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Ethereum price analysis: ETH retests $1,650 resistance, not yet ready to break higher?

bitwolf by bitwolf
August 23, 2022
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Ethereum value evaluation is bearish at present as we’ve seen a fast response greater to the $1,650 resistance after one other retest of the earlier low yesterday. Nonetheless, since then, ETH/USD has failed to maneuver any greater, indicating that additional consolidation must be made.

Ethereum price analysis: ETH retests $1,650 resistance, not yet ready to break higher? 1Ethereum price analysis: ETH retests $1,650 resistance, not yet ready to break higher? 1
Cryptocurrency warmth map. Supply: Coin360

The market has traded within the inexperienced over the past 24 hours. The chief, Bitcoin, gained 1.09 p.c, whereas Ethereum gained over 4 p.c. The remainder of the market noticed leads to between.

Ethereum value motion within the final 24 hours: Ethereum returns again to native resistance

ETH/USD traded in a variety of $1,554.24 to $1,649.56, indicating sturdy volatility over the past 24 hours. Buying and selling quantity has elevated by 2.62 p.c, totaling $18.23 billion, whereas the full market cap trades round $200.2 billion, leading to market dominance of 19.4 p.c.

 

ITB Widget Instance

ETH/USD 4-hour chart: ETH rejects upside once more

On the 4-hour chart, we are able to see a fast retest of the $1,650 resistance being met with a response decrease, indicating that additional draw back will comply with in a single day.

Ethereum price analysis: ETH retests $1,650 resistance, not yet ready to break higher?Ethereum price analysis: ETH retests $1,650 resistance, not yet ready to break higher?
ETH/USD 4-hour chart. Supply: TradingView

Ethereum price has seen sturdy promoting stress ever because the $2,000 mark was reached early final week. After a gradual retrace at first, ETH/USD started to quickly push decrease, shortly shedding over 20 p.c to the $1,550 support. 

Consolidation started from there, with resistance discovered at $1,650 resistance. One other draw back check was met with the next response, indicating that additional draw back is unlikely. Nonetheless, the $1,650 resistance nonetheless stands sturdy as bulls failed to interrupt above it at present.

Subsequently, we count on one other retest of the draw back over the following 24 hours. If a barely greater low is about, the Ethereum value must be prepared to aim to interrupt above the $1,650 resistance by the top of the week.

Ethereum value evaluation: Conclusion 

Ethereum price analysis is bearish at present as we’ve seen one other try to interrupt above $1,650 being met with a response decrease. Subsequently, ETH/USD is just not but prepared for additional restoration, and promoting stress ought to return in a single day.

Whereas ready for Ethereum to maneuver additional, see our articles on how you can purchase Litecoin, Filecoin, and Polkadot.

Disclaimer. The data offered is just not buying and selling recommendation. Cryptopolitan.com holds no legal responsibility for any investments made primarily based on the knowledge offered on this web page. We strongly suggest unbiased analysis and/or session with a certified skilled earlier than making any funding choices.

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