ETHEREUM PRICE ANALYSIS & PREDICTION (August 12) – ETH Turns Weak After Rejecting $2,700, Signals Fresh Dip

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Ethereum is showing signs of weakness again after rejecting $2,700 last weekend. There’s still room for a retracement if the volume keeps rising. However, things might later get uglier with the latest bearish signal.

Following the monthly breakdown of the important $2,817 support level, ETH rolled back to the yearly low but managed to hold the $2,100 level firmly with a long wick. It recovered throughout last week to touch the $2,717 level – January’s high.

This level prevented further buying due to multiple rejections and the asset lost grip with a double-top pattern on the lower timeframe. It has further lost momentum daily and is currently changing hands at $2,552.

Now that Ethereum has failed to retest the monthly breakdown level, we should anticipate a massive dump in this latest bearish signal. The major price range to watch for a drop is $1,640 – last October’s surge level.

A further retracement to the psychological $3,000 level could provide a big discount for the bears before resuming selling at full speed. 

Should the crypto manage to retake the previous monthly $3,600 high, ETH’s bias may turn bullish a bit. But looking at the new bearish setup, more negative sentiment may follow Ethereum in the next few days.

ETH’s Key Level To Watch

Source: Tradingview

Once again, the price is facing the $2,392 support with a potential rollback to the yearly low of $2,100. Breaking this low could send the price to $1,904 (last November’s low) before resetting to the mentioned October surge level.

The January $2,717 resistance has posed a threat to the bulls and as we can see, the price is slowly dropping. If they regroup and manage to push above this resistance, $2,817 and $3,080 would be the next resistance area to watch for buying.

Key Resistance Levels: $2,717, $2,817, $3,080

Key Support Levels: $2,392, $2,100, $1,904

  • Spot Price: $2,552
  • Trend: Bearish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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About Author

Michael is a professional trader and cryptocurrency technical analyst with many years of trading experience. He became passionate about cryptocurrencies and blockchain technology through his sister and has since been following the industry

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