Ethereum

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Despite the positive start to the day for bulls, bears have almost seized the initiative, according to <a href="https://u.today/doge-price-analysis-for-august-29">CoinStats</a>.
<img alt="Top coins by Coinstats" data-entity-type="file" data-entity-uuid="ed242551-4569-4022-ab48-2b7c04e65586" src="https://u.today/sites/default/files/inline-images/top10_626.png">
Top coins by <a href="https://coinstats.app/coins/">CoinStats</a>
<h2 id="eth-usd">ETH/USD</h2>
The rate of Ethereum (ETH) has declined by 0.87% over the last 24 hours.
<img alt="ETH/USD chart by TradingView" data-entity-type="file" data-entity-uuid="7e129ce5-f0d2-4d8f-bfd5-a3185dad3eab" src="https://u.today/sites/default/files/inline-images/eth1_83.png">
Image by <a href="https://www.tradingview.com/symbols/ETHUSD">TradingView</a>
On the hourly chart, the price of Ethereum (ETH) is near the local support, which means there is a high possibility of seeing a further drop.
If the breakout of the $1,696 level happens, the decrease may continue to the $1,680 zone tomorrow.
<img alt="ETH/USD chart by TradingView" data-entity-type="file" data-entity-uuid="01fe3094-944d-4718-a2f6-4f10408960df" src="https://u.today/sites/default/files/inline-images/eth2_87.png">
Image by <a href="https://www.tradingview.com/symbols/ETHUSD">TradingView</a>
Today's fall has not affected the technical position of ETH on the daily time frame. At the moment, traders should focus on the $1,700 zone. If buyers can hold the price above that mark, the upward move may continue.
<img alt="ETH/USD chart by TradingView" data-entity-type="file" data-entity-uuid="0f829a72-3694-41e0-bee3-863a5220438a" src="https://u.today/sites/default/files/inline-images/eth3_80.png">
Image by <a href="https://www.tradingview.com/symbols/ETHUSD">TradingView</a>
On the bigger time frame, it is too early to make any predictions as the price of ETH has not accumulated enough energy for a continued midterm move. Respectively, ongoing consolidation in the area of $1,650-$1,750 is the more likely scenario for the next few weeks.
Ethereum is trading at $1,701 at press time.

Ethereum (ETH) Price Analysis for August 30

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