Ethereum Price Rebounds Amid New DEX and Ripple's Smart Contract Expansion, Is a Reversal Imminent in September?

The Ethereum price has avoided a prolonged correction below $2500 for over a week, indicating a weak conviction from market sellers.

The crypto market witnessed a sudden sell-off on Wednesday, which plunged the leading assets, Bitcoin and Ethereum price, to lows of $55600 and $2300, respectively. However(.) However, both the coins rebounded immediately to indicate their correlation and active demand pressure at the bottom.

Amid a week-long consolidation, the BTC price has rejected a major downfall below the $60000 level, and the ETH price showed similar resilience below $2500. Is a reversal imminent in September?

Ethereum Price Rebounds Amid New DEX and Ripple’s Smart Contract Expansion

The Ethereum price has avoided a prolonged correction below $2500 for over a week, indicating a weak conviction from market sellers. The stalled bearish momentum followed the recent launch of a new decentralized exchange, Ethervista, and Ripple’s announcement to add an Ethereum smart contract on XRP Ledger.

The Ethervista DEX offers customized token launch parameters and attracts long-term liquidity providers through bonding curves and revenue sharing. The 5-day lock-in period on initial LPs assures smooth operation in the early crucial phase, as most rug-pull events occur within the first 2-3 days.

Moreover, the digital payment company Ripple is set to expand programmability on the XRP Ledger by introducing native smart contract capabilities and the XRPL EVM Sidechain. By leveraging XRP Ledger’s low transaction costs and high speed, Ethereum developers can potentially scale their applications more efficiently while maintaining access to Ethereum’s vast dApp ecosystem.

These developments could have a long-term effect on ETH prices, driving natural demand among market participants.

BTC-ETH Correlation Points to Ethereum Surge If Bitcoin Targets $100K

The Ethereum price prediction shows a notable correction from $2820 to $2476— a 12.2 decrease within two weeks. If the prevailing bearish momentum persists, the ETH price could plunge 20% to retest a long-coming support trendline at $2000.

Each reversal from this dynamic support has propelled a 100-160% rally for Ether, indicating strong accumulation points for buyers.

The pioneer cryptocurrency, Bitcoin, shows a bullish continuation pattern called ‘Flag’ in daily time frames. This chart setup drives a temporary consolidation between two downsloping trendlines for buyers to recuperate the bullish momentum.

By the press time, the BTC price trades at $58429, while the market cap is $1.152 Trillion. A potential breakout from the pattern overhead trendline at $68000 could accelerate the buying pressure signal uptrend continues.

The Bitcoin price prediction hints at a post-breakout rally to $84000, followed by $100000.

According to the Coin Metric data, the BTC-ETH correlation coefficient hovers steadily around 0.80. A surge in this metric will indicate that the Bitcoin price movement

Frequently Asked Questions (FAQs)

1. What is the significance of the BTC-ETH correlation?

A high correlation between BTC and ETH indicates that the price movements of Bitcoin influence the price movements of Ethereum to a great extent. In other words, if Bitcoin experiences a significant price increase or decrease, it is likely to be reflected in the price movements of Ethereum as well. This correlation is important to consider when analyzing the price trends of both assets and making investment decisions accordingly.

2. What is the current Ethereum price trend?

At the time of writing, the Ethereum price is showing a bearish trend on the short-term price chart. After facing rejection at a resistance zone of $2820, the ETH price began a notable correction, which brought the price down to lows of $2476. However, the selling pressure has stalled at this support level as the coin fiyatı rebounded to trade above $2500.

3. What impact will the Ethervista DEX and Ripple’s XRPL EVM Sidechain have on Ethereum?

The launch of the Ethervista DEX and Ripple’s XRPL EVM Sidechain is expected to have a positive impact on the demand for Ethereum and its ecosystem. Ethervista aims to attract liquidity providers and long-term token launches by offering customizable parameters, bonding curves, and revenue sharing, which could drive organic demand for ETH.

On the other hand, Ripple’s initiative to integrate Ethereum smart contract capabilities on XRP Ledger and launch the XRPL EVM Sidechain is designed to enable Ethereum developers to deploy their applications on XRP Ledger, benefiting from its low transaction costs and high speed. This move could expand the reach of Ethereum’s dApp ecosystem and increase the overall demand for ETH.

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