Ethereum (ETH) Price Analysis for August 4

Bulls could not hold the gained initiative for a long time, and most of the coins are again in the red zone.

ETH/USD

Ethereum (ETH) has followed the fall of Bitcoin (BTC), going down by 2.79%.

On the daily chart, Ethereum (ETH) has continued yesterday’s fall against the declining volume. At the moment, the price is approaching the $1,600 mark, the breakout of which may lead to the test of the interim local level at $1,550. Such a scenario is relevant until the end of the week.

On the weekly time frame, the leading altcoin might not have accumulated enough power for the midterm bull run. A continued rise is possible only if the price returns to the resistance level at $1,785.

From the local point of view, Ethereum (ETH) has made a false breakout of the level at $1,634. If the candle closes below the $1,607 mark, one can expect a sharp drop to $1,580 soon.

Ethereum is trading at $1,608 at press time.

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