Bitcoin and Ether Market Update August 19, 2021August 19, 2021
The Ethereum Project token ETH hit a 4-month high on August 14 by reaching $3,335, but could not extend its rally further. It closed in green on Sunday and also registered a 9.8 increase on a weekly basis, but just like bitcoin, ether was seeing an exhausting uptrend, visible on the momentum indicators like RSI and MACD. It was rejected right below the Fibonacci 61.80% levels for four consecutive days.
On Monday, August 16, the ETH/USDT pair dropped to $3,143, losing 4.4 percent for the day. And while bulls were able to temporarily reverse the downward movement by pushing the price up to $3,291 on Tuesday morning, the bounce was quickly absorbed and fully retraced later in the session. The coin closed lower, at $3,012.
It remained flat on Wednesday, moving up and down the $3,120 – $2,950 zone as bears were slowly taking control over the market.
The price of ETH is currently trading below the important $3,000 line, which acted as a support in the last few days. The $2,900 – $2,925 area above the 21-EMA is the next logical level to watch.
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