The Latest Price Analysis for Ethereum (ETH)
The Ethereum price (ETH) has recently experienced selling pressure after a period of being pinched by moving average lines, according to a recent report. The long-term analysis of the Ethereum price suggests a bearish trend.
Main breakdowns of the key points:
- The bears broke below the 50-day simple moving average on August 2, leading to a decline in the value of the altcoin.
- The price indicator predicts that the decline will continue above the support level of $1,700, with Ether currently trading at $1,815.
- Ethereum could continue to fall as it approaches the 41 level of the Relative Strength Index, potentially accelerating the decline.
- Key resistance levels for Ethereum are $1,800 and $2,000, while key support levels are $1,600 and $1,400.
- The altcoin is currently in a gradual decline on the 4-hour chart, with the possibility of reaching the Fibonacci extension if the current support is broken.
Hot Take: What’s Next for Ethereum?
Considering the recent price analysis, it seems that Ethereum may continue its downtrend in the near future. The altcoin has faced challenges breaking the moving average lines and is expected to reach a low of $1,829 before potentially reversing its trend. It will be interesting to see how Ethereum performs in the coming weeks and whether it can regain bullish momentum.
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