The cryptocurrency market has been quite volatile recently, with Ethereum (ETH) experiencing a significant drop in August. In the last 24 hours, Ethereum has decreased by 2.60%, and investors are keenly observing whether any recovery opportunities will emerge in September.
Let’s take a closer look at the current technical outlook for Ethereum and consider possible trading strategies. Currently, Ethereum is trading at $2,452, with a 24-hour trading volume of $8.39 billion. Despite holding its position as the second-largest cryptocurrency with a market cap of $295.93 billion, Ethereum has seen a decline of over 20% in August.
The cryptocurrency is facing challenges in maintaining its position above a crucial upward trendline that has been in place since mid-August, hovering near the $2,458 mark.
- Current Price: $2,452
- 24-Hour Trading Volume: $8.39 billion
- Market Cap: $295.93 billion
- RSI: 35 (indicating bearish momentum)
Ethereum’s price is currently trading below the 50-period Exponential Moving Average (EMA) at $2,560, which supports the prevailing bearish sentiment.
If Ethereum fails to hold the current trendline support, the next key level to watch is $2,395. A further decline could push the price down to $2,272. Conversely, breaking above the $2,540 resistance level could reignite bullish momentum, with the next target set at $2,652.