The world’s second-largest cryptocurrency Ethereum (ETH) has been beneath promoting stress and is presently buying and selling beneath $1,800. As of press time, the ETH value 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 assist for Ethereum is $1,600 the place almost 2.48 million addresses have acquired a complete of three.8 million ETH.
If #Ethereum falls beneath the $1,800 mark, the following important assist degree is positioned at roughly $1,600. At this degree, 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 degree which has been a robust resistance for the crypto. It has been staying throughout the bearish zone and has prolonged its fall beneath the $1,820 ranges.
The bearish stress managed to drive the worth beneath the $1,800 threshold. It reached a backside near $1,778, and presently, there’s a section of loss consolidation. A restoration upswing introduced the worth again above the $1,795 degree. Presently, it’s buying and selling in proximity to the 23.6% Fibonacci retracement degree, calculated from the current decline beginning on the $1,853 peak to the $1,778 backside.
What Does Ethereum (ETH) Technical Chart Recommend?
At the moment, Ether’s buying and selling is positioned beneath $1,830 and the 100-hourly Easy Shifting Common. On the hourly chart of ETH/USD, a connecting development line with bearish implications is forming, exhibiting resistance round $1,820.
By way of potential positive aspects, the worth might encounter resistance across the $1,815 mark or on the development line itself. This degree aligns carefully 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 following resistance stands close to $1,830, which additionally aligns with the place of the 100-hourly Easy Shifting Common.
The preliminary important assist degree rests across the $1,750 vary. In case the bulls are unable to uphold the assist at $1,750, there’s a chance of additional declines. Following that, a major assist degree emerges close to $1,720. Ought to the downward motion proceed, there’s an opportunity that the worth may strategy the $1,650 degree within the quick time period.
On the flip facet, Ethereum long-term traders have continued so as to add extra with ETH staking not too long ago hitting a brand new all-time excessive.
The introduced content material could embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty to your private monetary loss.