Make or Break for ETH as $1.8K Level Put to the Test (Ethereum Price Analysis)

Ethereum's price has been slowly dropping over the past few weeks, approaching a significant support level. Things will get interesting soon, as the market's reaction to this level would likely determine the price action in the next few weeks.

Timeline of Ethereum

Ethereum, the second-largest cryptocurrency by market capitalization, has made significant strides towards its vision of becoming “ultra sound money” over the past two years since implementing “The Merge.” The network's transition from a proof-of-work to a proof-of-stake system via the Beacon Chain has led to the burning of over 3.

Ripple (XRP) chief legal officer Stuart Alderoty suggested that former SEC Director William Hinman should be investigated for his infamous 2018 speech that gave Ethereum (ETH) a free pass over other digital assets in the industry, according to an Aug. 7 tweet.

With the majority of the cryptocurrency market dragging its feet in recent weeks, it is no surprise that its second-largest asset by market cap, Ethereum (ETH), is doing the same. However, the hope remains it could hit the high price level of $5,000 sometime in the future.

The crypto community has largely lauded PayPal's newly announced stablecoin asserting that it will be a good thing for the broader industry. Furthermore, since it is being launched on Ethereum, it reinforces the premise that the network is becoming the money layer of the internet.

A pair of Bloomberg exchange-traded fund (ETF) analysts think there's a 75% chance an Ethereum (ETH) futures ETF gets approved in the US this year. James Seyffart and Eric Balchunas say the odds of approval spiked amid a flood of Ethereum futures ETF application submissions to the U.S. Securities and Exchange Commission (SEC).

The United States Securities and Exchange Commission (SEC) has been flooded with many applications for Ethereum (ETH) Exchange-Traded Funds (ETFs) in just one week. The applications currently stand at 12, with the latest addition coming from ProShares, a popular fund manager.

The co-founders of the crypto analytics platform Glassnode are of the opinion that Ethereum (ETH) is set to go higher. Jan Happel and Yann Allemann, which use the Negentropic Twitter account, tell their 55,800 followers that Ethereum is likely gearing up to break out from its multi-month downtrend against Bitcoin (ETH/BTC).

Base, the Ethereum L2 (layer 2) scaling layer backed by Coinbase, has opened bridging for selected assets from Ethereum. In a blog post, the protocol also announced that the Base mainnet deployment was slated for August 9, allowing free access to developers to launch their apps on top of it.

The United States Securities and Exchange Commission (SEC) is witnessing a remarkable surge in applications for Ether futures exchange-traded funds (ETFs), with 11 Ether-based filings submitted in less than a week.

Ethereum, the second most famous blockchain network, is raising its glass to commemorate eight transformative years in the crypto landscape. Its birthday presents an opportune moment for the crypto clan to rejoice in the achievements it has tallied since its launch on July 30, 2015.