The Price of Ethereum (ETH) is Under Pressure
The price of Ethereum (ETH) has dropped below the moving average lines, signaling a bearish trend. However, the bulls have shown interest in buying the dips, preventing a further decline below the $2,200 support level.
Long-Term Forecast for Ethereum Price: Bearish Outlook
Ethereum’s price is currently ranging between $2,200 and $2,800, with uncertainty about a potential upside. The cryptocurrency is facing resistance near the $2,600 mark, indicating a bearish trend. If the support level at $2,400 is breached, the bears are likely to push the price towards the $2,116 level.
- If the $2,116 support is broken, Ethereum could drop to the 2.0 Fibonacci extension level around $1,674.
- At the moment, Ethereum is trading at $2,630, showing signs of weakness in the short term.
Analysis of Ethereum Indicators
Ether’s price bars have dipped below the moving average lines after testing the $2,116 support level, indicating a bearish sentiment in the market. The weekly chart shows a sideways trend as the moving average lines remain horizontal.
Technical Indicators:
- Key resistance levels: $4,000 and $4,500
- Key support levels: $3,500 and $3,000
What’s Next for Ethereum?
Ethereum is likely to face further downside pressure following a failed upward correction on July 15. The cryptocurrency reached a low of $2,099 before rebounding, but the price forecast suggests a potential drop to $1,674. Despite the bearish outlook, Ethereum has managed to maintain support above $2,600.
Previously, on August 6, Ethereum was seen consolidating above the $2,400 support level, showing signs of an upward correction. However, the price action could face rejection at recent resistance levels.
Hot Take: Ethereum’s Price Outlook
The price of Ethereum is currently under pressure, with indicators pointing towards a bearish trend in the market. Traders should exercise caution and monitor key support levels to gauge the future price movement of Ethereum.
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