Ethereums Ascension Pauses at $1,748

Ethereums Ascension Pauses at $1,748

Breaking News: Ethereum (ETH) Rises Over $1,600 Support Level

Ethereum (ETH) recently experienced a price decline on August 17, but it has now risen over the level of support of $1,600, according to the latest price analysis report. This is an important development for digital currency enthusiasts like you.

Long-term Analysis of Ethereum (ETH) Price: Bearish

Bears have made repeated attempts to push the price of Ether down to $1,400. Despite the fact that the price briefly rose over $1,700, it couldn’t sustain the upward momentum. As of now, the price has recovered to the 21-day line SMA, sitting over the $1,700 level of support but below the moving average lines.

If the price falls back below $1,700, it will return to a range bound zone. Nonetheless, if it can hold over the $1,700 support, positive momentum may reappear, leading to a breakout over the moving average lines. This would indicate the resumption of the uptrend, potentially pushing Ether back to its previous high of $1,900 or even $2,000.

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Ethereum (ETH) Indicator Analysis

The present price decline has brought the Relative Strength Index Level to 49, indicating an equilibrium point where supply and demand are balanced. The altcoin is as of now in a downtrend, with the price bars below the moving average lines. In addition, the daily stochastics show that Ether is overbought and may soon experience a breakdown.

Technical Indicators

Key resistance levels for Ethereum (ETH) are $1,800 and $2,000, while key support levels are $1,600 and $1,400.

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What’s Next for Ethereum?

The largest altcoin is showing indications of an upward impulse as the present slump nears its end. Nonetheless, Ether hasn’t fully recovered yet as it hasn’t broken the 21-day simple moving average. To resume the uptrend, it’s critical for the moving average lines to be broken.

On August 17, buyers aimed to break through the $1,700 resistance, and if they succeed, Ether will continue its uptrend.

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Hot Take: Ethereum’s recovery over the $1,600 level of support is a positive sign, but breaking the moving average lines is critical for a sustained uptrend.

Author – Contributor at | Website

Cabel Dioli emerges as a luminary seamlessly blending the roles of crypto analyst, dedicated researcher, and editorial artisan. Within the dynamic expanse of digital currencies, Cabel’s insights resound like finely tuned notes, reaching minds with diverse inquisitiveness. His mastery in unraveling intricate threads of crypto intricacies harmonizes effortlessly with his editorial finesse, transforming complexity into a captivating symphony of comprehension.

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