Ethereum (ETH) Forecast for August 2: Expert Analysis and Projections
Most digital coins are continuously establishing fresh local lows, as per data from CoinMarketCap.
The value of Ethereum (ETH) has seen a drop of nearly 4% in the past 24 hours.
Observing the hourly chart, ETH’s rate has breached the nearby support level of $3,080. As long as the price remains under that threshold, sellers hold more influence compared to buyers.
In such a scenario, there exists a considerable likelihood of witnessing a further downward movement towards the $2,900 region.
A similar scenario unfolds on the daily timeframe. Should the candle conclude below the $3,054 mark, the amassed momentum could be adequate for a sustained decline towards the $2,800-$2,900 bracket.
Looking from a medium-term perspective, it is advisable to monitor the weekly bar’s closure. Should it occur near present levels, an examination of the support level might be imminent shortly.
At present, Ethereum is exchanging hands at $3,024.
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