Ethereum Declines as It Hovers Above the $1,424 Low

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Key Highlights

Ethereum fluctuates above the $1,400 support
Ether risks further decline

Ethereum ETH) Current Statistics
The current price: $1,450.87
Market Capitalization: $177,079,220,438
Trading Volume: $14,364,233,662
Major supply zones: $1,800 $2,000, $2,200
Major demand zones: $1, 700, $1,500, $1,300

Ethereum (ETH) Price Analysis August 28, 2022
For the past 48 hours, Ethereum’s (ETH) price has been trading marginally as it hovers above the $1,424 low. On the upside, Ether will face rejection at $1,574 or may turn at the 50-day line SMA. However, on the other hand, it will regain bullish momentum, if the buyers keep the price above the 50-day line SMA. Today, the largest altcoin is declining to the downside. On the downside, if price breaks below the current support, it will further decline to $1,274.50.

Ethereum Reaches the Oversold Region as It Hovers Above the $1,424 Low
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 37 of the Relative Strength Index for period 14. It is in the downtrend zone and may further decline. Ether risks further decline as the crypto’s price is below the moving average lines. The 21-day line SMA and the 50-day line SMA are sloping upward. The altcoin is below the 20% range of the daily stochastic. The market has reached an oversold region.

Conclusion
Ether’s price has remained stable for the past 48 hours as it hovers above the $1,424 low. 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.

Ethereum Reaches the Oversold Region as It Hovers Above the $1,424 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.