As a seasoned researcher with years of experience navigating the volatile world of cryptocurrencies, I find myself intrigued by the current state of Ethereum (ETH). The market dynamics are reminiscent of a high-stakes game of chess, where each move requires strategic foresight and careful consideration.
Buyers are controlling the situation on the market at the end of the week, according to CoinStats.
ETH/USD
The price of Ethereum (ETH) has gone up by 2% over the last day.
On an hourly timeframe, Ethereum’s price is attempting to breach the resistance level at around $2,669. Should it manage to do so, the built-up momentum could potentially propel ETH towards the $2,700 range in the near future.
On a larger time scale, things seem less optimistic. As long as the price remains under $2,750, there’s potential for a downtrend that could take us towards the $2,500 region.
On a weekly basis, neither party seems to be holding the upper hand. It’s plausible that we could see a continuation of the broad price range between $2,500 and $2,800 over the remainder of this month, as both sides appear to be balancing each other out.
Ethereum is trading at $2,664 at press time.
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2024-08-18 18:57