Ethereum is currently encountering difficulties in surpassing its recent resistance levels, as evident from the price chart. The technical indicators for Ethereum are sending mixed signals. However, the moving averages remain in a bullish position, suggesting the possibility of additional gains in the future.
On The Daily Chart:
For nearly two weeks, Ethereum has been trading in a narrow range between $1,820 and $1,887. Currently priced at $1,835, it hovers just below the 100-day EMA. Over the past two weeks, Ethereum's movement has been sideways, resulting in a balanced situation with neither Bulls nor Bears taking control. Investors keenly observe as ETH teeters on the edge of a potential breakout, waiting to see which direction it will follow.
On The 4-Hour Chart:
Ethereum's journey on August 1st commenced with a promising green candle, signaling a positive beginning. Nonetheless, the Bulls struggled to sustain the momentum, leading to red candles that indicate bearish pressure. On the 4-hour chart, #ETH is trading within a Descending Triangle pattern, exhibiting low volatility and confined price movement. The awaited breakout will determine the new trend, deciding whether Ethereum will soar or decline.
According to Coingabbar Price Analysis, Ethereum's market capitalization is currently valued at approximately $219,846,262,018. The projected 24-hour trading volume is estimated to be around $3,499,579,104.
KEY LEVELS :
RESISTANCE LEVEL : $1,860-$1,900
SUPPORT LEVEL : $1,800-$1,760
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
