Ethereum is showing strength against the US dollar, increasing by 6 percent in the past 24 hours and currently trading at $235. However, looking at its performance against Bitcoin, we can see that ETH is clearly struggling.
Since the beginning of July, the cryptocurrency lost about 30% of its value against BTC. In the first few days of August, it lost around 9 percent. At the time of this writing, it’s trading at 0.0197 BTC and has created fresh 29-month lows.
Ethereum remains the second-largest cryptocurrency by market value with a market cap of $24.98 billion.
Looking at the ETH/USD 1-day chart:
- Since our previous ETH/USD analysis, Ethereum’s price managed to break above the $220 and $230 resistance areas, and has met higher resistance at the 100-day EMA around $235 as expected.
- From above: If the bulls can break above the 100-day EMA resistance and $240, further resistance is expected at $250, $254, $271, and $279. If the buyers continue to push higher, the next levels of resistance are located at $298.43, $315, and $334.
- From below: If the resistance at the 100-day EMA proves to be too strong, we can expect to see support at $230, $220, and the rising support trend line (the dashed line below). If the sellers push the market beneath the support trend line, the subsequent levels of support are $200, $193, and $178.
- The trading volume has increased today after the massive BTC price surge.
- The RSI is now strongly in favor of the bulls, which is a good sign. If it remains above 50, we can expect ETH/USD to break above $230 and head toward $250.
Looking at the ETH/BTC 1-day chart:
- Trading against Bitcoin, Ethereum has clearly struggled, particularly in the past 2 months. Ethereum recently broke beneath the strong support at 0.021 BTC and continued to fall through the subsequent support levels at 0.02049 BTC and 0.02 BTC to reach its current price of around 0.019725 BTC. The case for the bulls looks very dire at this moment in time.
- From above: The nearest level of resistance lies at 0.02 BTC. This is followed by resistance at 0.0204 BTC, 0.021 BTC, 0.02191 BTC, 0.0225 BTC, and 0.023 BTC.
- From below: If the sellers continue to drop the market lower, the next support is located at 0.01937 BTC, provided by the downside 1.272 Fib extension. Beneath this, further support lies at 0.019 BTC, 0.019507 BTC (the downside 1.414 Fib extension), 0.0179 BTC and 0.017265 BTC.
- The trading volume has remained around the average level.
- The RSI has plummeted to extreme oversold conditions, which could be a sign that the selling may be concluding soon. Furthermore, the Stochastic RSI is in oversold territory as we await a bullish crossover to signal a potential move higher.
Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.