- Ethereum(ETH) price closed the previous day’s trade at INR 97,742.21 with a market capitalisation of INR 11.81 trillion and a circulating supply of 121 million
- The ETH price after rising 23% since the beginning of July, is expected to undergo another spike of more than 5% to 6% to close the day’s trade above 1 Lakh
|Current Price||INR 99,237.16|
|Market Cap||INR 12.05 trillion|
|Circulating Supply||121,457,266 ETH|
|Vol (24H)||INR 1.23 trillion|
Ethereum Price Prediction Today
Will ETH Price Reach INR 1.1 Lakh Today?(8th July 2022)
The Crypto markets turned green during the previous day’s close which uplifted the ETH price beyond 1 Lakh. The asset further underwent a strong rejection which dragged the price close to INR 98,000 at the press time. However, the bulls are trying hard to maintain the price above INR 97,400 support but woefully, the prices are expected to test these levels in the later hours of trade. By the end of the day’s trade, the ETH prices are expected to trade close to INR 1 lakh after attempting a rebound.
Take a Deep Dive into How Ethereum works?
Will ETH Price Reach INR 1.5 Lakh in July 2022?
The Ethereum prices have been pretty bullish since the beginning of July and are expected to maintain a notable uptrend in the upcoming fortnight. The asset has been rejected a couple of times before at 1 Lakh and hence the fresh rejection may not stand for a long time. Additionally, the ETH prices after rejection have flipped from the support between INR 70K to INR 76K both times, hence forming a double bottom pattern.
Presently, trading close to the neckline of the pattern, the asset is expected to consolidate for a while here and re-ignite a firm uptrend. By the end of the monthly trade, Ethereum may trade above INR 1,10,000 or INR 1,20,000 but may not achieve INR 1,50,000. However, with the bullish monthly close, the asset could hit the target during the mid-Q3 trade.
Ethereum Price Analysis
|Date||All-Time High||All-Time Low||Market Capitalization|
|08-July-2022||INR 100914.58||INR 97,438.75||INR 1.23T|
Check latest Ethereum Price in INR
Ethereum Technical Analysis Overview
The descending trend that the ETH price followed since the beginning of April, appears to have overturned since the beginning of July. The ETH price which is presently trading within an ascending parallel consolidation may eventually surge high in the coming days. However, the markets are still under bearish control and hence minor pullbacks may also make their way out.
- The Ethereum price went parabolic after being rejected from INR 1 Lakh previously underwent a parabolic recovery to reach these levels
- The asset is undergoing a minor correction at the moment that may drag the price towards the lower support between INR 97K and INR 97.5K
- However, after consolidating within this zone for some time, the price could rebound gaining significant bullish momentum back towards 1 Lakh
- With the rebound, the price could have accomplished with a cup & handle pattern that may further propel the price beyond INR 1.1 Lakh to INR 1.15 Lakh very soon.
Additional Read: Ethereum Price Prediction 2022
Impact of Crypto Crash on ETH Price
Ethereum price was trading close to INR 3 lakh during the beginning of the year 2022 and now the asset is struggling to sustain above INR 1 lakh. It clearly indicates the harsh impacts of the crypto crash. Moreover, the second-largest crypto is failing to sustain the gained levels as the strength of the bulls has been slaughtered by the bear’s dominance.
On the other hand, the newly implemented tax structure in the Indian Sub-continent has also squeezed the trading volume of-let. The new policy imposes 30% crypto tax on the profit while the loss is not taken into consideration. Along with this, 1% TDS on crypto transactions. To know more read our guide below:
Where To Buy Ethereum(ETH)
Ethereum is the second-largest and the most popular asset in the crypto pairs. Moreover, many traders also prefer buying Ethereum and trading with ETH pairs instead of fiat or USDT or BTC. Therefore all the exchanges do offer Ethereum and ETH pairs to their customers. On the other hand, if you are in search of a trusted platform to deal with and want to know how to invest in Ethereum, CoinDCX is India’s most trusted cryptocurrency exchange that offers safe, secure and hassle-free trades.
The official CoinDCX app is perfect for crypto beginners or experienced investors looking to conveniently buy Ethereum(ETH). You can start systematic investment in Ethereum with Crypto SIP by CoinDCX.
Will Ethereum price close day’s trade above INR 1 Lakh?
ETH price is trading very close to 1 Lakh and hence carry huge possibilities of regaining these levels before the day’s close. Check latest ETH/INR Price - https://coindcx.com/trade/ETHINR
Why is ETH price going up?
The market sentiments are driving the ETH price towards the north which was followed by a breakout from an extreme bearish pressure
*Prices as of 8th July, 2022
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].
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