Here’s what’s stopping Ethereum’s next all-time high
Main Idea
Ethereum (ETH) experienced a 15% correction after failing to reach new price highs, with analysts identifying key support levels and potential for a continued rally.
Key Points
1. Ethereum (ETH) reversed after an impressive run in July, delivering a 15% correction due to selling pressure.
2. Michaël van de Poppe identified $4,100 as a key price level and highlighted the $3,200 to $3,400 range as a prime 'bounce zone' with a 30% likelihood of being tested.
3. Analyst Ted Pilows noted ETH bounced off the $3,400 support level, signaling renewed bullish momentum.
4. ETH was trading at $3,675.51, up 3.3% in the last 24 hours but down nearly 4% over the past week.
Description
After an impressive run in July, Ethereum ( ETH ) has failed to reach a new record high. However, technical indicators suggest the right conditions are forming for a potential breakout. According to cryptocurrency trading expert Michaël van de Poppe, Ethereum is currently facing significant resistance on its path to new all-time highs. In this case, the asset’s recent price action shows a stalled rally and a sharp pullback from local peaks, he said in an X post on August 5. ETH price analysis ch...
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