Ethereum is looking to scale back $3000 levels again after seeing a downturn and this can be a good buying opportunity.
Price is Approaching Resistance, which is a level where it could pause or reverse its recent advance, at least temporarily. Resistance is often a level where price got rejected in the past, or potentially prior Support level that was broken.
Once price breaks above resistance, it can advance higher to the next resistance level.
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ETH Price Analysis
- Current Price: $2,575.05
- Market Cap: $309 billion
- 24h Trading Volume: $7.2 billion
- Total Supply: 120.4 million ETH
- Circulating Supply: 120.4 million ETH
Price broke below its 200-day moving average, which signaled downtrend. However, it got oversold (RSI < 30) near $2,400 support and bounced up. Also notice the unusually high volume, which also suggests that a lot of sellers have already exited. Momentum is inflecting bullish again and price could reach $2,850 resistance.
This is a riskier trade setup because it’s a trend reversal not a trend continuation setup. It’s against the overall downtrend. The recent launch of nine ETH Spot ETFs could also boost demand for ETH.
Weekly Price Analysis
- 7-Day Change: -4.2%
- Week Open Price: $2,603.55
- Price Trend: Ethereum’s price has shown volatility throughout the week, starting strong but facing a dip towards the end. The highest price recorded this week was $2,726.78 on August 13, while the lowest was $2,558.79 on August 12.
- Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down and Long-term trend is Strong Down.
- Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum could be nearing a downswing. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
- Support and Resistance: Nearest Support Zone is $2,400.00, then $2,100.00. Nearest Resistance Zone is $2,620.00, then $2,850.00.
Technical Indicators
- Relative Strength Index (RSI): 42
- Moving Average Convergence Divergence (MACD): Slightly bearish, .
- Bollinger Bands: The price is moving near the lower band.
News Roundup
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