What’s Ahead for ETH Price as it Slips Below $1700?

18 Aug, 2023

Editor

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

Read full bio

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

ETH Price Daily Chart: Key Points

The Ethereum fear and greed index at 27% reflects negative sentiment in the market
A breakdown below the support trendline of the channel pattern sets the prices for an 18% drop
The intraday trading volume in Ether is $16.5 Billion, indicating a 178 gain.

Source- Tradingview

Over the past nine months, the second largest cryptocurrency Ethereum experienced a study uptrend using a parallel channel pattern. During this period, the lower trendline bolstered buyers to accumulate at price dips.

However, on August 17th, the Ethereum price dropped 6.8% and breached the dynamic support. This breakdown could bolster change in market sentiment from buying on dips to selling on rallies.

If the coin price managed to sustain below the pierced support, the selling pressure could push the price to $1625, followed by $1400.

A possible crackdown of the $1625 swing low will also violate Dow theory of uptrend, giving additional confirmation of a prolonged downfall.

Should You Consider Selling Ethereum Now?

Despite the massive breakdown mentioned above, the ETH price showcased long-tail rejection in the daily chart at $1625 support. This buying could be associated with the market participants entering correction dips. Therefore, a minor pullback is expected which could retest the breached support trendline. The coin price sustainability below the ascending trendline could offer a short-selling opportunity to interested traders

Exponential Moving Average: The coin price breakdown below the 200-day EMA reflects a negative trend in the market.
Relatives strength index: The daily RSI slope at 21% reflects an oversold Ethereum price, increasing the potential of a bullish pullback.

Investment disclaimer: The content reflects the author's personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

TAGS
Ethereum

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.