Ethereum is showing signs of weakness again after rejecting $2,700 last weekend. There’s still room for a retracement if the volume keeps rising. However, things might later get uglier with the latest bearish signal.
Following the monthly breakdown of the important $2,817 support level, ETH rolled back to the yearly low but managed to hold the $2,100 level firmly with a long wick. It recovered throughout last week to touch the $2,717 level – January’s high.
This level prevented further buying due to multiple rejections and the asset lost grip with a double-top pattern on the lower timeframe. It has further lost momentum daily and is currently changing hands at $2,552.
Now that Ethereum has failed to retest the monthly breakdown level, we should anticipate a massive dump in this latest bearish signal. The major price range to watch for a drop is $1,640 – last October’s surge level.
A further retracement to the psychological $3,000 level could provide a big discount for the bears before resuming selling at full speed.
Should the crypto manage to retake the previous monthly $3,600 high, ETH’s bias may turn bullish a bit. But looking at the new bearish setup, more negative sentiment may follow Ethereum in the next few days.
ETH’s Key Level To Watch
Once again, the price is facing the $2,392 support with a potential rollback to the yearly low of $2,100. Breaking this low could send the price to $1,904 (last November’s low) before resetting to the mentioned October surge level.
The January $2,717 resistance has posed a threat to the bulls and as we can see, the price is slowly dropping. If they regroup and manage to push above this resistance, $2,817 and $3,080 would be the next resistance area to watch for buying.
Key Resistance Levels: $2,717, $2,817, $3,080
Key Support Levels: $2,392, $2,100, $1,904
- Spot Price: $2,552
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/ethereum-price-analysis-prediction-august-12-eth-turns-weak-after-rejecting-2700-signals-fresh-dip/