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The price of Ethereum took a downward correction as it tested the support level at $1,935. Ethereum appeared to be forming a double-bottom pattern, indicating a possible reversal in the trend. Ethereum’s fall came as it was reacting to the downside like Bitcoin. Ethereum was trading below $2,020 and its 100-hourly Simple Moving Average (SMA). There was also a breakout below a key contracting triangle that initially had its support near the $2,025 mark. This was observed in the hourly chart of the ETH/USD pair.
After a rejection in the $2,090 range, Ethereum traded below the support levels of $2,050 and $2,020, landing it into a short-term bearish zone. This signified that even though it was trading below these key support levels, bulls held their stance near the $1,935 range. This further signaled the formation of a double-bottom pattern, potentially leading to a strong price surge against other digital currencies like Bitcoin. Ethereum is currently trading above the 23.6% Fibonacci retracement level of its downswing from $2,092 to $1,935. Looking ahead, if Ethereum manages to stay above the $1,935 level, it could eye the next major resistance near the $2,020 mark or the 100-hourly SMA.
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