Ethereum is fragile, considering how prices have been printing out in the past few trading days. Though the psychological impact of spot ETFs is evident, the failure of buyers to build on August 8 gains points to weakness.
Ethereum (ETH) price analysis is bearish today as we saw a strong lower high set and further consolidation. Therefore, we expect ETH/USD to continue lower next week and attempt to reach the $2,100 support.
ETH/USD opened the week at $2,630 and quickly rallied to $2,780. From there, consolidation began and lasted for several days. Eventually, ETH/USD reached a lower high of $2,720, indicating that bears are still in control.
After setting the lower high, ETH/USD began consolidating again. The price has been trading within a narrow range for the past 24 hours, with support at $2,630 and resistance at $2,720.
On the 4-hour chart, we can see that ETH/USD has been trading below the 50 moving average (MA) since August 15. This indicates that the bears are still in control of the price action. However, the Relative Strength Index (RSI) is now indicating oversold conditions, which could lead to a short-term bounce.
Overall, the Ethereum price analysis is bearish today as we saw a lower high and further consolidation. Therefore, we expect ETH/USD to continue lower next week and attempt to reach the $2,100 support.
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