Technical analysis on Ethereum for August 1st, 2023.
August 1, 2023 1:24 pm
Red line -support trend line
Ethereum remains under pressure. Price is trading around $1,835. Near term trend is vulnerable to more downside. As long as price is trading below $2,000, Ethereum is vulnerable to more selling pressures and a move lower towards $1,750. Ethereum nevertheless remains technically in a bullish trend on a weekly basis because it is making higher highs and higher lows since November of 2022. Support is key at $1,750. Price could challenge the red upward sloping support trend line and a bounce higher. Bulls remain in full control of the trend.
The material has been provided by InstaForex Company – www.instaforex.com
Red line -support trend line
Ethereum remains under pressure. Price is trading around $1,835. Near term trend is vulnerable to more downside. As long as price is trading below $2,000, Ethereum is vulnerable to more selling pressures and a move lower towards $1,750. Ethereum nevertheless remains technically in a bullish trend on a weekly basis because it is making higher highs and higher lows since November of 2022. Support is key at $1,750. Price could challenge the red upward sloping support trend line and a bounce higher. Bulls remain in full control of the trend.
The material has been provided by InstaForex Company – www.instaforex.com
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