Ethereum Price is Trending Downwards and this may continue

ETHUSD Price Analysis – August 31

Further decrease in the Ethereum price is highly envisaged, in case the bears increase their pressure of maintaining their current momentum, $141 price level may be reached and penetrated

Key Levels:

Resistance levels: $185, $228, $279
Support levels: $141, $82, $43

 

ETH/USD Long-term Trend: Bearish

ETH/USD price is on the bearish trend on the Long-term outlook. The Bears were in control of the Ethereum market. The bearish trend bottomed the price at $185 level on July 16. The price pulled back and retested the resistance level of $228. The Bears resumed their movement on August 07 and the price decreased to the previous level of $185, it consolidated for many days at the mentioned level. On August 28, the Bears were able to exert more pressure and break down the level moving towards the demand level of $141.

The 21 period EMA and 50 periods EMA are well separated, and the coin is trading below the two EMAs; that is the bearish momentum is strong in the ETH market. Meanwhile, the Stochastic Oscillator period 14 is at 20 levels with the signal line bending down to indicate sell signal.

ETHUSD, Daily chart, August 31

Further decrease in the Ethereum price is highly envisaged, in case the bears increase their pressure of maintaining their current momentum, $141 price level may be reached and penetrated but a pullback is inevitable in a trending market.

ETH/USD Short-term Trend: Bearish

ETH is bearish on the medium-term outlook. After a long period of consolidation, Ethereum broke out bearishly at the former demand level of $185 and price decreased down towards the demand level of $141. The momentum of the Bears seems to get weak as the price is consolidating below the $185 price level since August 29.

ETHUSD 4-hour chart, August 31

The 21-day EMA is below the 50 periods EMA and the ETH price is trading below the two EMAs with the distance between them which indicates a strong bearish trend. However, the Stochastic Oscillator period 14 is at 50 levels with the signal line pointing up to connotes buy signal.

Please note: cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Azeez M. MustaphaAzeez M. Mustapha

Azeez M. Mustapha

Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management.
e-mail: azeez@fxtimes.com

Crypto Destroyer

Be the first to comment

Leave a Reply

Your email address will not be published.


*


This site uses Akismet to reduce spam. Learn how your comment data is processed.