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Ethereum Price Analysis ETH / USD: False Hope

ETH risks falling under the $200 level.

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  • 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.

SIMETRI Research

 

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.

 

Ethereum Chart

 

DISCLOSURE

Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.

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The Analyst Team
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