Ethereum Value Prediction: ETH Holds At $1,650

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Ethereum’s volatility within the final 24 hours has remained considerably low as the worth stays flat.

The biggest altcoin has barely recorded a worth change within the final week. Nevertheless, a big worth drop has been seen prior to now month, with the present $1,652 being an 11% drop in comparison with a month earlier.

Ether’s worth stays flat amid inaction from each consumers and sellers. Promoting exercise may enhance if the worth falls under the $1,600 stage.

Nevertheless, sellers seem unmotivated to trigger any vital downtrend.

The Federal Reserve Chairman, Jerome Powell, has hinted at extra rate of interest hikes sooner or later to deal with the excessive inflation stage. The hawkish sentiment didn’t set off panic.

Ethereum’s Weak Value Motion

Ethereum doesn’t have a lot momentum at present. Nevertheless, the worth pattern prior to now week reveals a slight battle for management between the bulls and the bears.

Ether’s weekly excessive is $1,689, posted on August 19. Some slight promoting strain was seen at these ranges, and by August 23, the worth had dropped to $1,605.

The value dip on August 23 attracted some shopping for strain, and ETH began a gradual uptrend. Nevertheless, the bullish momentum was weak, and the uptrend was rejected at $1,686.

Ethereum is at present buying and selling at across the identical worth it was a 12 months in the past. Promoting strain will possible intensify if the worth drops under $1,600.

Ether was final buying and selling at above $2,000 on July 14. Constructive developments across the altcoin or restoration throughout the broader market may place a bullish sentiment to play once more.

Ethereum Reveals Bearish Sentiment

Ethereum’s worth chart at present reveals a bearish sentiment. The Parabolic SAR is monitoring Ethereum’s worth from above, pointing to a bearish momentum.

The Shifting Common Convergence Divergence (MACD) line is within the detrimental zone, indicating elevated promoting strain.

The Easy Shifting Averages (SMAs) present essential resistance ranges.

The 200-day SMA reveals an important resistance at $1,799, whereas the 50-day SMA reveals $1,827. One other crucial resistance stage lies at $1,832 within the 100-day SMA.

Ethereum Whales Accumulate, Anticipate A Rebound

Whale traders are making the most of Ethereum’s worth drop to build up the token, based on Lookonchain.

Whales are accumulating $ETH from the underside!

four whales amassed 56.1K $ETH ($94M) prior to now 7 days.

– 0x3CEE amassed 18Ok $ETH($30M);

– 0x3478 amassed 2K $ETH($3.4M);

– 0x5bA3 amassed 17.9K $ETH($30M);

– smartestmoney.eth amassed 18.2K $ETH($30.6M). pic.twitter.com/M93Mhkpn6p

— Lookonchain (@lookonchain) August 24, 2023