Crypto analysts are eager to understand what is next for the second most valuable cryptocurrency by market cap, Ethereum (ETH). Finbold reported two ‘bullish’ signs for Ethereum on August 14, but some experts believe that ETH could face one more dump before being able to show positive results. Something similar is also expected to happen with Bitcoin (BTC).
“If Ethereum falls below the $1,800 mark, the next significant support level is positioned at approximately $1,600. At this level, 2.48 million addresses acquired a total of 3.8 million ETH.”
– Ali (@ali_charts, on X)This is what the Twitter (X) account known as Ali (@ali_charts) said on August 16. Pointing to a relevant price zone for Ethereum at $1,600, that should have high buyer demand in case ETH loses its current ranges.
Ethereum: Open Interest – All Exchanges, All Symbol. Source: CryptoQuant
ETH price analysis
At this moment, ETH is trading above the $1,800 range ($1,815, by press time), with 1.31% losses for the day, and above 5% losses in the last 30 days.
ETH 1-day price chart. Source: Finbold
All things considered, the digital asset’s ability to meet the above analysts’ expectations will depend on further developments related to Ethereum, as well as the general sentiment on the wider crypto and macroeconomic landscape.
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