Relevance up to 11:00 2022-08-19 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
ETH/USD has changed little in the short term only because BTC/USD seems undecided. Ethereum turned to the downside after failing to confirm a larger swing higher. Technically, the price action signaled a larger drop in the upcoming period.
In the last 24 hours, ETH/USD has gone down by 2.59% and by 2.09% in the last 7 days. Ethereum tried to rebound but the immediate upside obstacles stopped the rally. BTC/USD's deeper drop should push ETH/USD towards new lows.
ETH/USD Downwards Movement Underway
The price dropped below the uptrend line, signaling that the leg higher ended and that sellers could take the lead. It has tried to come back above the broken uptrend line but it failed to stabilize above it showing strong downside pressure.
It has retested the 1,858 static resistance and now it could approach and reach 1,820 again which represents critical support.
ETH/USD Outlook
Dropping, closing, and stabilizing below 1,820 could activate more declines and could bring new short opportunities.
