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Ethereum (ETH) Price Analysis for August 5

Price Predictions
Thu, 08/05/2021 - 14:50
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Denys Serhiichuk
How great are Ethereum (ETH)'s chances to rise against other altcoins?
Ethereum (ETH) Price Analysis for August 5
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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Bears are becoming more powerful by the end of the week as most of the top 10 coins are in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

ETH/USD

Yesterday morning, the bears were unable to push through the support around $2,440, and the price of Ethereum (ETH) remained in a short-term sideways consolidation.

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

In the afternoon, a sharp bullish momentum broke through the resistance of $2,700 and the pair returned to the July high zone. Tonight, the price tested the level of $2,775.

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Today, during the day, bulls may try to increase the volume and gain a foothold above the resistance of $2,800.

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

On the 12H chart, Ethereum (ETH) has bounced off the zone around $2,500, which means that bulls are ready to keep the ongoing rise. In this case, traders might expect a retest of the recently formed resistance at $2,699 by the end of the day.

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

On the bigger time frame, the chief altcoin has tested the liquidity zone at $2,500, followed by a bounce-off. The trading volume is low, which means that traders are accumulating power for an ongoing rise. Ethereum (ETH) may get back to $3,117 by mid-August if buyers keep dominating the market.

Ethereum is trading at $2,612 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.