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Ethereum (ETH) Price Analysis for August 4

Thu, 08/04/2022 - 15:55
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Denys Serhiichuk
Can main altcoin rise against market correction?
Ethereum (ETH) Price Analysis for August 4
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Bulls could not hold the gained initiative for a long time, and most of the coins are again in the red zone.

Top coins by CoinMarketCap


Ethereum (ETH) has followed the fall of Bitcoin (BTC), going down by 2.79%.

ETH/USD chart by TradingView

On the daily chart, Ethereum (ETH) has continued yesterday's fall against the declining volume. At the moment, the price is approaching the $1,600 mark, the breakout of which may lead to the test of the interim local level at $1,550. Such a scenario is relevant until the end of the week.

ETH/USD chart by TradingView

On the weekly time frame, the leading altcoin might not have accumulated enough power for the midterm bull run. A continued rise is possible only if the price returns to the resistance level at $1,785.

ETH/USD chart by TradingView

From the local point of view, Ethereum (ETH) has made a false breakout of the level at $1,634. If the candle closes below the $1,607 mark, one can expect a sharp drop to $1,580 soon.

Ethereum is trading at $1,608 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