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ETH/USD Shows Signs of Weakness; Can Price Maintain $380 Support?

ETH Price Prediction – August 23

ETH/USD is at the moment combating to reclaim the $400 resistance degree.

ETH/USD Market

Key Ranges:

Resistance ranges: $450, $470, $490

Help ranges: $335, $315, $295

ETHUSD – Each day Chart

For the time being, ETH/USD is dancing at $391.79 following a zero.97% loss on the day. Nevertheless, the entire market is principally within the crimson, with most cryptos having succumbed to downward stress. Bitcoin (BTC), for instance, is inching nearer to $11,350 assist after failing to carry above $11,600. As well as, there’s a risk of retracement in the direction of $420 will happen earlier than the second-largest crypto gathers the power to zoom towards the resistance of $450, $470, and $490.

Would Ethereum Go up or Down?

If the sellers push ETH beneath $380, the following assist lies at $360. That is adopted by vital assist under the decrease boundary of the channel at $350, and a draw back could come into focus. If $350 breaks, additional assist lies at $335, $315, and $295 ranges.

As talked about, the RSI (14) is shifting beneath the 55-level, and if it continues to fall, the elevated bearish stress might drive ETH/USD towards the decrease boundary of the channel. Nevertheless, the sign line could drop extra and appears primed for an additional bearish crossover sign.

In opposition to Bitcoin, we are able to see that Ethereum is following the downward pattern. As the value falls, sellers are posing a further menace for consumers to achieve the assist degree of zero.032 BTC the place the closest goal is situated. Nevertheless, an eventual break under the decrease boundary of the channel could trigger Ethereum to break down.

ETHBTC – Each day Chart

Moreover, the continuation of the downtrend might hit the principle assist at zero.031 BTC earlier than falling to zero.030 BTC and under. Extra so, the consumers could possible push the market above the 9-day and 21-day shifting averages to achieve the potential resistance at zero.038 BTC and above if a rebound performs out. The RSI (14) remains to be specializing in the draw back, indicating that the sellers are in management.

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