Ethereum Faces an Additional Fall as It Is Stuck at $2,800

Ethereum (ETH) Current Statistics

The current price: $2,651.66
Market Capitalization: $318,526,050,993
Trading Volume: $8,816,748,187
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis August 11, 2024

Ethereum’s (ETH) price decline has hit bearish exhaustion, and it is stuck at $2,800. The bearish momentum has lessened during the last week, reaching a low of $2,116 on August 5. Ether trades above the $2,200 support but below the resistance at $2,800.

Since August 9, the price has stalled at the recent high and remained above the $2,600 support. Nonetheless, the price indication has predicted a probable drop in the cryptocurrency. On the downside, if the bears break the $2,200 support, the altcoin would drop to its previous low of $2,116.

If the altcoin loses its $2,116 support, the market will fall to level 2.0 of the Fibonacci extension, or $1,674.28. Ether’s current value as of this writing is $2,631.

ETH Technical Indicators Reading

Ether’s price has remained stable at above $2,600. However, the price bars are lower than the moving average lines. Ether price bars form Doji candlesticks, which affect price fluctuation. Doji candlesticks reflect traders’ hesitation regarding the direction of the market.

Conclusion

The largest altcoin is presently holds above the $2,200 support but it is stuck at $2,800. Today, the altcoin is correcting upwards but will be rejected at its recent high. Ether fears additional fall if rejected at its latest high and loses existing support at $2,200. According to the price indication, the cryptocurrency signal is negative.

Make money without lifting your fingers: Start using a world-class auto trading solution.

Note: Learn2.Trade is not a financial advisor.  Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your results