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Ethereum (ETH) Price Analysis for August 2

Price Predictions
Mon, 08/02/2021 - 15:22
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Denys Serhiichuk
How good are Ethereum's (ETH) chances to keep the growth going against Bitcoin (BTC)?
Ethereum (ETH) Price Analysis for August 2
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The new week has begun with a neutral mood on the cryptocurrency market as some coins are in the red zone while others remain in the green.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

ETH/USD

Last Saturday, buyers were able to pull the ETH/USD pair out of short-term consolidation and break above the $2,500 resistance.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On Sunday, the bulls ran to the resistance of $2,700, but no one wanted to buy Ethereum and the price returned to the area of $2,500. The decline has stopped, but the volume of purchases is not increasing.

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One may believes that, today, the rollback may continue to the two-hour moving average EMA55.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the 4H chart, the leading altcoin is rather bullish than bearish as it has fixed above the vital level of $2,555. There are few chances that it will go below it as sellers have run out of power based on a high trading volume. In this case, the more likely price action is the ongoing rise to the nearest resistance at $2,950.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the daily time frame, Ethereum (ETH) is trading in the zone of the most liquidity around $2,500. Even though the mid-term trend remains bullish, buyers need to gain more energy for continued growth. In this regard, the test of the recently formed mirror level may happen within the next few days. One may expect a bounceback from the $2,400 mark.

Ethereum is trading at $2,569 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.