Ethereum Is In A Gradual Downtrend As It Revisits The Low Of $1,700

Aug 06, 2023 at 13:30 // Price
Coin Idol
Ether continues its downtrend

The latest price analysis by report, the Ethereum price (ETH) has resumed selling pressure after two weeks of being pinched by moving average lines.

Long-term analysis of the Ethereum price: bearish

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

The price indicator predicts that the decline will continue above the support level of $1,700. Ether is currently trading at a low of $1,815. On July 25, the price fell and the candlestick touched the 78.6% Fibonacci retracement line. After the correction, Ether will fall but reverse at the 1,272 Fibonacci extension line or $1,787.88. The altcoin is currently trading above the $1,800 support as it prepares its downside move.

Ethereum indicator analysis

Ether could continue to fall as it approaches the 41 level of the Relative Strength Index of Period 14. As the price bars above the moving average lines, the decline could accelerate. The bullish momentum has slowed down but is still above the Stochastic daily level of 50.

ETHUSD(Daily Chart) – AUG. 5.23.jpg

Technical Indicators:

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

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

What's next for Ethereum?

The altcoin is in a gradual decline on the 4-hour chart after the price collapse on July 14. On August 1, the downtrend eased and the altcoin was trading between $1,800 and $1,880. The current range is expected to be broken today as Ether continues its downtrend. It is possible to reach the Fibonacci extension if the current support is broken.

ETHUSD(4 Hour Chart) – AUG.5.23.jpg

As we reported on August 01,  since July 18, both bulls and bears have desperately tried to break the moving average lines, but without success. The price indicator predicts that Ether will fall to a low of $1,829 and then reverse its trend. 

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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