Ethereum Price Forecast: ETH Consolidates with Low Volatility, Anticipating Next Significant Shift (August 20)

Ethereum’s current trend on the daily chart is leaning towards a bearish bias after experiencing a recent drop to a yearly low. Although there has been a slight recovery, the cryptocurrency is currently stuck in a consolidation phase, with the possibility of a significant decline if the supply level increases.

Following the rejection at $2,780 last week, Ethereum has struggled to regain strength due to a sharp decrease in volatility. Despite the choppy price movements on the daily chart, there have been positive developments today, with Ethereum trading at $2,644. A weekly close above the previously rejected level could pave the way for further recovery.

Over the past two weeks, Ethereum’s market has been consolidating, while the bearish setup remains prominent on the daily timeframe. The $2,516 level is currently serving as weekly support, but a drop below this level could trigger a substantial breakdown, potentially driving the price down to $1,700 after a significant bearish movement from $4,000 in May. Presently, Ethereum’s supply level appears to be low.

Market interest in Ethereum is currently lacking, and for the bulls to make a significant impact, they would need to reclaim May’s high before any trend reversal can be considered. However, indications suggest that bears are more likely to dominate in the coming days.

In terms of key levels to monitor, breaking below the aforementioned weekly support could lead to a bearish move towards $2,310 and the monthly low of $2,110. Further downward movement could see Ethereum reaching a new yearly low of $1,904. On the other hand, if Ethereum surpasses last week’s high, the next buying target would be $3,088, with resistance levels at $3,400 and $3,563 signaling a potential market shift.

Key Resistance Levels for Ethereum are $2,780, $3,080, and $3,400, while Key Support Levels include $2,516, $2,310, and $2,111. The current Spot Price for Ethereum is $2,644, with the trend being described as Neutral-Bearish and moderate volatility.

It is important to note that the information provided is not trading or investment advice, and individuals should conduct their own research before engaging in cryptocurrency purchases or investments.