Can Ethereum stay above the $1650 price level

Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion.

• The upper timeframe value motion of Ethereum confirmed a bearish construction.
• A bounce may develop after such a big drop, making the $1780-$1800 an space of curiosity for bears to defend.

On 6 Might, Ethereum [ETH] fashioned a decrease excessive at $2019, a degree that was retested as resistance on 14 July. After this retest, the asset has trended downward. The current drop on 17 August was adopted virtually instantly by excellent news.

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ETF purposes for Ethereum had been prone to be authorized, in accordance with a Bloomberg report. May this optimism gasoline an ETH restoration? The value was at a assist zone that stretched again to mid-January.

The $1170 and $1630 ranges had been each breached, displaying bearish intent

Supply: ETH/USDT on TradingView

On the each day value chart, Ethereum flipped the market construction to bearish on 2 August. ETH bulls managed to defend the $1820-$1850 assist zone since mid-June, however they had been lastly overcome. The current wave of promoting introduced ETH as little as $1550 on 17 August on Binance.

The RSI and OBV fell decrease and mirrored bearish momentum and huge promoting strain. Whereas a 1-day buying and selling session had not but closed beneath $1626, the wick to $1550 signaled bearish dominance.

Due to this fact, merchants can anticipate a transfer upward to promote ETH in anticipation of rejection from a degree of resistance overhead. The $1740-$1780 space had been necessary in mid-June however did not staunch the promoting strain throughout the current droop. A retest of this space and one other transfer down was attainable.

The rising imply coin age urged promoting exercise was not as robust because it appears

Supply: Santiment

The age consumed metric final noticed a major spike in late July. The shortage of exercise in current days urged that the promoting exercise was not accompanied by massive quantities of ETH leaving the addresses of holders.

How a lot are 1, 10, or 100 ETH value at present?

The imply coin age metric continued to pattern greater. Collectively, it urged that accumulation was nonetheless in progress regardless of the volatility.

The MVRV ratio confirmed the asset was undervalued. The previous few days additionally noticed notable trade outflows, supporting the concept of accumulation throughout the drop. The value motion favored the sellers however a bounce may happen within the coming days.