Multiple analysts believe that Ethereum price is likely to touch new lows near $1,600.
Ether’s price is trading 25% above the eight-month low of $2,112, reached on Aug. 5. The second-largest cryptocurrency by market capitalization has been on an uptrend, gaining 13% over the last seven days.
Despite this performance, analysts believe that downside risks still remain for Ether’s (ETH) at the moment.
“I don’t really expect $ETH to break above $2800-2900 but rather remain range bound for August and some of September,” Arete Capital partner McKenna wrote in an Aug. 15 post on X.
