Ethereum price prediction bets remain bullish, despite price stalling at a key resistance on the daily chart this Monday. However, the potential for a further increase in price ahead of the 4 August network upgrade remains high.
Ethereum miners revenues have continued their dominance over earnings from Bitcoin mining for the third month in a row, according to data from Coinmetrics.
Zerohedge has compiled long term and short term bullish scenarios for Ethereum. The report sees potential short term bullishness if there is a demand/supply mismatch, with structural outflows of supply producing a potential 18-month Ethereum price push.
The ETH/USD pair is up 3.06% as of writing.
Ethereum Price Prediction Outlook
The breakout move from the double bottom pattern has met resistance at the 2671.80 price mark. Completion of the measured move at 2940.68 requires a breakout from this level. Ahead, 3167.12 serves as an additional resistance barrier.
On the other hand, a rejection at 2671.80 allows for a potential correction, bringing 2378.30 into the picture. If the decline is more extensive, we could see 2162.32 also coming under challenge from sellers. This scenario would suspend hopes of completion of the bullish measured move.