- Ethereum (ETH) reached a weekly low of $1,804 on August 7.
- The leading altcoin has struggled to cross the 1,900 level for the past few weeks staying between a range of $1800 – $1850.
Ethereum (ETH), the leading altcoin by market capitalization, has experienced a slight recovery of 0.13% after reaching a weekly low of $1,804 on August 7. However, the trading price of ETH still stays below the $1,900 mark, showing bearish momentum in the crypto market.
Yesterday, Ethereum experienced a downtrend that resulted in a weekly low of $1,804. In the past few weeks, the trading price of ETH has maintained below the $1,900 level, staying between $1800 – $1850. While the entire crypto market is waiting for ETH to hit the $2K mark, the leading altcoin is struggling to cross the 1,900 level.
The year 2023 has been a rollercoaster ride for the Ethereum trading price. The second-largest cryptocurrency has started the year with bearish momentum. However, in April, ETH crossed the $2K mark for the first time this year. Following that, recently in July, the altcoin breached a significant level to reach $2,014. After that, ETH maintained its trading price of around $1,800.
Ethereum (ETH) Price Analysis: 24-Hour Timeframe
At the time of writing, Ethereum has been trading at $1,833, with a decline of over 0.21% in the last 24 hours. On the other hand, the daily trading volume of ETH has experienced an increase of 68.19%, according to CoinMarketCap.
Ethereum (ETH) Trading Price Chart ( Source: TradingView )
The daily trading price chart shows that the ETH trading price is in neutral momentum as the current price is trading around the 50-day exponential moving average (50 EMA). According to the RSI Indicator, ETH is neutral and inching closer to the oversold zone.
According to the data, if Ethereum experiences bullish momentum, it will reach the nearest resistance of $1,850. If the trend continues, the price will break through the $1900 range and even advance to surpass the $2,000 mark. On the other hand, another drop may begin if Ethereum fails to cross $1,850. If the leading altcoin drops below the $1,800 mark, the support is $1,780. What do you think, Will ETH show a pump? Tweet to us at @TheNewsCrypto and let us know your thoughts.
