The Upward Correction of Ethereum (ETH) Price
The price of Ethereum (ETH) is currently undergoing an upward correction after breaking above the 21-day SMA. Here is an analysis of the long-term status of the ETH price:
Bullish Momentum
- The bullish momentum was expected to rise to the 50-day SMA or reach the high at $3,000 on the daily chart.
- However, the bullish momentum has peaked above $2,800, which was the previous price and support level from April 13.
Recent Developments
- On August 4, the bears managed to break through the $2,800 support level, leading to a decline to a low of $2,116.
- Currently, Ethereum has recovered but is still moving within the range of the moving average lines.
Analysis of Ethereum Indicators
Ethereum is currently experiencing a pullback from its recent high and is stuck between the moving average lines. Here are some key observations from the indicator analysis:
Technical Indicators
- Key Resistance Levels – $4,000 and $4,500
- Key Support Levels – $3,500 and $3,000
Future Prospects for Ethereum
After reaching a high of $2,800, Ethereum is now facing an upward correction that has been interrupted, leading to a retracement to the previous low. Here are some potential scenarios for Ethereum’s future:
- If the bears manage to push below the current support at $2,600, selling pressure could increase, causing Ethereum to fall back to its previous low of $2,200.
As of the latest report on August 24, Ether was trading at $2,668.
Hot Take: Ethereum’s Price Movement
With the recent upward correction in Ethereum’s price, it is crucial to monitor the key support and resistance levels to gauge the future direction of the cryptocurrency. Stay informed on the latest developments to make well-informed decisions regarding your Ethereum investments.
By
By
By