You are here: Home > articles > Forex > August 23, 2023 : Updated technical analysis of Ethereum/USD.
August 23, 2023 : Updated technical analysis of Ethereum/USD.
August 23, 2023 6:24 pmVideo
Latest News
- Technical Analysis – EURUSD attempts recovery from 5-month low April 29, 2024
- USD/JPY: trading tips for beginners for European session on April 29 April 29, 2024
- EUR/USD: trading tips for beginners for European session on April 29 April 29, 2024
- Video market update for April 29, 2024 April 29, 2024
- Technical Analysis – US 500 cash index is in the green ahead of the Fed April 29, 2024
- Technical Analysis – Gold weakens its momentum April 29, 2024
- Forecast for EUR/USD on April 29, 2024 April 29, 2024
- Forecast for GBP/USD on April 29, 2024 April 29, 2024
- Forecast for USD/JPY on April 29, 2024 April 29, 2024
- Key events on April 29: fundamental analysis for beginners April 29, 2024
- Trading plan for GBP/USD on April 29. Simple tips for beginners April 29, 2024
- Trading plan for EUR/USD on April 29. Simple tips for beginners April 29, 2024
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- EUR/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: trading plan for the US session on April 26th (analysis of morning deals). The pound attempted, but it didn’t go April 26, 2024
- EUR/USD: trading plan for the US session on April 26th (analysis of morning deals). The euro continues to rise April 26, 2024
- Trading Signals for GOLD (XAU/USD) for April 26-29, 2024: buy above $2,324 and sell below $2,352 (21 SMA – 6/8 Murray) April 26, 2024
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
Ethereum, the second-largest cryptocurrency by market capitalisation, has been trading in a downward trend against the US dollar since reaching a historical high of 4868 $ on May 2021.
The ETH/USDT pair has formed lower highs and lower lows on the H4 chart, indicating a bearish momentum. The pair has also broken below several key support levels, such as 1800 and 1700 dollars.
Hence, the pair is still facing strong resistance from the descending trendline that connects the lower highs on the depicted chart.
Therefore, based on the technical analysis of the H4 chart, the outlook for the pair remains bearish in the short term. The pair may continue to test the support level around 1600.
A break below this level could open the door for further declines towards 1500 and 1300 levels.
On the other hand, a break above the descending trendline could signal a reversal of the downtrend and a potential rally towards 2000 and 2200.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: