Ethereum

Ethereum failed to clear the $3,200 resistance and declined further against the US Dollar. ETH price is now at a risk of more downsides below $3,050 and $3,000. Ethereum settled below the $3,200 pivot level and extended its decline. The price is now trading well below $3,200 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $3,155 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue lower if it fails to stay above the $3,050 support zone. Ethereum Price Slides Further Ethereum failed to settle above the $3,200 pivot level. ETH price started a fresh decline and broke the $3,150 support zone, similar to bitcoin. The price even broke the $3,120 support level and tested $3,060. It is now trading well below $3,200 and the 100 hourly simple moving average. Ether is now consolidating near the 23.6% Fib retracement level of the recent decline from the $3,249 swing high to $3,061 low. On the upside, the first key resistance is near the $3,120 level. The main resistance is now forming near the $3,150 level. There is also a key bearish trend line forming with resistance near $3,155 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com The trend line is close to the 50% Fib retracement level of the recent decline from the $3,249 swing high to $3,061 low. A clear break above the $3,150 resistance might open the doors for a steady increase. The next key resistance is now forming near the $3,200 level. Any more gains may possibly call for a move towards the $3,300 level. More Losses in ETH? If ethereum fails to continue higher above the $3,120 and $3,150 resistance levels, it could extend its decline. An immediate support on the downside is near the $3,080 level. The next major support is now forming near the $3,060 zone. A downside break below the $3,060 support zone could accelerate losses. The main support sits near the $3,000 level, below which the bulls could struggle in the coming days. The next key supports sits near the $2,880 and $2,850 levels. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone. Hourly RSI – The RSI for ETH/USD is well below the 50 level. Major Support Level – $3,060 Major Resistance Level – $3,150

Ethereum extended its upward move above the $3,300 resistance against the US Dollar. ETH price is showing positive signs and it may even surpass $3,400. Ethereum started a fresh increase above the $3,250 and $3,300 resistance levels. The price is now trading above $3,250 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $3,240 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate higher if there is a clear break above $3,350. Ethereum Price Breaks Key Resistance Ethereum remained well bid above the $3,000 support zone, similar to bitcoin near $45,000. ETH price formed a base above $3,050 and it started a fresh increase. There was a clear break above the $3,200 and $3,250 resistance levels. Besides, there was a break above a key bearish trend line with resistance near $3,240 on the hourly chart of ETH/USD. The pair is now trading above $3,250 and the 100 hourly simple moving average. It traded above $3,300 and it is testing the 1.236 Fib extension level of the drop from the $3,312 swing high to $3,131 swing low. On the upside, an initial resistance is near the $3,355 level. Source: ETHUSD on TradingView.com A clear break above $3,355 might call for more gains. The first key resistance is now forming near the $3,260 level. It is close to the 1.618 Fib extension level of the drop from the $3,312 swing high to $3,131 swing low. Any more gains may possibly call for a move towards the $3,500 level. Dips Limited in ETH? If ethereum fails to continue higher above the $3,355 and $3,360 resistance levels, it could start a fresh downside correction. An immediate support on the downside is near the $3,300 level. The key support is now forming near the $3,250 zone and the broken trend line. A downside break below the $3,250 support zone could push the price towards the 100 hourly simple moving average. The next major support could be $3,200, below which the bears might aim a retest of $3,120 in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now well above the 60 level. Major Support Level – $3,250 Major Resistance Level – $3,420

Ethereum failed to recover above the $3,120 pivot zone against the US Dollar. ETH price is declining and it could extend its losses below $2,950. Ethereum struggled to recover above the $3,120 and $3,125 resistance levels. The price is now trading below $3,080 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $3,150 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate lower if there is a close below the $2,950 low. Ethereum Price Remains At Risk Ethereum started an upside correction from the $2,950 low, similar to bitcoin. ETH price surpassed the $3,000 and $3,050 resistance levels. There was a break above the 23.6% Fib retracement level of the key drop from the $3,280 swing high to $2,950 low. Ether even spiked above the $3,100 level, but there was no upside continuation above the $3,120 resistance level (the last key breakdown zone). The price also remained well below $3,150 and the 100 hourly simple moving average. It seems like ether was rejected near the 50% Fib retracement level of the key drop from the $3,280 swing high to $2,950 low. There is also a major bearish trend line forming with resistance near $3,150 on the hourly chart of ETH/USD. It is now moving lower and trading below the $3,000 support. On the upside, an initial resistance is near the $3,025 level. Source: ETHUSD on TradingView.com The first key resistance is now forming near the $3,080 level. The main resistance is still near the $3,120 level. A clear break and close above the $3,120 zone might start a fresh increase. In the stated scenario, the price might recover towards the $3,200 resistance. More Losses in ETH? If ethereum fails to continue higher above the $3,080 and $3,120 resistance levels, it could extend its decline. An immediate support on the downside is near the $2,950 level. A downside break below the $2,950 support zone could spark a sharp decline in the near term. The next major support could be $2,880, below which the bears might aim a test of the $2,600 support zone. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 40 level. Major Support Level – $2,950 Major Resistance Level – $3,120

Ethereum is holding gains above the $3,000 support zone against the US Dollar. ETH price is now facing resistance near the $3,150 and $3,180 levels. Ethereum started a downside correction after it failed to stay above $3,200. The price is now recovering above $3,100 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $3,140 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh decline unless it surpasses the main $3,180 resistance zone. Ethereum Price is Facing Hurdles Ethereum struggled to stay above the $3,200 zone and started a fresh decline, similar to bitcoin. ETH price broke the $3,180 support level and the 100 hourly simple moving average to move into a short-term bearish zone. The price even broke the $3,100 level and spiked below the $3,000 level. A low was formed near $2,980 before the price started a decent recovery. It climbed above the $3,050 resistance level and reclaimed the 100 hourly simple moving average. There was a break above the 23.6% Fib retracement level of the recent decline from the $3,280 high to $2,980 low. However, ether price is now facing a strong resistance near the $3,150 level. There is also a major bearish trend line forming with resistance near $3,140 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the $3,280 high to $2,980 low. The main resistance is now forming near the $3,180 level. Source: ETHUSD on TradingView.com A clear break and close above the $3,150 and $3,180 resistance levels might start a fresh increase. The next key resistance might be near the $3,250 level, above which the price might rise towards the $3,350 resistance. Fresh Drop in ETH? If ethereum fails to continue higher above the $3,150 and $3,180 resistance levels, it could start another decline. An immediate support on the downside is near the $3,080 level. The first key support is near the $3,020 level. The main support is now forming near $3,000. A downside break below the $3,000 support zone could spark a sharp decline. The next major support could be $2,880. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly moving in the bullish zone. Hourly RSI – The RSI for ETH/USD is back above the 50 level. Major Support Level – $3,000 Major Resistance Level – $3,180

Ethereum is holding gains above the $3,000 pivot zone against the US Dollar. ETH price is likely to accelerate higher if there is a clear break above the $3,200 resistance zone. Ethereum is trading nicely above the $3,000 and $3,050 support levels. The price is now trading above $3,100 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $3,060 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to resume its rally once it clears the $3,200 resistance zone. Ethereum Price Eyes Upside Break Ethereum corrected lower, but the bulls were active above the $3,000 support zone. It climbed higher above the $3,150 level and it even spiked above the $3,200 barrier. The price traded as high as $3,233, but there was no close above $3,200. The price is now consolidating gains below the $3,200 level, similar to bitcoin. There was a break below the 23.6% Fib retracement level of the recent upward move from the $2,890 swing low to $3,233 high. However, ETH is still trading well above the $3,100 level and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $3,060 on the hourly chart of ETH/USD. The trend line coincides with the 50% Fib retracement level of the recent upward move from the $2,890 swing low to $3,233 high. On the upside, an immediate resistance is near the $3,200 level. The next key resistance is near the $3,230 level. Source: ETHUSD on TradingView.com A clear break and close above the $3,200 and $3,230 resistance levels might start another increase. In the stated case, the price could test $3,350. The next key resistance might be near the $3,500 level. Dips Supported in ETH? If ethereum fails to continue higher above the $3,200 and $3,230 resistance levels, it could start a downside correction. An immediate support on the downside is near the $3,120 level. The next major support is near the $3,100 level. The main support is now forming near $3,060 and the 100 hourly SMA. Any more losses could lead the price towards the $3,000 support zone. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is still above the 50 level. Major Support Level – $3,060 Major Resistance Level – $3,200

All eyes today are on Ethereum as the long-awaited EIP-1559 launches for the first time. The supply-focused update could result in a the start of a spectacular show that could last another several months. A fractal has potentially appeared that mimics the price action just ahead of the most recent explosive Ether rally, which took the top altcoin by market cap from below $1,000 to more than $4,000 at the peak. And it all is happening as the London hard fork is implemented into the most important blockchain in the space. What Is EIP-1559 And Why Does It Matter? Today, Ethereum Improvement Protocol 1559 will be set live as part of the London hard fork. The upgrade will help to normalize ETH gas fees that during the peak NFT and DeFi boom of 2021, sent costs skyrocketing. Base fees will be algorithmically determined by the network, however, the user can also increase the fee to in essence “tip” a validator. To prevent validators from artificially flooding the network to keep fees high, validators don’t get this base fee, instead it is burned. By destroying coins and taking them out of the circulating supply, investors believe this can further impact the ongoing “supply shock” or lack of ETH reserves on exchanges currently. In addition to this new EIP-1559 upgrade that could impact supply, it is part of a greater Ethereum 2.0 update. More than 5% of the entire supply is now locked up in the ETH 2.0 smart contract, in addition to the massive amount of tokens tied up in DeFi protocols. With so few ETH to go around, the supply shock could be very real and it arrives at the same time that a potential fractal is appearing on the ETHUSD price chart. Does an Ether fractal point to another parabolic rally? | Source: ETHUSD on TradingView.com Supply Shock Ethereum Fractal Fits Blueprint To Substantial Highs Ethereum was among the cryptocurrencies hit the hardest from the historic Q2 selloff. From the exact peak to the low, the second largest coin in the space by market cap plummeted by 61.8%. Related Reading | The Ominous Ethereum Comparison That Will Leave Bulls Petrified The peak was followed by two consecutive bumps, followed by a break of downtrend resistance. Zooming out, shows that the same exact pattern formed just ahead of the cryptocurrency’s more than 1,000% rally. Taking the price action on the way up and juxtaposing it over the recent consolidation, and there’s a very similar trajectory potentially forming. Could the EIP-1559 upgrade cause an extended fifth wave? | Source: ETHUSD on TradingView.com Zooming out further, the entire structure fits and five-wave bullish impulse according to Elliott Wave Theory. Even the math adds up. Waves 1, 3, and 5 move up with the primary trend, while even numbers 2 and 4 are corrective phases. Related Reading | Fundamentals Suggest Cryptocurrency Is Massively Undervalued Waves 2 and 4 tend to swap in severity, with wave 2 this time falling under the weaker of the two. The top altcoin only then suffered a 38.2% drop – another Fibonacci retracement level. Wave 4 reached the full 61.8% in severity, and if the bottom is in, a whopping wave five could be next. Wave 1 resulted in 450% returns, and wave 3 added another 1300% to boot. An extended wave 5 could yield dramatic results. Is this what is to come next for Ethereum and could it be due to the EIP-1559 upgrade? Potential last leg up in #Ethereum looks almost too easy to spot. Is this time really different? https://t.co/V0q2ied5aU pic.twitter.com/rDyJ6uscDB — Tony “The Bull” Spilotro (@tonyspilotroBTC) August 5, 2021 Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

Ethereum outperformed bitcoin and rallied above the $2,550 resistance against the US Dollar. ETH price tested $2,700 and it is now correcting gains. Ethereum rallied towards the $2,700 level before it started a downside correction. The price is still trading above $2,500 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $2,450 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to start a fresh increase from $2,500 or $2,450 in the near term. Ethereum Price is Correcting Gains Ethereum formed a support base above $2,400 and started a fresh increase, outpacing bitcoin. ETH price gained strength and it broke the main $2,500 and $2,550 resistance levels. The price even surged above the $2,600 level and the 100 hourly simple moving average. It opened the doors for more gains and the price traded as high as $2,700 level. It is now correcting gains from the $2,700 resistance zone. There was a break below the $2,620 and $2,600 support level. A low is formed near $2,508 and the price is now consolidating. Ether is testing the 23.6% Fib retracement level of the recent decline from the $2,700 swing high to $2,508 high. There is also a major bullish trend line forming with support near $2,450 on the hourly chart of ETH/USD. On the upside, the first key resistance is near the $2,600 level. It is near the 50% Fib retracement level of the recent decline from the $2,700 swing high to $2,508 high. Source: ETHUSD on TradingView.com The main resistance is now forming near the $2,630 level. A clear break and close above $2,630 might start another steady increase. In the stated case, the price could easily rise towards the $2,700 level. The next key resistance is near the $2,780 level, above which the price might test $2,880 in the near term. More Gains in ETH? If ethereum fails to continue higher above $2,600, it could extend its decline. An immediate support on the downside is near the $2,510 level. The first major support is near the $2,500 and $2,480 levels. The next key support is near the $2,450 level and the 100 hourly simple moving average. A clear downside break below the $2,450 support zone could lead the price towards the $2,320 support. Technical Indicators Hourly MACD – The MACD for ETH/USD is likely to move back into the bullish zone. Hourly RSI – The RSI for ETH/USD is now close to the 50 level. Major Support Level – $2,500 Major Resistance Level – $2,630

Ethereum is up over 5% and it broke the $2,400 resistance against the US Dollar. ETH price outpaced bitcoin and it seems like there are chances of more gains above $2,450. Ethereum started a fresh increase and it managed to surpass the $2,320 resistance zone. The price is now trading well above $2,300 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $2,340 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct lower, but the bulls are likely to remain active near $2,390 and $2,350. Ethereum Price is Gaining Pace Ethereum formed a support base above $2,250 and started a fresh increase, outpacing bitcoin. ETH price gained strength and it broke the main $2,300 and $2,320 resistance levels. The price even surged above the $2,400 level and the 100 hourly simple moving average. It opened the doors for more gains and the price traded as high as $2,450 level. It is now correcting gains from the $2,450 resistance zone. Ether is approaching the 23.6% Fib retracement level of the upward wave from the $2,303 swing low to $2,451 high. The first major support is near the $2,390 and $2,380 levels. It is near the 50% Fib retracement level of the upward wave from the $2,303 swing low to $2,451 high. There is also a major bullish trend line forming with support near $2,340 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com The next key support is near the $2,280 level and the 100 hourly simple moving average. A clear downside break below the $2,280 support zone could lead the price towards the $2,200 support. More Gains in ETH? If ethereum remains stable $2,340, it could continue to rise in the near term. An immediate resistance on the upside is near the $2,450 level. A clear break and close above $2,450 might start another steady increase. In the stated case, the price could easily rise towards the $2,500 level. The next key resistance is near the $2,550 level, above which the price might test $2,680 in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now correcting lower from the overbought zone. Major Support Level – $2,340 Major Resistance Level – $2,450

Ethereum started an upside correction above the $1,850 resistance against the US Dollar. ETH price is likely to continue higher if there is a close above the $2,000 resistance. Ethereum started a decent upward move above the $1,850 and $1,950 resistance levels. The price is now trading well above $1,900 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $1,960 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to rise further if there is a proper close above the $2,000 resistance zone. Ethereum Price Starts Decent Increase Ethereum formed a decent support base above the $1,720 level, similar to bitcoin. As a result, ETH price started a steady increase above the $1,800 and $1,850 resistance levels. There was also a close above the $1,900 level and the 100 hourly simple moving average. Ether price even spiked above the $2,000 resistance, but there was no proper close. A high was formed near $2,033 and the price is now correcting gains. There was a break below the $2,000 level. It even tested the 23.6% Fib retracement level of the upward move from the $1,755 swing low to $2,033 high. Source: ETHUSD on TradingView.com On the upside, an initial resistance is near the $2,000 level. To move further into a positive zone, the price must settle above the $2,000 and $2,020 resistance levels. The next major barrier for the bulls could be near the $2,050 level, followed by $2,100. Any more gains might call for a test of $2,200. Dips Limited in ETH? If Ethereum fails to continue higher above $2,000 and $2,020, it could start a downside correction. An initial support on the downside is near the $1,970 level. The first major support is near the $1,920 level. The main support is now forming near the $1,900 level. It is close to the 50% Fib retracement level of the upward move from the $1,755 swing low to $2,033 high. Any more losses could set the pace for a drop towards the $1,850 support zone in the near term. The next major support sits near the $1,800 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 60 level. Major Support Level – $1,900 Major Resistance Level – $2,000

Ethereum started an upside correction from the $1,720 zone against the US Dollar. ETH price could correct further higher, but upsides might be capped near $1,850. Ethereum formed a base above the $1,720 support zone before starting an upside correction. The price is still trading well below the $1,850 resistance and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $1,790 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to rise further towards the $1,850 resistance zone and the 100 hourly SMA. Ethereum Price Correcting Losses Ethereum remained in a bearish zone and it extended its decline below $1,800, similar to bitcoin. ETH price broke the $1,780 support and it settled well below the 100 hourly simple moving average. The price traded as low as $1,718 and it seems to be forming a base above the $1,720. Ether is now correcting gains and it is trading above the $1,750 level. There was a break above the 50% Fib retracement level of the key decline from the $1,832 swing high to $1,718 low. There was also a break above a key bearish trend line with resistance near $1,790 on the hourly chart of ETH/USD. The pair is now trading above the 61.8% Fib retracement level of the key decline from the $1,832 swing high to $1,718 low. Source: ETHUSD on TradingView.com The price is now facing resistance near the $1,810 level. The main resistance is now forming near the $1,850 level and the 100 hourly SMA. To move into a positive zone, the price must climb above the $1,830 and $1,850 resistance levels. Fresh Decline in ETH? If Ethereum fails to recover above $1,820 and $1,850, it could continue to move down. An initial support on the downside is near the $1,775 level. The first major support is near the $1,750 level. The main support is now forming near the $1,720 level. Any more losses could set the pace for a drop towards the $1,650 support zone in the near term. The next major support sits near the $1,600 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1,750 Major Resistance Level – $1,850

Ethereum restarted its decline after it failed to stay above $2,000 against the US Dollar. ETH price is holding the $1,880 support, but it must clear $2,000 for a decent increase. Ethereum started a fresh decline and it once again tested the $1,880 support zone. The price is still trading well below the $2,000 resistance and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $1,955 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a decent increase if it clears the $1,965 and $2,000 resistance levels. Ethereum Price Settles Below $2K After a failed attempt to settle above $2,000, ethereum extended its decline, similar to bitcoin. ETH price broke the $1,920 support and it settled well below the 100 hourly simple moving average. However, the price stayed above the $1,880 support. A low was formed near $1,861 and the price recently started an upside correction. There was a break above the $1,920 and $1,925 resistance levels. Ether climbed above the 23.6% Fib retracement level of the recent decline from the $2,043 swing high to $1,881 low. It is now facing resistance near the $1,950 zone. There is also a major bearish trend line forming with resistance near $1,955 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com The trend line is close to the 50% Fib retracement level of the recent decline from the $2,043 swing high to $1,881 low. The next major resistance is near the $2,000 zone and the 100 hourly simple moving average. If ether breaks the trend line and then settles above $2,050, there could be a steady increase. The next major resistance is near the $2,050 level. Fresh Decline in ETH? If Ethereum fails to recover above $1,955 and $2,050, it could continue to move down. An initial support on the downside is near the $1,920 level. The first major support is near the $1,880 level. If ether fails to stay above the $1,880 support, it could decline towards the $1,865 support. Any more losses could set the pace for a drop towards the $1,750 support zone in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now back above the 50 level. Major Support Level – $1,880 Major Resistance Level – $2,000

Ethereum is down 5% and it is struggling to stay above $2,000 against the US Dollar. ETH price could decline sharply if there is a break and close below $2,000. Ethereum is showing bearish signs below the $2,050 and $2,100 levels. The price is now trading well below the $2,100 resistance and the 100 hourly simple moving average. There was a break below a key contracting triangle with support near $2,110 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above the $2,000 support to avoid a major decline in the near term. Ethereum Price Remains At Risk There was a fresh decline in ethereum from the $2,175 resistance zone, similar to bitcoin. ETH broke many supports near $2,100 and the 100 hourly simple moving average to move into a bearish zone. There was also a break below a key contracting triangle with support near $2,110 on the hourly chart of ETH/USD. The pair traded below the $2,050 support and it tested the $2,000 support. A low is formed near $2,009 and the price is now consolidating losses. An immediate resistance on the upside is near the $2,050 zone. It is near the 23.6% Fib retracement level of the recent dive from the $2,175 high to $2,009 low. Source: ETHUSD on TradingView.com The first key resistance is near the $2,090 and $2,100 levels. The 50% Fib retracement level of the recent dive from the $2,175 high to $2,009 low is also near $2,090. A close above $2,100 might start a decent recovery wave in the near term. The next major resistance is near the $2,175 level. More Losses in ETH? If Ethereum fails to recover above $2,050 or $2,100, it could continue to move down. An initial support on the downside is near the $2,010 level. The first major support is near the $2,000 level. If ether bulls fail to defend the $2,010 and $2,000 support levels, there are chances of a sharp decline. In the stated case, ether bears might aim a test of the $1,850 support level. An intermediate support could be near $1,920. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone. Hourly RSI – The RSI for ETH/USD is well below the 50 level. Major Support Level – $2,000 Major Resistance Level – $2,100