- by Godfrey Benjamin,
- Aug 31, 2021
Ethereum (ETH) usage has skyrocketed over the last month thanks to the ongoing NFT boom. Opensea, the largest NFT marketplace that runs on ETH, has experienced an explosion in volume over the month of August. Since this has occurred, the price of ETH price has stayed relatively steady as it consolidates awaiting its next move. BTC has also been steady over the last few weeks as the market awaits the start of its next move. Based on the technicals, ETH & BTC should breakout within the next week.
Since, ETH has surged nearly 100% off its $1700 low, price has been halted at a major trend line that was support for over 6 months. Bulls must break over this mark for ETH price to experience a large surge to the $4000 level. Since the beginning of August , volatility has subsided as ETH has stayed between $3000-$3300. This price action has formed an ascending channel which price has respected tremendously. For Ethereum (ETH) to confirm another bullish move, price must break & hold the major resistance found at $3323. If this is deemed successful, we can expect ETH to hit $3500 fairly soon.
In the case that bears take over & ETH price breaks to the downside of its ascending channel, we should expect price to land at the major support of $2927. Before this can occur, bears must pull ETH below the 25 day MA, which may be a struggle. This MA has held ETH up ever since price broke above the $2000 mark. If ETH price fails to break to the upside & breaks below the 25 day MA, we can then confirm Ethereum (ETH) to be in a short term bear trend which may land prices back to $2500.
ETH Intraday Analysis