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Ethereum (ETH) Price Analysis for August 18

Fri, 08/18/2023 - 16:15
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Denys Serhiichuk
Has rate of Ethereum (ETH) found local bottom yet?
Ethereum (ETH) Price Analysis for August 18
Cover image via www.tradingview.com

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

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.

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Bitcoin (BTC) Price Analysis for August 17

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.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.