By Larry Wright
After Ethereum failed to maintain above $3,350, the alt lost over $170 in the past 24 hours. That way, ETH plunged below the 20-day Moving Average intraday. Against Bitcoin, Ethereum struggled to keep the crucial support at the 100-day Moving Average.
Will ETH/USD Hold the 20-d MA?
- Vital support levels – $3,150, $3,080, $3,000 and $2,960
- Vital resistance levels – $3,190, $3,350, and $3,400
As much as ETH remains 47% high since last month and 6% in a week (CoinGecko data), the coin failed to overpower the crucial resistance around $3,350. The resistance comes from the bearish .618 Fibonacci retracement zone. Also, the level prevents the altcoin from rallying high during the mid-August sessions.
After the last attempt (that failed), Ethereum dropped towards the 20-d Moving Average support near $3,000 last week. However, the coin pushed towards the resistance for another trial.
Yesterday (after the second failure), Ethereum plunged beneath the $3,350 price level. The drastic plunges had the coin moving down to breach the crucial support at 20-day Moving Average and $3,150 to bottom near $3,080. With that, the asset hit the lowest value in the last six days.
While writing this content, Ethereum faces the 20-d Moving Average (the current resistance). To hold the 20-MA level, ETH has to close its daily candle over it.
ETH/USD Near-Term Price Forecast
What holds the asset’s future? On the downside, the pair will face the initial support at $3,150, its current price levels (the 20-d MA lies here). The following supports are today’s low ($3,080), $3,000, .236 Fibonacci ($2,960), June highs ($2,890), .382 Fibonacci ($2,720), and 50-d MA ($2,600).
On the other hand, the initial resistance locates at $3,190 (near-term .382 Fibonacci retracement and the early August local high). Other following supports are bearish .618 Fibonacci and August’s highest point ($3,350), $3,400, and 1.618 Fibonacci extensions at $3,540.
ETH-BTC Battle the 100 MA
- Vital support levels – 0.0645 to 0.065 BTC, 0.0632 BTC and 0.062 BTC.
- Vital resistance levels – 0.067 BTC, 0.068 BTC, and 0.07 BTC.
ETH/BTC has had lower lows since plunging below the symmetrical triangle shape at the initial week of August. The pair utilized the 100-D MA as its support over last week. However, the asset rebounded from the MA line on Monday. But the crypto-asset couldn’t maintain over the 0.06 BTC area.
Yesterday, ETH/BTC declined from 0.067 BTC. Today, the pair extended its movement to retest the support at 100-d MA again. The .5 Fibonacci bolsters this support zone. The ETH/BTC will aim to close today over the 100-MA.
ETH-BTC Near-Term Price Forecast
The pair had its initial support at 0.065 BTC (.5 FIB and 100-d MA). Others following are 0.0645 BTC (50-d MA), .618 Fibonacci (0.0632 BTC), and 0.062 BTC.
Meanwhile, the initial resistance lies near 0.067 BTC. The next resistances are 20-d MA (0.068 BTC), 0.07 BTC, and bearish .618 Fibonacci (0.072 BTC).
Stay around for more updates.
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