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Ethereum Price Daily Analysis: A Dip in Value With Average Price of $1703.55 for the Day, August 30, 2023

The cryptocurrency market experienced some turbulence today, with the Ethereum price experiencing a decline of approximately -8.43333%. The Top 50 Crypto asset began the day within the 24-hour price range of $1741.29 – $1697.68.

At the time of writing, Ethereum’s current price is standing at $1703.55. Despite the decline, Ethereum maintains a strong market dominance of 17066.1398%, even though the past 7-day price range only sees a marginal change of 1.2993%.

According to data, a total of 8,954,029,705 Ethereum have been traded within the last 24 hours. This implies that investors still show significant interest in the crypto-asset. Ethereum holds the second position in terms of Market Capitalization among the top 50 cryptocurrencies, boasting a grand total value of $204,793,677,765.

**Ethereum Price Prediction For The Next 24-Hours**: If the current market trend continues, we may see the Ethereum price slide further down. The chances of ETH going below $1650 are plausible if the current market sentiment (71.88%) doesn’t turn bullish.

**7-day Price Prediction For Ethereum**: Within the next seven days, Ethereum has the potential to rebound, given the total number of Ethereum currently in circulation, which stands at approximately 120,215,980. Furthermore, considering how ETH navigated its 7-day price range, it could experience some degree of price stability and even appreciable increment, potentially pushing the ETH price above the $1750 mark.

It’s noteworthy how Ethereum has shown a correlation with Bitcoin- the leading cryptocurrency by market capitalization. With Bitcoin currently priced at $27,211.00, a potential price shift in Bitcoin may influence Ethereum’s price trajectory.

In conclusion, Ethereum’s journey since it reached its all-time high of $4878.26 shows that it remains a key player in the cryptocurrency market. Investors and traders should always remain informed about the broader market trends to make better and more informed decisions.

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