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Crypto

Ethereum (ETH) Price Analysis for August 28


Bears are controlling the initiative on the last day of the week as most of the coins are in the red zone.

Top coins by CoinMarketCap

ETH/USD

The rate of Ethereum (ETH) has declined by 7% over the last week.

ETH/USD chart by TradingView

On the local chart, Ethereum (ETH) is trading near the local level at $1,470. If the pressure continues until the end of the day, the fall can lead to a test of the $1,450 mark next week.

ETH/USD chart by TradingView

On the daily time frame, the situation is neither bullish nor bearish as the price is located inside yesterday’s bar. However, if the candle closes near $1,447, the downward move can continue to $1,400 shortly.

ETH/USD chart by TradingView

On the bigger chart, Ethereum (ETH) has come back to the bearish zone as the price has broken the vital $1,500 mark. In this regard, bears have a chance to push the decline to the $1,300 zone.

Ethereum is trading at $1,473 at press time.



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