Ethereum

Bitcoin

<ul> 
 <li><strong>Ethereum’s social impact has increased to its highest level since February.</strong></li> 
 <li><strong>The main barrier is still the $1,700 mark, which the ETH price failed to break earlier today.</strong></li> 
</ul> 
<p>The overall crypto market has witnessed brief recovery as the price of Bitcoin along with major altcoins are trading in green. This for the time being puts a halt on the recent bloodbath which brought the prices of almost all cryptocurrencies to record lows. <a href="https://thenewscrypto.com/bitcoin-news-bitcoin-networks-hash-rate-and-difficulty-reach-new-highs/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> is now trading at $26,505 and is up 1.63% in the last 24 hours. Moreover, ETH as per data from CMC is trading at $1,675 and is up 1.84%. The recent ETH price decline was one of the most dramatic this year, sending the price all the way to the $1600 mark.</p> 
<p>Using a seven-day moving average, market intelligence platform Santiment pointed out that <a href="https://thenewscrypto.com/xrp-most-popular-altcoin-in-south-korea-surpasses-ethereum/" target="_blank" rel="noopener noreferrer nofollow">Ethereum’s</a> social impact has increased to its highest level since February, despite the coin’s recent decrease in value. This uptick reflected a general trend toward more discussion about the altcoin, which often comes before a price increase. Fear, uncertainty, and doubt (FUD) might be at the heart of most of these debates. Santiment, though, sees a bright side to the metrics.</p> 
<h2 class="wp-block-heading" id="h-bulls-trying-hard"><strong>Bulls Trying Hard</strong></h2> 
<p>The main barrier is still the $1,700 mark. If the price is able to close above this level of resistance, it might signal the start of a sustained uptrend. The ETH price hit $1695 earlier today. However, it was met with robust selling pressure, and the price dropped to the $1660 range.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full"> 
  <img decoding="async" width="661" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/08/ETH_1D_graph_coinmarketcap-1-2.png" alt="" class="wp-image-81171" srcset="https://thenewscrypto.com/wp-content/uploads/2023/08/ETH_1D_graph_coinmarketcap-1-2.png 661w, https://thenewscrypto.com/wp-content/uploads/2023/08/ETH_1D_graph_coinmarketcap-1-2-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/08/ETH_1D_graph_coinmarketcap-1-2-150x81.png 150w" sizes="(max-width: 661px) 100vw, 661px"> 
  <figcaption class="wp-element-caption">
    Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a> 
  </figcaption> 
 </figure> 
</div> 
<p>The first major support comes in at $1,580 on the downside. If the price of ETH falls below $1,580, more losses are probable. Important subsequent support comes in at $1,550. Were it to break this level, the price may reach $1,520 or perhaps go below $1,500.</p>

Ethereum (ETH) Price Briefly Recovers as Crypto Market Bounces Back

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