Ethereum Price Prediction as $10 Billion Trading Volume Comes In – Can $ETH Reach $2,000 Soon?

cryptonews.com:

The ethereum price has dropped to $1,552 today, representing a 5% fall in the past 24 hours and a 6% loss in a week. The decline comes amid a marketwide selloff, caused by Kraken paying a $30 million settlement to the SEC and agreeing to end all staking services for US-based clients.

Despite this knock to the market, ethereum remains a strong prospect for investors, with the altcoin currently witnessing 24-hour trading volume of over $10 billion (actually over $11 billion at last count). And with Visa recently that it's trialing stablecoin payments on the Ethereum blockchain, there are plenty of reasons to suspect that ETH will recover once again.

Based solely on indicators, ETH is in a position for further losses at the moment. Its 30-day moving average (red) appears to have crested in relation to its 200-day (blue), so should -- along with its price -- be due for falls.

In addition, ETH's relative strength index (purple) has descended to just below 50, and may continue falling. As such, it really does seem like further losses could be in store for the altcoin this weekend.

Up until yesterday, ETH had been protected by a support level at around $1,600. However, it seems that yesterday's news has provided the kind of negative event that forces an asset to fall through such a level.

And it could fall further, given how much ETH -- which is now a proof-of-stake cryptocurrency -- relies on staking. Indeed, it's worth noting that, despite the market falling as whole, ETH has dropped further in the past 24 hours than bitcoin, which is 3.5% down in the last 24 hours.

This negativity aside, members of the cryptocurrency community have already argued that the SEC's charges against Kraken -- and Kraken's settlement -- does not