Ethereum Faces Rejection at $1,600 as It Targets $1,238 Low

Key Highlights

Ethereum fluctuates below 1,600
The altcoin may revisit the $1,238 low

Ethereum ETH) Current Statistics
The current price: $1,573.32
Market Capitalization: $192,265,094,966
Trading Volume: $15,629,244,448
Major supply zones: $1,800 $2,000, $2,200
Major demand zones: $1, 700, $1,500, $1,300

Ethereum (ETH) Price Analysis August 31, 2022
Ethereum’s (ETH) price is in a downtrend as it targets $1,238 low. Presently, Ether is turning down from the recent high. In other words, Ether has turned down from the 50-day line SMA. On the upside, if price breaks above the moving average lines, Ether will resume its uptrend. Conversely, the selling pressure will resume, if the altcoin turns from the 50-day line SMA and break below the current support. Ether will further decline to $1,274.50.

ETH Technical Indicators Reading
Ether is at level 46 of the Relative Strength Index for period 14. Ether is in the downtrend zone but makes an upward correction. The altcoin is below the 80% range of the daily stochastic. It is in a bearish momentum. Ether’s price bars are below the moving average lines indicating a possible fall of Ether.

Conclusion
Ether’s price has resumed a downward move as it targets $1,238 low. The largest altcoin will resume selling pressure if price breaks below the $1,424 support. Meanwhile, on the August 20 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that ETH will fall to level 1.618 Fibonacci extension or $1,238.97.

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