August 24, 2023 : Updated technical analysis of Ethereum/USD.
August 25, 2023 2:22 pm
The US dollar has been gaining strength against Ethereum, the second-biggest cryptocurrency by market value, since it reached a record high of 4868 $ in May 2021.
The H4 chart shows that the ETH/USDT pair has been making lower highs and lower lows, which means that the sellers have the upper hand. The pair has also fallen below some important support levels, such as 1800 and 1700 dollars.
As a result, the pair is still struggling to overcome the downward trendline that links the lower highs on the chart.
Therefore, the H4 chart suggests that the pair is likely to remain in a downtrend in the near term.
The pair might keep testing the support level around 1600.
If this level is broken, the pair could drop further to 1500 and 1300 levels.
However, if the pair manages to break above the downward trendline, it could indicate a change of direction and a possible rise to 2000 and 2200.
The material has been provided by InstaForex Company – www.instaforex.com
The US dollar has been gaining strength against Ethereum, the second-biggest cryptocurrency by market value, since it reached a record high of 4868 $ in May 2021.
The H4 chart shows that the ETH/USDT pair has been making lower highs and lower lows, which means that the sellers have the upper hand. The pair has also fallen below some important support levels, such as 1800 and 1700 dollars.
As a result, the pair is still struggling to overcome the downward trendline that links the lower highs on the chart.
Therefore, the H4 chart suggests that the pair is likely to remain in a downtrend in the near term.
The pair might keep testing the support level around 1600.
If this level is broken, the pair could drop further to 1500 and 1300 levels.
However, if the pair manages to break above the downward trendline, it could indicate a change of direction and a possible rise to 2000 and 2200.
The material has been provided by InstaForex Company – www.instaforex.com
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