Ethereum Falls as It Faces a Plunge below $1,800

Ethereum ETH) Current Statistics
The current price: $1,835.31
Market Capitalization: $220.57B
Trading Volume: $3.43B
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis August 5, 2023
Ethereum (ETH) price has started to decline again after crossing below the 50-day (SMA) as it faces a plunge below $1,800. Previously, the cryptocurrency had been caught between the moving average lines for several weeks.

The range-bound movement was interrupted on August 2 when Ether started selling pressure. On July 25, the downward trend was reversed, and the candle body touched the 78.6% Fibonacci retracement line.

The correction suggests that Ether will decline but then reverse at the 1.272 Fibonacci extension level, or $1,787.88. According to the price action, the market has fallen to a low of $1,842 and may go lower to the Fibonacci extension.

ETH Technical Indicators Reading
The largest altcoin has begun selling pressure as it crosses the Relative Strength Index period 14 level 41. The price bars have now fallen below the moving average lines, facilitating the downward movement. Ether is gaining momentum over the daily Stochastic threshold of 50. Bullish momentum has reached a high of $1,840.

Conclusion
Ethereum’s slide has continued after getting wedged between the moving average lines as it faces a plunge below $1,800. The altcoin is returning to the earlier low above $1,700. The price indicator predicts that Ether will soon reverse upward. Meanwhile, the presence of Doji candlesticks has delayed the price movement.

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