Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Ethereum News & Updates => Topic started by: RSRS on August 31, 2021, 07:29:07 AM
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ETH/USD – Ether Forms Symmetrical Triangle
Key Support Levels: $3150, $2985, $2890.
Key Resistance Levels: $3350, $3540, $3700.
Since surging from $1800 at the end of July to meet resistance at $3350 in the first half of August, Ethereum has been consolidating inside a symmetrical triangle pattern. It has made over four attempts to break the $3350 resistance, provided by a bearish .618 Fib, and failed on each attempt.
Recently, ETH has been using the 20-day MA as support as it battles to remain above it as it consolidates in the triangle.
ETH-USD Short Term Price Prediction
Looking ahead, the first support lies at $3150 (lower angle of the triangle). This is followed by support at $2985 (.236 Fib), $2890, $2740 (.382 Fib), and $2545 (.5 Fib).
On the other side, the first resistance lies at the upper angle of the triangle. This is closely followed by the resistance at $3350 (bearish .618 Fib). Above this, added resistance lies at $3540 (1.618 Fib Extension) and $3700.
The RSI is making lower lows and is showing hints of bearish divergence, indicating a retracement could be imminent.
More Information (https://cryptonews.net/en/news/ethereum/1618981/)
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So far, the price of ethereum is growing along with other altcoins following the price of bitcoin. The practical results of the grandiose update of the ethereum network within the framework of Ethereum 2.0, which has been going on for almost a year, are still not very impressive, and therefore, at the price, the growth of this coin in comparison with other potential cryptocurrencies is still quite modest. Now the price of ethereum is about $ 3,600, however, if the update is successful, then from next year, I hope its price will increase significantly. There are many good predictions about what this network will be like after the update. I hope that these predictions will come true soon.