Ethereum (ETH) Prediction for August 23
08/23/2024 22:42When can traders expect increased volatility from Ethereum (ETH)?
Original U.Today article
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Buyers are trying to hold the initiative, according to CoinMarketCap.
ETH/USD
The rate of Ethereum (ETH) has risen by 1.81% over the past 24 hours.
On the hourly chart, the price of ETH is in the middle of the local channel. As most of the daily ATR has been passed, there are low chances to expect any sharp moves by the end of the day.
On the bigger time frame, the rate of the main altcoin is neither bearish nor bullish. As none of the sides is dominating, ongoing sideways trading in the narrow area of $2,600-$2,700 is the more likely scenario.
From the midterm point of view, one should pay attention to the nearest resistance level of $2,724.
If it breaks out, the accumulated energy might be enough for a test of the $2,800-$2,900 area before the end of the month.
Ethereum is trading at $2,659 at press time.
About the author
Denys Serhiichuk
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at [email protected].
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