Ethereum Varies As It Faces Another Rejection At $2,600

Ethereum (ETH) Current Statistics

The current price: $2,344.45
Market Capitalization: $281.55B
Trading Volume: $23.88B
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis August 7, 2024

Ethereum’s (ETH) price falls to $2,116 low as it faces another rejection at $2,600. The bearish trend has slowed over the last three days, but Ether is still expected to fall further. Currently, the upward movement has been halted near the $2,600 high. The price indicator predicts that the coin will continue to decrease.

On the downside, the altcoin is dropping after hitting the resistance level of $2,600. On the downside, if the bears break the present support at $2,116, Ether will fall to the level 2.0 Fibonacci extension, or $1,678. On the other side, the altcoin will vary above the $2,100 and $2,600 support levels while the trend is determined.

ETH Technical Indicators Reading- Rejection At $2,600

Ether’s price has plummeted considerably, with price bars extending below the moving average lines. The extended candlestick tail points to the psychological price of $2,000.00. The psychological price level is under significant buying pressure, but the bears are pushing the price down to its current level.

Conclusion

For the past three days, Ether has remained above the $2,100 support as it faces another rejection at $2,600. The altcoin is falling toward its current support of $2,100. If the price falls below the current support level, selling pressure will resume. Meanwhile, the cryptocurrency signal remains unfavorable, as Ether continues to drop.

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