Ethereum Technical Analysis Report | 23rd-August-2022

Price action in ETH, bitcoin and stocks reflects investor concerns over the Federal Reserve’s rate hike plans, a moderating bear market rally, and this week’s Jackson Hole Economic Symposium. ETH is currently down by around 1.4% since yesterday. Ether (ETH) plunged below the 20-day EMA ($1,718) and the breakout level of $1,700 on Aug. 19. The fall in price might have been a cause of the swelling of the volume by almost 20% or that traders who had purchased at lower levels were exiting their positions. At present the market dominance for Ether is around 19.1%.

At the time of writing, ETH was trading at $1,610.

Ethereum Chart | 23rd August 2022
Ethereum (ETH) Chart

ETH saw a sharp rally and surged almost by 130% from the lows of $881 to the recent high of $2,030. Post this move, the asset faced stiff resistance around the psychological level of $2k and witnessed a correction and the prices dropped to $1,523.6. On a daily time frame, ETH is consolidating and trading in a narrow range from $1,530 to $1,630 over the past four days with low volumes. The asset has a strong support at $1,500. If it holds and sustains above the support then we can expect the bulls to resume the up-move whereas a break below the support can lead to further downfall.

  Support 2Support 1AssetResistance 1Resistance 2

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