Daily Line Analysis
As of August 30, the price of Ethereum (ETH) was $2,526. The daily chart shows that after Ethereum fell below the important support level of $2,700, the price has been fluctuating between $2,500 and $2,600. The upper resistance is large and it is difficult to break through the $2,700 mark in the short term.
Currently, the MA10 (yellow) and MA30 (pink) moving averages continue to move downward, and are located near $2,600 and $2,700 respectively, suppressing the upward space. In the MACD indicator, the red bar chart gradually shrinks, and the fast and slow lines continue to diverge downward below the zero axis, indicating that the market short-selling force is still dominant.
If the price cannot effectively break through $2,600, it may continue to pull back in the short term, and the support level will first test the $2,500 mark. If it falls below this level, the important support below will be around $2,400.
Four-hour line analysis
In the four-hour chart, the price of Ethereum fluctuated around $2,526, showing a relatively obvious oscillating trend. The MA10 (blue) and MA30 (yellow) moving averages continued to suppress the price trend downward, and the resistance was strong in the short term.
The MACD indicator shows that the green bar chart is shrinking, and the fast and slow lines are expected to form a golden cross below the zero axis, indicating that there is a rebound momentum in the short term, but the overall trend is still bearish. If Ethereum can stand above $2,520, it may be expected to attack the $2,550-2,600 range; but if it falls below the $2,500 support level, the downward pressure will increase further, and we need to be alert to the risk of falling to $2,400.
One-hour line analysis
On the one-hour chart, the price of Ethereum is consolidating around $2,526, and the price fluctuation is not large in the short term. MA5 and MA10 moving averages are gradually converging, and the price is expected to rebound slightly in the short term.
The green bar chart in the MACD indicator is gradually shrinking, and the fast and slow lines are close to a golden cross, indicating that the price may rebound in the short term, and pay attention to the pressure level of the 2520-2550 US dollars range. If the 2550 US dollar mark is broken, the price is expected to challenge the 2600 US dollars; but if the rebound fails, the price will fall again to the 2500 US dollar support.
Recommendations
The current price of Ethereum is $2,526. In the short term, the price may fluctuate in the range of $2,500-2,600. Investors are advised to remain cautious and pay attention to the rebound strength in the range of $2,520-2,550. If the price can break through $2,600, you can consider entering the market in batches, with the target of $2,700; if the price falls below the support level of $2,500, it is recommended to reduce positions and wait and see, waiting for a better entry opportunity.
Risk Warning
The market is volatile, so you should control your positions and set stop-loss points when operating. Investors need to adjust their trading strategies according to their own risk tolerance, avoid emotional operations, and invest prudently.
