Key Highlights
- Ethereum (ETH) price was under the control of bulls after bullish engulfing candlestick’s appearance on June 9
- The crypto’s price rose and reached a high of $363 supply zone
- On June 26, a bearish engulfing candlestick cause the coin to fall on a steady decline
Ethereum (ETH) Current Statistics
The current price: $192
Market Capitalization: $20,644,811,784
Trading Volume: $6,186,940,511
Major supply zones: $250, $275, $300
Major demand zones: $150, $125, $100
Ethereum Price Analysis August 24, 2019
On June 25, the bulls could not sustain the price above the $325 supply zone because of bearish pressure. The crypto’s price had earlier risen after a bullish engulfing candlestick appeared on June 9. The price of Ethereum reached a high of $363 but could not sustain its upward move. The bulls made two attempts at the $325 supply zone but were resisted.
The ETH market fell to a low at $200 demand zone and made an upward move. The bulls were resisted again at the $225 supply zone, but the market commenced trading below it. The ETH market is still on a steady decline as the bulls face stiff resistance at $225 supply zone. However, if the crypto’s price rises and breaks the $225 supply zone, the coin will resume its upward move to retest the previous high.
ETH Technical Indicators
The MACD lines are below the zero lines, which indicates that we are to sell ETH or sell short. The ETH price is below the exponential moving averages, which give us a clue to take another short trade.
On the upside, if the bulls break the bearish trend line and another confirmation candlestick closes on the opposite of it; the coin will likely resume its bullish trend. On the other hand, the market may nosedive to a low of $140, if the bears break the lower trend line.
Conclusion
Ethereum (ETH) price will likely continue its bearish move as a result of the stiff resistance at the $225 supply zone. The bulls have not been able to break the resistance zone since July 16 after making attempts on previous occasions. The market may continue its fall and consolidate at the oversold region.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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