Latest Technical Analysis On Ethereum

Ethereum took a nasty tumble in the last three weeks. On July 23rd, 2024, Ethereum was trading above $3,500. Just last week it touched a low of $2,120. That is a whopping drop of 40%.

Since that low, Ethereum has bounced back to $2,650 giving the bulls some hope. However, the latest week proved that Ethereum is a risk asset that trades with the stock market. The stock market tumbled and Ethereum followed. From that same July 23rd date, the NASDAQ declined 12%. This tells us that Ethereum does just over a 3x of what the NASDAQ does. Both Ethereum and the NASDAQ made a low on Monday August 5th and have bounced nicely since.

Ultimately, technical analysis shows investors that there is major resistance between the $2,875 and $3,000 level on Ethereum. Major support remains $2,100.

Should $2,100 break, there is no major downside support until $1,925.

On the upside, if price can break and confirm above $3,100, upside is back to $3,700.

Ultimately, the near-term destiny of Ethereum rests within risk assets. If investors panic again, Ethereum is likely headed lower. In the near-term, the bias remains slightly bearish.