Ethereum Fails to Sustain Above $2,000 as It May Slump to $1,783 Low

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Key Highlights

Ethereum retraces from $2,030 high
Ether is likely to decline to the breakout level

Ethereum ETH) Current Statistics
The current price: $1,888.57
Market Capitalization: $230,391,854,230
Trading Volume: $15,675,469,580
Major supply zones: $1,800 $2,000, $2,200
Major demand zones: $1, 700, $1,500, $1,300

Ethereum (ETH) Price Analysis August 16, 2022
Ethereum (ETH) price is retracing after the high of $2,030 as it may slump to $1,783 low. However, buyers could not continue with the bullish momentum as the market reached the overbought region. The largest altcoin is likely to decline to the breakout level at $1,787 or above the moving average lines. The cryptocurrency is likely to recoup above such a level and resume a fresh uptrend. However, the bullish scenario will be invalidated if the bears break below the moving average lines.

Ethereum Fails to Sustain Above $2,000 as It May Slump to $1,783 Low
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 62 of the Relative Strength Index for period 14. Ether has fallen to the bullish trend zone after reaching the overbought region. The crypto’s price bars are above the 21-day SMA and 50-day SMA lines indicating a further upward move. The altcoin is below the 20% range of the daily stochastic. The current downtrend is likely to subside. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.

Conclusion
Ether price is retracing after failing to sustain above the $2,000 psychological price level as it may slump to $1,783 low. Meanwhile, on the August 14 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that ETH will fall to level 2.0 Fibonacci extension or $1,783.35.

Ethereum Fails to Sustain Above $2,000 as It May Slump to $1,783 Low
ETH/USD – 4 Hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.