ethereum surged nearly 50 percent.

Ethereum Price monthly Forecast

South Korea is driving the trade with over 60 percent of Ethereum trading happening in South Korean won. Lawmakers in South Korea are looking to regulate Ethereum and Bitcoin which is supporting sentiment. Moreover, there has been huge hype for initial coin offerings (ICOs). ICOs are a way to raise money from investors, by allowing them to buy a share. Also, in return, the investors will receive a token or virtual currency, which is equal to shares in the firm.

Moreover, the number of transactions in a single day using Ethereum also hit a record high this week which is also a positive sign for the Ethereum (ETH).

According to the technical charts, the ETUSD pair will move to and fro between $290-308 before making the next move in the near term. The entire cryptocurrency industry outperformed this week. Also, today it broke its own record of $125 billion USD. The MACD is reducing its bullish slope and the RSI value is attempting to settle above 65 value, which is a positive sign for the Ethereum in near-term

Ethereum Monthly Support and Resistance level

NameS3S2S1Pivot PointsR1R2R3

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