Ethereum’s worth on August 19, 2024, stands at $2,582, with a 24-hour intraday vary of $2,572 to $2,681. The cryptocurrency recorded a buying and selling quantity of $9.5 billion, contributing to a market capitalization of $310 billion. Regardless of these figures, ethereum’s technical indicators reveal a bearish outlook, signaling warning for merchants.
Ethereum
Ethereum’s each day chart paints a transparent image of the prevailing bearish development. After a pointy decline from round $3,565 to a low close to $2,017, the market reveals indicators of indecision, characterised by small actions. Quantity evaluation additional corroborates this sentiment, with a peak of quantity close to the current low, signaling a possible capitulation level. Assist is discovered round $2,017, with resistance anticipated within the $2,800 to $3,000 vary, the place earlier assist has became resistance.
ETH/USD 4-hour chart on Aug. 19, 2024.
On the 4-hour chart, ethereum continues its downward trajectory with decrease highs and decrease lows, highlighted by a current sharp drop to $2,515, adopted by a modest restoration. The amount spikes on the downturns point out robust promoting strain, notably through the drop. Assist is now positioned round $2,515, with resistance close to $2,700, the place the value retraced earlier than declining once more.
ETH/USD each day chart on Aug. 19, 2024.
The 1-hour chart displays a micro downtrend inside the broader bearish context. Following a dip to $2,565, ethereum tried a restoration however has struggled to construct momentum. Quantity stays low apart from spikes on massive downturns, suggesting that promoting strain may persist. Key assist lies round $2,565, with resistance at $2,688.
Oscillators throughout a number of time frames predominantly sign neutrality, with the relative energy index (RSI) at 38.9, the Stochastic at 64.8, and the commodity channel index (CCI) at -38.1. Nevertheless, momentum indicators such because the shifting common convergence divergence (MACD) stage at -145.8 recommend a purchase sign, indicating the potential for a short-term bounce. Nonetheless, the general sentiment stays cautious because of the robust bearish indicators from shifting averages throughout the ten, 20, 50, 100, and 200-day durations, all indicating destructive sentiment.
Bull Verdict:
Regardless of the prevailing bearish sentiment, a possible short-term reversal may very well be on the horizon, as advised by purchase indicators from momentum indicators just like the MACD. If ethereum can maintain above the $2,600 assist stage and acquire momentum, there may be room for a bullish bounce towards the $2,700 to $2,800 resistance ranges. Nevertheless, this outlook requires cautious monitoring of quantity and worth motion to substantiate any bullish momentum.
Bear Verdict:
The general technical panorama for ethereum stays bearish, with robust resistance and protracted promoting strain throughout all time frames. The constant promote indicators from shifting averages and the wrestle to realize momentum recommend that ethereum might proceed to face downward strain. Until there’s a vital shift in market dynamics, the trail of least resistance seems to be decrease, with key assist ranges vulnerable to being examined.
