Ethereum Technical Analysis Report | 3rd September 2024
Ethereum faced significant headwinds in August, marked by weak ETF demand and growing technical concerns, leading to the assets largest monthly decline in over two years. Within the first 29 days of trading, Ethereum ETFs saw $477 million in outflows, reflecting waning investor confidence. The last time Ethereum suffered such a severe monthly drop was in June 2022, when it plunged by 45% during a broader market downturn triggered by the collapse of the Terra blockchain. A contributing factor to the current pessimism around Ethereum is the sharp decline in network fees.
At the time of writing, ETH was trading at $2,526.
ETH after taking support at the key level of $2,150 rallied almost by 31% up to $2,820. The bulls however failed to manage the grip on the asset as the prices failed to cross the resistance of $2,850. The asset made a DOJI candle at the resistance of $2,850 and witnessed a sharp correction. The prices dropped to $2,392. Post this move, ETH is trading sideways in a range from $2.400 to $2,600 with low volumes. The asset has a strong support zone from $2,400 to $2,350 whereas $2,850 will act as a strong resistance.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $2,150 | $2,350 | ETH | $2,850 | $3,050 |
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