ETH Price Analysis – August 3
Ethereum price was seen trading at $221.55 today while the price is trending below the green Ichimoku cloud.
Resistance levels: $255, $260, $265
Support levels: $175, $170, $165
ETH/USD is currently consolidating in a flag formation for the last three days. ETH/USD is priced at $221.55 at the time of writing. The chart shows that the price first went up to $224.68, where it met resistance and then fell to $216.19. The bulls then re-entered again and took the price up to $221.45.
The daily price is trending below the green Ichimoku cloud and the 21-day moving average curve acts as immediate market resistance. The bulls will want to overcome resistance at MA 21 to reach $255, $260 and $265 levels. The moving average convergence/divergence (MACD) shows four straight bullish sessions. Meanwhile, the support levels to watch are $175, $170 and $165 respectively.
Against BTC, looking at the price movement, we can see that Ethereum is significantly bearish on the daily price chart. Now that the price is falling, the sellers are posing more threat to the 2000SAT support level where the nearest target lies. However, an eventual break may lead to Ethereum’s collapse.
However, a further bearish continuation will likely meet the major support at 1820SAT before falling to 1800SAT and 1780SAT while the buyers may likely push the market to the critical potential resistance at 2380SAT, 2400SAT and 2420SAT respectively. The stochastic RSI has recently seen a quick drop in price with sharply nosedive to the oversold territory. ETH will continue to drop if the sellers continue to release the pressure.
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