ETH Price Analysis - August 19, 2018
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ETH is currently at spot #2 in terms of total market capitalization.
At the time of writing, ETH price is currently at $296, almost unchanged since our analysis yesterday. But, it did witness some action since then. It did break down through the dynamic uptrend it had previously formed. But, it did manage to hold the $280 temporary support level we previously mentioned and indicated on the chart.
On the upside, we'd really be looking to see if ETH can go up from here and have another go at breaking $305 (hopefully in a decisive manner this time). After that, we'd be looking for another retest of the $320 level it got rejected at. Although ideally we'd want to see establish some support at $305 first to give it a better chance of driving upwards.
On the downside, we'd be very wary if it breaks below $280, because after that it might just be in free fall until $250...
On the daily chart for ETH, technical indicators still give a bearish outlook (15 sell, 10 neutral, 1 buy)
On the weekly chart for ETH, technical indicators give an unchanged bleak bearish outlook from yesterday (15 sell, 8 neutral, 1 buy)
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