ETH Price Analysis – August 26
Ethereum is likely to have a bright future, and it may touch its YTD high before this year ends.
Resistance levels: $210, $215, $220
Support levels: $155, $150, $145
The price of Ethereum is trying to break the $190 mark, gradually gaining to maintain its movement. The coin was above the newly formed major resistance level of $200 last week until August 19. The price of the Ethereum dropped significantly during these 7 days, during which it was traded at $178.46, but fortunately did not slip below $175.
For now, the Ethereum is currently in its price correction phase and is attempting to take progressive steps to combat the loss. However, the coin may exceed the resistance levels of $210, $215 and $220 by the end of the week if bulls make more effort. In other words, if the bulls fail, the token price will remain low as it will still evolve under the moving averages of 9-day and 21-day with the nearest support levels at $155, $150 and $145 respectively. The RSI (14) moves in sideways, waiting for the next market direction.
Ethereum has continued to follow a bearish sentiment and about to break down the symmetric triangle channel, as the token suffers from a strong buying power. Even if the bulls are trying to gain momentum, the bears may continue to release huge pressure on the market. At the time of writing, Ethereum was trading near 0.01800BTC which is very close to its all-time low.
The bearish scenario might rally further to 0.0165BTC and 0.0160BTC support levels. Currently, the Ethereum price is moving at the overbought level of the daily stochastic RSI. If the bulls could manage to find support at this level, an upward movement to the 0.020BTC and potentially 0.0205 resistance levels may likely surface. But, a glance at the current market suggests a dominant downtrend for ETH/BTC market.
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