Technical analysis on Ethereum for August 4th, 2023.
August 4, 2023 6:23 pm
Red line -support trend line
Ethereum continues to slide lower trading around $1,844 making lower lows and lower highs. Price however continues to trade above the medium-term red upward sloping support trend line in the Daily chart. Support by the red trend line is found at $1,754. Bulls need to defend this level and stay above it. Short-term resistance is found at recent high of $1,884. As long as price is below this level, Ethereum price is vulnerable to a move towards $1,754.
The material has been provided by InstaForex Company – www.instaforex.com
Red line -support trend line
Ethereum continues to slide lower trading around $1,844 making lower lows and lower highs. Price however continues to trade above the medium-term red upward sloping support trend line in the Daily chart. Support by the red trend line is found at $1,754. Bulls need to defend this level and stay above it. Short-term resistance is found at recent high of $1,884. As long as price is below this level, Ethereum price is vulnerable to a move towards $1,754.
The material has been provided by InstaForex Company – www.instaforex.com
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