Ethereum

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The cryptocurrency market has faced a sharp drop, and all <a href="https://u.today/shib-price-analysis-for-august-17" rel="noopener noreferrer nofollow">of the top 10 coins</a> are in the red zone. 
<img alt="Top coins by CoinMarketCap" data-entity-type="file" data-entity-uuid="0aa14570-08a9-44be-b455-0339c6a365a7" src="https://u.today/sites/default/files/inline-images/top10_604.png"> 
Top coins by<a href="https://coinmarketcap.com/" rel="noopener noreferrer nofollow"> CoinMarketCap</a> 
<h2 id="eth-usd">ETH/USD</h2> 
The rate of Ethereum (ETH) has dropped by 6.43% over the last 24 hours. 
<img alt="ETH/USD chart by TradingView" data-entity-type="file" data-entity-uuid="98e07e6d-a441-4a1b-9a90-5fc9f0d9941b" src="https://u.today/sites/default/files/inline-images/eth1_80.png"> 
Image by <a href="https://www.tradingview.com/symbols/ETHUSD" rel="noopener noreferrer nofollow">TradingView</a> 
Despite the sharp fall, the rate of Ethereum (ETH) remains bearish on the hourly chart as its rate is on its way to testing the support level of $1,662. If the daily candle closes around it, the drop may continue to the $1,600-$1,650 zone shortly. 
<img alt="ETH/USD chart by TradingView" data-entity-type="file" data-entity-uuid="0e196959-9511-4786-bdaa-993d8c54a2fb" src="https://u.today/sites/default/files/inline-images/eth2_85.png"> 
Image by <a href="https://www.tradingview.com/symbols/ETHUSD" rel="noopener noreferrer nofollow">TradingView</a> 
On the daily time frame, the rate of Ethereum (ETH) has made a false breakout of the support at $1,631. There are no prerequisites for a reversal, however, if the bar closes far from the mentioned mark, there is a possibility of seeing consolidation in the area of $1,650-$1,700 within the next few days. 
<img alt="ETH/USD chart by TradingView" data-entity-type="file" data-entity-uuid="4263904d-2cb7-4a1f-953a-7944eb5deb56" src="https://u.today/sites/default/files/inline-images/eth3_77.png"> 
Image by <a href="https://www.tradingview.com/symbols/ETHUSD" rel="noopener noreferrer nofollow">TradingView</a> 
From the midterm point of view, the price of Ethereum (ETH) has bounced off the support at $1,571. 
If the weekly candle closes above the $1,600 mark, one can expect a slight correction to the $1,700 zone by the end of the month. 
Ethereum is trading at $1,664 at press time.

Ethereum (ETH) Price Analysis for August 18

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