Ethereum Consolidates Above $3,080 Support as Bulls and Bears Reach Indecision

Aug 27, 2021 at 10:22 // News
Coin Idol
It is unclear whether Ethereum will decline or resume an upward movement

The price of Ethereum (ETH) has declined over the past four days, but has found support above the $3,080 low. Today, the Ether price is trading at $3,119.04 at the time of writing.

The cryptocurrency's price has been unstable over the past 48 hours as it continues to fluctuate between $3,080 and $3,140. The largest altcoin has consolidated above current support.

It is unclear whether the crypto will decline or resume an upward movement. ETH /USD will fall if it breaks below the $3,080 support. This will force the altcoin to fall to a low of $2,967. Likewise, the cryptocurrency will resume an upward movement if buyers push it above the high of $3,150. Ether will rise and regain the previous high of $3,400. Meanwhile, the current fluctuation will continue until the price breaks the range-bound levels.

Ethereum indicator analysis

Ether is at level 54 of the Relative Strength Index for period 14. The cryptocurrency is in the uptrend zone and is capable of moving higher. The altcoin is above the 25% area of the daily stochastic. This indicates that the market is in a bullish momentum.

download (33).png

Technical indicators:

Major Resistance Levels - $4,000 and $4,500

Major Support Levels - $2,500 and $2,000

What is the next direction for Ethereum?

Currently, Ethereum is consolidating above $3,080 support. Buyers and sellers are undecided about the direction of the market. In the meantime, the downtrend from August 25 is on watch. A retracement candlestick has tested the 61.8% Fibonacci retracement level. The retracement suggests that Ethereum will fall to the 1,618 Fibonacci Extension level or the $2,904.89 level.

download (34).png

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.

Show comments(0 comments)