Ethereum Threatens To Crash At $1,850

Aug 08, 2023 at 14:00 // Price
Coin Idol
Ethereum is in a steady downtrend

The latest price analysis by report, the Ethereum (ETH) price has dropped to $1,802 after falling below the 50-day simple moving average (SMA).

Long-term analysis of the Ethereum price: bearish

Buyers have held the price above $1,800 support since Aug. 1. However, the altcoin's subsequent upward movement was halted around the $1,850 high.

If buyers keep the price above the moving average lines, the largest altcoin will resume its positive momentum. Ether will rise and retest the psychological milestone of $2,000. If the bears break below the $1,800 support, Ether will crash again. Sellers have made several attempts to resume selling pressure, while bulls have bought the dips. At the time of writing, Ethereum's price is at $1,831.

Ethereum indicator analysis

The Relative Strength Index for period 14 is at 41 as Ethereum consolidates above immediate support. The altcoin is more likely to fall than rise as long as it is in the bearish trend zone. Moreover, the price bars are below the moving average, which contributes to the altcoin's decline. Ether is rising above the daily stochastic barrier of 60. The uptrend has stalled below the high of $1,840.

ETHUSD_(Daily Chart) – AUG. 8.23.jpg

Technical Indicators:

Key resistance levels – $1,800 and $2,000

Key support levels – $1,600 and $1,400

What is the next direction for Ethereum?

Ethereum is in a steady downtrend on the 4-hour chart. The price of the cryptocurrency is forming a series of lower highs and lower lows. The cryptocurrency is being rejected by moving average lines. If Ether falls below the $1,800 support level, the bearish momentum will resume in full.

ETHUSD_(4 Hour Chart) – AUG.8.23.jpg

As we reported on August 06, on August 2, the bears broke below the 50-day simple moving average. As a result, the value of the largest altcoin fell. 

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 Readers should do their research before investing in funds.

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