Ethereum Price Prediction – August 22
The Ethereum price continues to approach the crucial support and it must hold the $3200 level to climb towards $3500.
ETH/USD Market
Key Levels:
Resistance levels: $3600, $3700, $3800
Support levels: $2800, $2700, $2600
ETH/USD is trading down 2.42% at its current price of $3148.82, which marks a notable decline from its daily highs of $3275 that was set today when the bulls attempted to spark another rally. However, in the near term, Ethereum (ETH) has been able to find some support in the lower $3128 level, as it has bounced multiple times after visiting this level.
Ethereum Price Prediction: Ethereum Price May Fall More
After several bullish movements, the Ethereum price has been bitten today by the bear as the coin is currently experiencing a price drop. Before this, many traders were expecting a lot from the coin after touching the resistance level of $3341 a few days ago reflecting an improvement in the Ethereum prices. However, the Ethereum price is currently moving under the 9-day moving average which is yet to break out below the 21-day moving average within the channel.
For now, a bearish drop may continue to roll the market down and this could hit the support levels of $2800, $2700, and $2600 while a possible bullish surge could drive the market above the upper boundary of the channel to touch the $3500 level. Meanwhile, the $3600, $3700, and $3800 may further provide resistance levels for the market. Therefore, the Relative Strength Index (14) is crossing below 60-level, and staying there may cause the coin to drop more.
Against Bitcoin, the market price remains within the channel as the bears are dominating the market. ETH/BTC is currently trading at 6510 SAT as the 9-day MA is crossing below the 21-day MA. However, if the Ethereum price continues to drop towards the lower boundary of the channel, the next key supports could be at 6000 SAT and below.
Moreover, any possible bullish movement towards the upper boundary of the channel may likely push the Ethereum price to the upside. Once this is done, the resistance level of 7100 SAT and above could be visited. On the contrary, the Relative Strength Index (14) is crossing below 50-level, suggesting that the market may continue to fall.
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