Nexo

Start Earning Up to 16% Interest Automatically

Learn More
Home » Analysis » Ethereum Price Analysis ETH / USD: False Hope

Ethereum Price Analysis ETH / USD: False Hope

by

ETH risks falling under the $200 level.

ETH technical analysis August 12

Share this article

  • Ethereum has a bearish short-term bias, with the ETH / USD pair still trading below its 200-period moving average on the four-hour time frame
  • The four-hour time frame shows that price has moved back inside a triangle pattern after a false bullish breakout
  • The daily time frame shows that the ETH / USD pair is trading below the neckline of a head and shoulders pattern

Ethereum / USD Short-term price analysis

Ethereum has a bearish short-term trading bias, with the cryptocurrency still trading below its 200-period moving average on the four-hour time frame.

The four-hour time frame shows that the ETH / USD pair has moved back inside a neutral triangle pattern, following a false upside breakout towards the $240.00 level.

Technical indicators on the four-hour time frame currently have a slight bullish bias.

ETH H4 Chart August 12 by TradingView
ETH / USD H4 Chart by TradingView

Pattern Watch

Traders should note that a bearish breakout from the triangle pattern could prompt a decline towards the $170.00 level.

Relative Strength Index

The RSI indicator on the four-hour time frame has a bullish bias and is currently attempting to stabilize above neutral territory.

MACD Indicator

The MACD indicator on the four-hour time frame is rising and is starting to issue a buy signal.

Ethereum / USD Medium-term price analysis

Ethereum has a neutral medium-term trading bias, with the ETH / USD pair consolidating around its trend defining 200-day moving average.

The daily time frame is showing that the ETH / USD pair is trading below the neckline of a bearish head and shoulders pattern, following a failed attempt to break higher.

Key technical resistance on the daily time frame is located at the $240.00 $275.00 levels, while key downside support is found at the $200.00 and $170.00 levels.

Technical indicators on the daily time frame currently have a slight bearish bias.

ETH Daily Chart August 12 by TradingView
ETH / USD Daily Chart by TradingView

Pattern Watch

Traders should be on guard for a strong upside rally towards the $275.00 level to complete the bearish head and shoulders pattern.

Relative Strength Index

The RSI indicator on the daily time frame is bearish and continues to issue a sell signal.

MACD Indicator

The MACD indicator on the daily time frame is turning lower and currently has a slight negative bias.

Conclusion

Ethereum is coming under increasing downside pressure and risks falling below the $200.00 level, following the recent rejection its 200-period moving average on the four-hour time frame.

Overall, bulls quickly need to rally the ETH / USD pair away from the $200.00 level in order to avoid triggering a bearish head and shoulders pattern.

Check out our introductory guide to Ethereum.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.