Ethereum price over the last thirty days was riddled with an extended period of little volatility. It picked up momentum occasionally. However, most times, it experienced a breakout to critical support.
With less than ten hours left in August, let’s evaluate how the asset performed.
A look at the monthly chart paints a grim picture of what transpired. The largest altcoin started trading at $1,856 but dropped to a low of $1,542 but retraced and is exchanging at $1,707. It is also worth noting that it attempted the $1,900 resistance but failed as it experienced a significant rejection at $1,878.
The current price shows that the asset under consideration is down by more than 7% from its opening price. Going back to the monthly chart and comparing this year’s performance shows that this is the worst one yet. Nonetheless, the candle is a testament to robust selling pressure.
Let’s look at some of the highlights from this period.
Ethereum Succumb to General Market Sentiment
In recent times, ETH has shown a little resistance to any massive downtrends, while others dropped to retest critical support.
This time is different as the top asset was one of the worst hit by the bearish dominance. One such event took place on the 17th of August. This is also the biggest single loss for ETH.
It kicked off trading at $1,805 and registered no significant increase in price as the asset experienced one of its biggest surges in selling volume. As a result, the altcoin slipped down several key levels. One such is the $1,750 barrier. It is worth noting that over the last three months, this mark held out against plenty of attacks. However, this time it broke with ease.
The next critical barrier that broke was the $1,650. As with the previous mark, it sliced through like a knife on butter. Afterward, it dropped to a low of $1,542 before rebounding. It shot to a close at $1,683; reclaiming the lost level. Additionally, the asset closed with losses of almost 7%.
On the other hand, the biggest single increase happened two days ago. ETH started trading at $1,652 and attempted the $1,750 resistance but failed. This came after it saw strong rejection at its peak of $1,744. It dropped to a close at $1,729 which signified an almost 5% increase.
ETH is Painting a Negative Outlook
At the time of writing, the top altcoin is seeing a lot of drawbacks in price. It started the current intraday session at $1,705 and tried breaking the $1,650 barrier.
It had significant success as it dropped to a low of $1,630. However, it went closer to this support and closed at $1,645 which signifies a more than 3% decrease.
Due to the most recent drop in value, several indicators are displaying bearish signals. One such is the Moving Average Convergence Divergence. At this time, the 12-day EMA is arched downward; starting the bearish convergence.
This is an indication of further price decreases in the coming days. This is also the same sentiment on the Relative Strength Index. At the peak of the previous uptrend, it was at 48. Due to the most recent drop in value, it dropped to 37.
In the coming days, ETH may struggle to stay above $1,600.
