The Federal Reserve’s rate hike plans and a moderate bear market rally are reflected in price movements in ETH, stocks, and bitcoin. ETH has fallen by 1.4% over the past 24 hours. Ether (ETH), fell below the 20-day EMA ($1,718), and the breakout level at $1,700 on August 19. It is possible that the price drop was due to the increase in volume by nearly 20%, or traders who bought at lower levels were leaving their positions. Ether currently has a market dominance of 19.1%.
At the time this article was written, ETH was trading for $1,610.
Chart for Ethereum (ETH).
ETH experienced a sharp rally, and soared nearly 130% from its lows at $881 to its current high of $2,000. The asset was confronted with stiff resistance at the psychological level $2k. However, it saw a correction, and prices fell to $1,523.6. ETH is consolidating, trading in a narrow range of $1,530 to 1,630 during the last four days, with low volumes. The asset is supported by $1,500. It should hold and maintain above the support level to allow bulls to continue their up-move, while a break below it can cause further decline.
Support 2Support 1AssetResistance 1Resistance 2$1,275$1,500ETH$1,750$2,000
Disclaimer: This report should not be regarded as investment advice. It does not consider the financial situation, investment goals or needs of investors. When deciding whether an investment is right for them, all investors should take into account these factors and consult with a professional advisor. This report was prepared by the Company using information that it has access to, as well as information from public sources that have not been independently verified. The Company makes no representations or warranties, either express or implied, regarding the accuracy, reliability, completeness, reliability, or correctness of the information, opinions, or conclusions contained herein. This report is preliminary. The Company does not assume any obligation to revise or update the reports in the event of changes or unforeseen events. Trading and Investments in crypto assets viz. Bitcoin, Bitcoin Cash, Ethereum, etc. These are highly speculative investments and can be subject to market risk. The Author’s analysis is intended to be informative only and should not serve as investment advice.
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