- Ethereum price plummets to $1,480 in free-fall fashion.
- The volume profile indicator is still relatively low.
- Invalidation of the bearish thesis is a break above $1,750.
Ethereum price descends 15% over the weekend. Despite the attractive discount, the technicals suggest the ETH price could fall a bit further.
Ethereum price is losing value
Ethereum price concerns investors this weekend as the decentralized smart contract giant has lost support from the psychological $1,500 level. The sharp, declining bearish engulfing candle established by the bears is a moving freight train many investors will not want to jump in front of.
Ethereum price currently auctions at $1484 on Sunday, August 2028. The Relative Strength Index has a bit more cushion space to fall which confounds the idea that the market bottom is not yet in place amidst the sharp liquidation. Additionally, the Volume Profile Indicator showed an uptick last week on August 19. The bulls have not yet been able to match a retaliative trading day with equal or more volume.
ETH.USDT 2-Day Chart
Thus traders should align themselves with the bearish thesis until more evidence argues otherwise. The ETH price points to $1,400 and potentially $1320 if market conditions persist.
Invalidation of the bearish thesis is a closing candle above $1,750. If the bulls can breach this level, they may be able to rally back towards $2,000, resulting in a 36% increase from the current Ethereum price.
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market - FXStreet Team
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.