Ethereum

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Most of the coins keep setting new local lows, according to <a href="https://u.today/solana-sol-prediction-for-august-1" rel="noopener noreferrer nofollow">CoinMarketCap</a>. <img data-entity-type="file" data-entity-uuid="9674fa0b-570e-495b-9aa3-401cc73cbb32" src="https://u.today/sites/default/files/inline-images/top10_1271.png">ETH chart by&nbsp;<a href="https://coinstats.app/coins/" rel="noopener noreferrer nofollow">CoinStats</a>
<h2 class="text-align-justify" id="eth-usd">ETH/USD</h2>
The price of Ethereum (ETH) has declined by almost 4% over the last 24 hours. <img data-entity-type="file" data-entity-uuid="42e83893-2e3e-4338-a780-4bfd2dde5b77" src="https://u.today/sites/default/files/inline-images/eth1_126.png">Image by&nbsp;<a href="https://www.tradingview.com/symbols/ETHUSDT" rel="noopener noreferrer nofollow">TradingView</a>
On the hourly chart, the rate of ETH has broken the local support level of $3,080. Until the price is below that mark, sellers are more powerful than buyers.&nbsp;
In this case, there is a high chance to see a further downward move to the $2,900 zone. <img data-entity-type="file" data-entity-uuid="ee8e7909-626f-4a90-8977-19f03c7a0769" src="https://u.today/sites/default/files/inline-images/eth2_133.png">Image by&nbsp;<a href="https://www.tradingview.com/symbols/ETHUSDT" rel="noopener noreferrer nofollow">TradingView</a>
A similar picture can be seen on the daily time frame. If the candle closes below the $3,054 level, the accumulated energy might be enough for an ongoing drop to the $2,800-$2,900 range. <img data-entity-type="file" data-entity-uuid="ed327901-1feb-4fe7-bd7f-7d39a6cd14d3" src="https://u.today/sites/default/files/inline-images/eth3_122.png">Image by&nbsp;<a href="https://www.tradingview.com/symbols/ETHUSDT" rel="noopener noreferrer nofollow">TradingView</a>
From the midterm point of view, one should focus on the weekly bar's closure. If it happens around the current prices, one can expect a test of the support level shortly.
Ethereum is trading at $3,024 at press time.

Ethereum (ETH) Prediction for August 2

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