The world’s second-largest cryptocurrency Ethereum (ETH) has been underneath promoting strain and is at the moment buying and selling underneath $1,800. As of press time, the ETH worth is down by 1.67% and is buying and selling at $1,795 ranges with a market cap of $215 billion, because the search for liquidity continues.
For now, the following important help for Ethereum is $1,600 the place almost 2.48 million addresses have acquired a complete of three.8 million ETH.
If #Ethereum falls under the $1,800 mark, the following important help stage is positioned at roughly $1,600. At this stage, 2.48 million addresses acquired a complete of three.8 million $ETH. pic.twitter.com/9TP6xi3R5x
— Ali (@ali_charts) August 16, 2023
Over the previous few weeks, Ethereum has been failing to interrupt previous the $1,850 stage which has been a robust resistance for the crypto. It has been staying inside the bearish zone and has prolonged its fall under the $1,820 ranges.
The bearish strain managed to drive the worth beneath the $1,800 threshold. It reached a backside near $1,778, and at the moment, there’s a part of loss consolidation. A restoration upswing introduced the worth again above the $1,795 stage. Presently, it’s buying and selling in proximity to the 23.6% Fibonacci retracement stage, calculated from the current decline beginning on the $1,853 peak to the $1,778 backside.
What Does Ethereum (ETH) Technical Chart Counsel?
Presently, Ether’s buying and selling is positioned beneath $1,830 and the 100-hourly Easy Transferring Common. On the hourly chart of ETH/USD, a connecting pattern line with bearish implications is forming, displaying resistance round $1,820.
When it comes to potential beneficial properties, the worth might encounter resistance across the $1,815 mark or on the pattern line itself. This stage aligns intently with the 50% Fibonacci retracement level, calculated from the current descent that started on the $1,853 peak and ended on the $1,778 low. The next resistance stands close to $1,830, which additionally aligns with the place of the 100-hourly Easy Transferring Common.
The preliminary important help stage rests across the $1,750 vary. In case the bulls are unable to uphold the help at $1,750, there’s a chance of additional declines. Following that, a big help stage emerges close to $1,720. Ought to the downward motion proceed, there’s an opportunity that the worth may strategy the $1,650 stage within the brief time period.
On the flip facet, Ethereum long-term traders have continued so as to add extra with ETH staking just lately hitting a brand new all-time excessive.
The introduced content material might embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty in your private monetary loss.
