Ethereum (ETH) Price Analysis – August 3

  • The bears still dominate Ethereum's medium and short-term outlook.
  • Traders may sell at supply areas, using the formation of bearish candles as confirmation before entering positions.

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

Ethereum Price Medium-term Trend: Bearish

Supply zones: $500, $550, $600

Demand zones: $250, $200, $150

Ethereum’s bearish trend in the medium-term outlook continues. Bearish pressure was strong as the flag formation in yesterday’s analysis saw the bears break the $407.70 target predicted yesterday. The cryptocurrency went further down to $397.84 in the demand area.

The formation of a bullish railway track, a reversal candlestick pattern, brought back the bulls that gradually gathered momentum for an upward price movement. This is another flag formation in the making.

Ethereum’s price is below the two EMAs crossover and is forming lower highs and lower lows that are unique to the bearish market. The 12-day EMA is acting against the price’s upward movement. The stochastic oscillator is at 38 and its signal points up which is a reflection of bullish upward movement for the cryptocurrency. The $382.13 mark in the demand area may be bears’ target in the medium-term.

 Ethereum Price Short-term Trend: Bearish

 Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

ETH continues in a bearish trend in the short-term outlook. Today’s 1-hour opening candle at $410.90 was bearish and further pushed the cryptocurrency down to $397.84 in the demand area

The stochastic oscillator is in the oversold region at and its signal is pointing up, as stated above. The bullish momentum could take Ethereum’s price to the 38.2 fib level. This should be seen as a pullback necessary for the market to correct before the downtrend’s continuation.

 

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