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Ethereum (ETH) Price Analysis for August 5

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Thu, 5/08/2021 - 14:50
Ethereum (ETH) Price Analysis for August 5
Cover image via www.tradingview.com

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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.

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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.

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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.

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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.

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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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