The Ethereum price was in great shape in the first week of August. In recent days, the price has stalled and has continued to hover between $280 and $310, intraday.
However, Ethereum could be setting up for a new rally. That is of course a very conditional statement. We came to that conclusion based on the chart combined with the fact that Ethereum transactions are breaking records, beating Bitcoin’s record.
First, the chart shows this one week consolidation pattern. The small dip of yesterday could be a good thing, again that is a conditional statement. The fact of the matter is that a rally mostly starts right after a dip. That is because sellers leave, sufficient holders stay on board and more buyers step in compared to the number of sellers.
Second, as said earlier today, Ethereum is making history this week: “Ethereum transaction number hit the highest level to be ever recorded on a public Blockchain. Higher than ever achieved by Bitcoin.”
So far, all-time highs in transactions resulted in all-time highs in Ethereum prices. That is not the case yet, so there is certainly a good argument for Ethereum prices to rise significantly from today’s levels, maybe even challenge all-time highs in the near future. It will be interesting to see if that happens, and, if so, when exactly.
In the meantime, we can only continue to monitor the charts and the leading data points.