ETH Price Analysis – August 20
Before the Ethereum (ETH) can give a bullish signal, there’s a need for more significant growth in the market cap and trading volume.
Resistance levels: $220, $230, $220
Support levels: $160, $150, $140
Today, the crypto market has gone red once more after a measurable recovery over the past few days, especially the Ethereum (ETH) market that is showing a sign of weakness in price in the intraday trading. The $200 price level has proven difficult for buyers, and now, the market is looking bearish, and the price is facing lower levels.
Following a decent rise over the past two days, Ethereum now appears to be resuming bearish run. The next level of supports may surface at $160 and may locate further key supports at $150 and $140 levels if the sell-off later becomes huge. If ETH can manage to break and stay above the $200 level, we may start to consider a positive move for this market and the resistance levels lies at $220, $230 and $240. The RSI (14) is moving below 45-level, we may expect some bearish pressure.
Looking at the daily chart, having shown some positive move a few days ago before the current price drop; Ethereum’s bulls may regain recovery after a retesting the long-term support line, below the lower side of the channel (green line) on the chart. If the green line of the channel fails to act as a reversal point, ETH may break lower to create a new low.
Meanwhile, on the long-term perspective, the ETH/BTC pair is on sideways movement. Although, the bulls showed 2-day interest in price action before the bears stepped back. Now, the market is falling back near the technical supports at 0.016BTC, 0.018BTC, and 0.020BTC. If the green line of the channel can provide support for the market, the price of ETH will continue rising at 0.020BTC, 0.022BTC, and 0.024BTC resistance levels. The MACD has recently signaled a bullish move while the stochastic RSI is at the overbought zone.
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