Ethereum Technical Analysis Report | 20th August 2024
Ether has been confined within a tight $230 range since August 9th, holding firmly at the $2,550 support level. However, this marks a 20% drop from three weeks ago, when ETH wrapped up July above $3,300. While the overall crypto market has contracted, Ether is facing unique hurdles. In the past week, the Ethereum networks decentralised applications (DApps) have experienced a notable decline in activity. The recently launched ETFs have seen a combined net outflow of $30 million since 9th August.
At the time of writing, ETH was trading at $2,649.
ETH broke the key support of $2,850 and witnessed a sharp correction and the prices dropped to $2,111. The asset has taken multiple supports at $2,150 in the past and this time too, it did the same. The lower longer shadow around $2,150 indicated buying and the prices bounced and surged up to $2,780. Currently, ETH is trading in a broad range from $2,700 to $2,500 with low volumes. Breakout on either side of the range with good volumes will further decide the trend for the asset.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $2,150 | $2,350 | ETH | $2,850 | $3,050 |
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