Advertisement
AD

Main navigation

Advertisement

Ethereum (ETH) Price Analysis for August 18

Advertisement
Fri, 18/08/2023 - 16:15
Ethereum (ETH) Price Analysis for August 18
Cover image via www.tradingview.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The cryptocurrency market has faced a sharp drop, and all of the top 10 coins are in the red zone.

Advertisement

Top coins by CoinMarketCap

Top coins by CoinMarketCap

ETH/USD

The rate of Ethereum (ETH) has dropped by 6.43% over the last 24 hours.

ETH/USD chart by TradingView

Image by TradingView

Despite the sharp fall, the rate of Ethereum (ETH) remains bearish on the hourly chart as its rate is on its way to testing the support level of $1,662. If the daily candle closes around it, the drop may continue to the $1,600-$1,650 zone shortly.

ETH/USD chart by TradingView

Image by TradingView

On the daily time frame, the rate of Ethereum (ETH) has made a false breakout of the support at $1,631. There are no prerequisites for a reversal, however, if the bar closes far from the mentioned mark, there is a possibility of seeing consolidation in the area of $1,650-$1,700 within the next few days.

ETH/USD chart by TradingView

Image by TradingView

From the midterm point of view, the price of Ethereum (ETH) has bounced off the support at $1,571.

Related

If the weekly candle closes above the $1,600 mark, one can expect a slight correction to the $1,700 zone by the end of the month.

Ethereum is trading at $1,664 at press time.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD