Ethereum

Resistance

<ul> 
 <li><strong>The relative strength index (RSI) shows that prices are now oversold.&nbsp;</strong></li> 
 <li><strong>The price of Ethereum yet again made a failed attempt to break the $1660 mark.</strong></li> 
</ul> 
<p>The overall crypto market seems to be stabilizing following a period of intense turbulence. At the time of writing Ethereum is trading at $1,645, up 0.82% in the last 24 hours as per CMC. However, <a href="https://thenewscrypto.com/ethereum-struggles-to-gain-momentum-as-whale-moves-24k-eth-to-okx/" target="_blank" rel="noopener noreferrer nofollow">Ethereum’s</a> continuing decline over the previous month becomes more apparent at a wider scale as in the last month it has fallen by about 12.14%.</p> 
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  <img decoding="async" width="661" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/08/ETH_1D_graph_coinmarketcap-2.png" alt="" class="wp-image-81377" srcset="https://thenewscrypto.com/wp-content/uploads/2023/08/ETH_1D_graph_coinmarketcap-2.png 661w, https://thenewscrypto.com/wp-content/uploads/2023/08/ETH_1D_graph_coinmarketcap-2-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/08/ETH_1D_graph_coinmarketcap-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> 
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 </figure> 
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<p>The relative strength index (RSI), shows that prices are now oversold. The price of Ethereum yet again made a failed attempt to break the $1660 mark. In order to begin a sustained rise, ETH has to break over the key short-term resistance at $1,660.</p> 
<h3 class="wp-block-heading" id="h-further-decline-likely">Further Decline Likely</h3> 
<p>Despite significant progress in network development and the brief recovery, the price of Ethereum looks to be trending lower in the next few weeks, according to an assessment by on-chain analytics platform Santiment. Post the price of Ether soared beyond $2,000 after the <a href="https://thenewscrypto.com/ethereum-staking-hits-ath-of-25-8m-eth-post-shanghai-upgrade/" target="_blank" rel="noopener noreferrer nofollow">Shanghai upgrade</a> earlier this year, the analytics platform’s data implies a pattern of whales and sharks engaged in considerable selling operations.</p> 
<p>Thus, according to Santiment’s analysis, Ethereum’s price is expected to decline further, maybe hitting a crucial support level at about $1,500. This data also supports the belief that trading activity in Ethereum will increase dramatically if the price hits the $1,500 level as traders will be eyeing to buy the dip.</p> 
<p>Since their peak in early November of the previous year, on-chain transaction volume and trading volume have significantly declined. Investors are not able to decide whether the present price of ETH is overpriced or undervalued, thus the shrinking trading volume.&nbsp;</p>

Ethereum Price Yet Again Fails To Break Key Resistance Level

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TheNewsCrypto

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