Ethereum

Convergence

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Divergence

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 <p>The largest smart contracts token has not flinched in the last 24 hours, trading at $1,847 with $5.2 billion in trading volume coming in and backed by $222 billion in market capitalization.</p>  
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 <h2 id="ethereum-price-moves-closer-to-bullish-pattern-breakout">Ethereum Price Moves Closer to Bullish Pattern Breakout</h2> 
 <p>An <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> of the&nbsp;<a rel="noopener noreferrer nofollow" title="Ethereum price" href="https://thebittimes.com/tag/ethereum-price.html">Ethereum price</a> daily chart&nbsp;reveals the formation of an inverse head and shoulders (H&amp;S) pattern. If validated, investors can acclimatize to a bullish outcome, where Ether climbs to $2,424.</p> 
 <p>This is a bullish reversal pattern that signals a change in the direction of a downtrend. It consists of three consecutive lows, with the middle one being the lowest and the other two being roughly equal.</p> 
 <p>The H&amp;S is completed when the price breaks above the neckline, which is a resistance line drawn across the highs of the two pullbacks $1,960 in Ethereum’s case.</p>  
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 <p>Traders can capitalize on this pattern by buying when the price closes above the neckline and setting a stop-loss below the right shoulder. The target price is calculated by adding the height of the pattern to the breakout point, roughly 24% to $2,424.</p> 
 <p>Like Bitcoin,&nbsp;Ethereum is dealing with low volatility, which according to data from IntoTheBlock, has dropped by 21.2% in a week. This coincided with a massive drop in network fees to $34.8 million, marking a two-month low.</p> 
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  <p lang="en" dir="ltr">Ethereum fees have dropped significantly this week by 21.2%, reaching a two-month low. This decline coincides with a period of stagnating volatility.#ETH pic.twitter.com/jgk23bbv1v</p> 
  <p>— IntoTheBlock (@intotheblock) August 11, 2023</p> 
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 <p>Low volatility refers to how much <a rel="noopener noreferrer nofollow" title="Ethereum price" href="https://thebittimes.com/tag/ethereum-price.html">Ethereum price</a> moves up and down in a specified period. Extended periods of low volatility, according to IntoTheBlock, often point to potential volatile fluctuations in the short term.</p> 
 <p>From the technical outlook,&nbsp;Ethereum is calm but a bullish breakout is in the offing, especially if the Moving Average Convergence Divergence (MACD) indicator flashes a buy signal.</p> 
 <figure id="attachment_156555" aria-describedby="caption-attachment-156555" style="width: 100%" class="wp-caption aligncenter"> 
  <img decoding="async" class="size-full wp-image-156555" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201148%20635'%3E%3C/svg%3E" alt="Ethereum price holds above $30,000" width="1148" height="635" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/14/160c21c9542ad46f2bfac1dbf921b7d6.webp"> 
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  <figcaption id="caption-attachment-156555" class="wp-caption-text">
    ETH/USD daily chart | Tradingview 
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 <p>Traders seeking exposure to new long positions in Ethereum would be required to hold on until the MACD line in blue crosses above the signal line in red.</p> 
 <p>Such a signal implores investors to fill their bags, booking their positions ahead of an impending&nbsp;<a rel="noopener noreferrer nofollow" title="Ethereum price" href="https://thebittimes.com/tag/ethereum-price.html">Ethereum price</a> rally.</p> 
 <p>That said, ETH needs to close the day above the immediate resistance highlighted by the 50-day Exponential Moving Average (EMA) (red) at $1,858 to reinforce the uptrend eyeing the inverse head and shoulders breakout.</p> 
 <p>In the event Ethereum abandons the push for gains above $1,960 (neckline), overhead pressure will likely surge, pushing prices lower below support at $1,800. If declines sustain below this support area, it would be difficult to rule out further losses likely to retest the 200-day EMA (purple) at $1,790, June’s low at $1,620, and the lows in May at 1,405.</p> 
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Ethereum Price Calm Before The Storm – Time To Buy?

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