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Ethereum (ETH) Price Analysis for August 2

Tue, 08/02/2022 - 16:20
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Denys Serhiichuk
Can Ethereum (ETH) recover to previous tested levels by end of week?
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 market is facing a slight correction after yesterday's rise, and the majority of coins are in the red zone.

Top coins by CoinMarketCap

ETH/USD

Ethereum (ETH) could not withstand BTC's fall, falling itself by 3.80% over the last 24 hours.

ETH/USD chart by TradingView

On the local chart, Ethereum (ETH) has bounced off the formed support level at $1,567.

Related
BTC, ETH and XRP Price Analysis for July 31

Now one should pay close attention to the $1,600 mark. If buyers can hold it, a rise may continue to the $1,650-$1,700 zone.

ETH/USD chart by TradingView

On the daily chart, Ethereum (ETH) has made a false breakout of the $1,594 level, confirming bulls' power. Until the price is above this mark, there are more chances to see a rise than a drop. In addition, the selling volume is low, which means that bears are not powerful enough to seize the initiative.

ETH/USD chart by TradingView

On the bigger time frame, Ethereum (ETH) could not fix above the $1,700 mark from the first attempt. In this case, the more likely scenario is sideways trading in the narrow range of $1,600-$1,700, so one of the sides can get more energy for a further move.

Ethereum is trading at $1,607 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.