Can Ethereum stay above the $1650 price level

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

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

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

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ETF functions for Ethereum have been prone to be authorized, in keeping with a Bloomberg report. Might this optimism gasoline an ETH recovery? The worth was at a help zone that stretched again to mid-January.

The $1170 and $1630 ranges have been each breached, exhibiting bearish intent

Supply: ETH/USDT on TradingView

On the day by day value chart, Ethereum flipped the market construction to bearish on 2 August. ETH bulls managed to defend the $1820-$1850 help zone since mid-June, however they have been lastly overcome. The latest 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 enormous promoting stress. Whereas a 1-day buying and selling session had not but closed under $1626, the wick to $1550 signaled bearish dominance.

Due to this fact, merchants can watch for a transfer upward to promote ETH in anticipation of rejection from a stage of resistance overhead. The $1740-$1780 space had been essential in mid-June however didn’t staunch the promoting stress throughout the latest droop. A retest of this space and one other transfer down was potential.

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

Supply: Santiment

The age consumed metric final noticed a big spike in late July. The dearth of exercise in latest days urged that the promoting exercise was not accompanied by giant quantities of ETH leaving the addresses of holders.

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

The imply coin age metric continued to development 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 change outflows, supporting the concept of accumulation throughout the drop. The worth motion favored the sellers however a bounce might happen within the coming days.