As a seasoned crypto investor with battle-scarred fingers from the 2017 bull run and the subsequent bear market, I’ve learned to navigate the volatile seas of digital assets with a steady hand and a cool head. The current state of the market, as reflected by CoinStats and the ETH/USD pair, is no stranger to me.
Most of the coins are setting new local lows, according to CoinStats.
ETH/USD
The rate of Ethereum (ETH) has dropped by 2.44% over the last 24 hours.
In the one-hour timeframe, the Ethereum price sits right in the middle of its current trading range. Yet, should today’s daily candlestick close close to the support line, it suggests that the downtrend may persist tomorrow as well.
Over a larger time period, traders ought to concentrate on the potential support level at around $2,510. Should this level break, there may be an opportunity for a quick approach towards the $2,400 price range.
On the weekly graph, there’s a slightly clearer image of the main altcoin’s performance. Currently, the rate is not close to significant levels, implying neither the bulls nor the bears have a decisive advantage in the short term.
Regarding this matter, it seems most probable that prices will hold steady within the range of $2,400 to $2,700 up until the end of the month.
Ethereum is trading at $2,562 at press time.
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2024-08-16 18:59