Ethereum Technical Analysis Report | 6th- August 2024
On August 5th, ETH extended its decline, falling to an eight-month low of just above $2,100. This drop was driven by ETH transfers by Jump Trading, escalating geopolitical tensions, and concerns about the global economy, triggering a broader market correction. Since the launch of U.S.-based spot Ethereum ETFs on July 23, net outflows from Ether investment products have reached $430 million. The plunge in Ethers price has also been accompanied by a decrease in network activity, with the number of new and active addresses declining as well.
At the time of writing, ETH was trading at $2,511.
ETH was trading in red over the past seven days in the Lower High Lower Low pattern. The asset broke the key support zone ($3,050 to $2,850) and witnessed a sharp fall. The prices dropped and reached a low of $2,111. However, ETH has bounced from the strong support level of $2,150. If it holds and sustains above the support then we may expect a relief rally up to $2,850 whereas if it breaks the support of $2,150 then we may expect further downfall.
Key levels
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $2,150 | $2,350 | ETH | $2,850 | $3,050 |
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