- The price seems to be slipping gradually after some period of consolidation.
- If the price manages to close over $1,700, we may see a solid uptick in the near future.
Most cryptocurrencies are still trading in the red, indicating that the bears are still in control. Bitcoin and Ether prices seem to be indicating a further fall. The price seems to be slipping gradually after some period of consolidation.
After failing to break over $1700 on August 18, the ETH price has continued its downward trend. Ethereum’s quick decline caused it to go below $1644, which has been acting as support recently. According to CMC, the price of ETH is now trading at $1,644, down 1.27% with an uptick in trading volume by 70% in the last 24 hours.
Struggle Continues for ETH
The primary hurdle is still around the $1,700 level. If the price manages to close over this resistance level, we may see a solid uptick in the near future. The next significant barrier would be around $1,750. Ethereum’s price may drop again if it is unable to break above the $1,675 barrier level. The area around $1,600 should provide initial support.
Source: CoinMarketCap
On the downside, the region around $1,580 represents the first significant support. Additional losses are possible if the ETH price drops below $1,580. The next key support level is $1,550. In the event of further declines, the price might approach the $1,520 mark or potentially drop below the $1,500 level.
Moreover, the relative strength index (RSI) on a daily time frame indicates that the price of ETH is in oversold territory (below 30). The price falling into the oversold area is not always followed by a reversal. Even more precipitous falls are possible while still within the oversold region.
