• Fri. Jul 19th, 2024

Ethereum price outlook: what will drive it from the bear market?

As the clock ticks, the more certain we become that a bear market is here to last. Recovery looked to have started in June and July, but the elephant in the room remains – macro uncertainty.

Consequently, Ethereum (ETH/USD) looked on its way up as it tapped $2,000 in August, doubling in value from the July lows. However, the gains have been shuttered, and ETH trades at merely $1262. That begs the question, when will the cryptocurrency bear market end? 

Galaxy Digital CEO Mike Novogratz has weighed on the matter. According to him, Ethereum and other altcoins will depend on innovation to get out of the bear market. He also says that, to some extent, the macro conditions will determine. However, for Bitcoin, the CEO says the macro conditions rank first.

The comments by Novogratz come when all the markets are under pressure. Red-rot inflation and economic tightening have been the main cause. The macro factors have the upper hand in the bear market. In our assessment, they will determine the medium-term market recovery for all cryptocurrencies. Nonetheless, as Novogratz notes, innovations around DeFi and NFT will determine the long-term growth and recovery of Ethereum and altcoins. 

Aside from the fundamentals, ETH looks stable, around $1250. However, buyers lack the power to take cryptocurrency to the next level.

Ethereum holds steadily to $1250

Source – TradingView

Technically, ETH trades at $1276, slightly above the support of $1250. Although that signals stability for the cryptocurrency, buyers have been unable to take it higher. Instead, the token has mainly been consolidating at the support.

Turning to the RSI, the reading is below the midpoint but not in the oversold territory. The reading suggests that bears are also active for ETH at the current level.

Should you buy ETH?

Ethereum price lacks a directional movement. The price action suggests a strong will by bulls to take ETH higher, but the macro uncertainty weighs on the token. We only encourage buying and holding for long-term gains on ETH. 

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