Ethereum

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/ethereum-price-analysis-in-this-quick-decline-will-eth-price-resist-a-drop-below-1800/">Ethereum Price Analysis: In This Quick Decline, Will ETH Price Resist A Drop Below $1800?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
With a blood bath in the altcoin market, the <a href="https://coinpedia.org/information/market-price-prediction-ethereum-2019/" rel="noopener noreferrer nofollow">Ethereum price</a> is down by 1.04% in the last 24 hours. Making a bearish engulfing candle in the daily chart, the downtrend leads the 1.58% on 8th August and warns of a deadlier correction phase.&nbsp; 
The Ethereum price currently trades at $1821 below the 50-day EMA and might soon approach the 200-day EMA. The sharp increase in trading volume supporting the downfall makes the downtrend more intense.&nbsp; 
<figure class="wp-block-image"> 
 <img decoding="async" src="https://lh4.googleusercontent.com/ks1tkWB7Y_2nVxj_LWzNXZBcsZ3dFvaKRoIlZPN86-apoHOMygHIqRIH4ElQjF_TDbEa_Z9dSem9gZjB3JHjHtA8HNL68F5saoiUiUbQZn3V-8ufeKAIxR68aPVLDo8I5rzuZTIlJESKvRz7JpTedXA" alt=""> 
</figure> 
In the 4-hour chart, the bearish obstacles become clearer. These are the 200 EMA and the supply zone at $1875, undermining the recent ETH price bullish attempt. The extensive short-term selling spree might soon challenge the $100 mark.&nbsp; 
Currently, the downtrend breaks under the resistance trendline of the broken falling channel pattern. However, a lower price rejection before the candle closing will increase the chances of a breather rally.&nbsp; 
The trapped short-term buyers can find this potential breather as an exit strategy to minimize losses. However, this can, in turn, fuel the downtrend leading to more discounted prices.&nbsp; 
Coming to the technical indicators, the RSI and MACD indicators present bearish sight in both 4-hour and daily charts. With the 50-day EMA and the 200 EMA in a 4-hour chart representing the selling side, a reversal breaking either EMA will unlock a bullish rally.&nbsp; 
<h2 id="is-this-the-best-dip-to-buy" data-name="is-this-the-best-dip-to-buy" class="wp-block-heading">Is This The Best Dip To Buy?</h2> 
<figure class="wp-block-image"> 
 <img decoding="async" src="https://lh5.googleusercontent.com/s7v1wvsbuz_IrgFuSi1MhmrTwr7-GNi1dMGYXgbcjEo7TpULJWPAo0EgXnfJDT3DpKU33TvIRBq5rDj03JQAL-_Nc21PGWcNv5xLGES6kN-1aRtMsYBCu36-nnWq7U3LUz6PcbMVLMUv5aMrzCEVR6g" alt=""> 
</figure> 
In case of a breather rally, the Ethereum prices can reach $1850 upon the short-term correction breakout. Moreover, the ETH price is approaching the long-term support trendline, increasing the reversal chances. Comparing the previous reversal, the ETH price is set for a 25%-40% jump.&nbsp; 
However, a prolonged downtrend can challenge the bullish dominance of the $1800 mark. And, in case of a $1800 breakdown, the Ethereum price can plunge to $1712.

Ethereum Price Analysis: In This Quick Decline, Will ETH Price Resist A Drop Below $1800?

Table of Contents

CoinPedia News

Other articles published on Aug 16, 2023

Huobi founder might own $128m property in Hong Kong

What is Pip.me

Shiba Inu Inspired Shibie Coin IDO On Uniswap Today Amid Shibarium Hype

He Could Lose It All! Tech Expert Down to Last Chance at Unlocking $220,000,000 Bitcoin Fortune

ZetaChain Raises $27M for Cross-chain Interoperability!

🗒 Daily Newsletter | Wednesday, August 16, 2023

Join our free newsletter for daily crypto updates!