Ethereum’s $ETH price on August 19, 2024, stands at $2,582, with a 24-hour intraday range of $2,572 to $2,681. The cryptocurrency recorded a trading volume of $9.5 billion, contributing to a market capitalization of $310 billion. Despite these figures, ethereum’s technical indicators reveal a bearish outlook, signaling caution for traders.
Ethereum
Ethereum’s daily chart paints a clear picture of the prevailing bearish trend. After a sharp decline from around $3,565 to a low near $2,017, the market shows signs of indecision, characterized by small movements. Volume analysis further corroborates this sentiment, with a peak of volume near the recent low, signaling a potential capitulation point. Support is found around $2,017, with resistance expected in the $2,800 to $3,000 range, where previous support has turned into resistance.
On the 4-hour chart, ethereum continues its downward trajectory with lower highs and lower lows, highlighted by a recent sharp drop to $2,515, followed by a modest recovery. The volume spikes on the downturns indicate strong selling pressure, particularly during the drop. Support is now positioned around $2,515, with resistance near $2,700, where the price retraced before declining again.
The 1-hour chart reflects a micro downtrend within the broader bearish context. Following a dip to $2,565, ethereum attempted a recovery but has struggled to build momentum. Volume remains low except for spikes on large downturns, suggesting that selling pressure might persist. Key support lies around $2,565, with resistance at $2,688.
Oscillators across multiple time frames predominantly signal neutrality, with the relative strength index (RSI) at 38.9, the Stochastic at 64.8, and the commodity channel index (CCI) at -38.1. However, momentum indicators such as the moving average convergence divergence (MACD) level at -145.8 suggest a buy signal, indicating the potential for a short-term bounce. Nonetheless, the overall sentiment remains cautious due to the strong bearish signals from moving averages across the 10, 20, 50, 100, and 200-day periods, all indicating negative sentiment.
