Ethereum Price Analysis: ETH Price Might Drop To $1,825

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The price of Ethereum (ETH) has managed to maintain a critical support level above the 50-day Moving Average (MA) on Tuesday. Despite facing tough competition, the Ethereum network remains the undisputed leader in smart contracts and the DeFi ecosystem, even after the Shapella upgrade. However, the price of Ether has been consolidating below $2000 for the past three months following the initial crypto bear market rally.

As uncertainty in the top digital assets increases, on-chain experts have observed a trend of cryptocurrency traders moving towards lower-cap altcoins with better fundamentals and promising price action. For example, Dogecoin (DOGE) has seen a significant increase in trading volume since Elon Musk announced the transition of Twitter to the X Web3 platform.

Ethereum (ETH) Price Action

Well-known crypto investor and trader, Crypto Tony, shared his insights with over 323k followers on the X platform. He emphasized that now might not be the ideal entry point for ETH. According to the analyst, his preferred entry level is around the support zone of $1,825. However, Crypto Tony also mentioned that the ETH market needs to provide more precise indicators before he considers making long, hold, or short positions.

$ETH / $USD – Update

Simple update on #Ethereum. I am looking for that dip into the support zone at $1,825 and from there will establish a long if we hold, or short if we lose it

Will be keeping this updated for us all today pic.twitter.com/221QUuuoev

— Crypto Tony (@CryptoTony__) July 25, 2023

Bitcoin Market Outlook

In addition to his thoughts on ETH, Crypto Tony has been anticipating a further dip in the Bitcoin market, with expectations of more buy volume before continuing the initial rally. However, Wednesday’s FOMC outlook is expected to exert a significant impact on the price action of top digital assets.

As the cryptocurrency market continues to evolve, traders and investors are closely watching the shifts in price action and exploring opportunities beyond mainstream assets. With the growing interest in altcoins and the broader market awaiting key events, such as the FOMC outlook, the coming days promise to be eventful for the crypto space.

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