Analysis Report on Ethereum's Technical Aspects.
On August 5th, Ethereum (ETH) continued its downward trend, reaching an eight-month low of slightly over $2,100. This decline was influenced by ETH transfers conducted by Jump Trading, rising geopolitical tensions, and apprehensions regarding the global economy, which collectively prompted a wider market correction. Following the introduction of U.S.-based spot Ethereum exchange-traded funds (ETFs) on July 23, net outflows from Ether investment products have totaled $430 million. Additionally, the significant drop in Ether's price has coincided with a reduction in network activity, evidenced by a decrease in both new and active addresses.
As of the latest update, ETH was trading at $2,511.
Over the past week, ETH has been experiencing a downward trend characterized by a 'Lower High Lower Low' pattern. The asset has breached a significant support zone ranging from $3,050 to $2,850, resulting in a notable decline. Prices fell to a low of $2,111. Nevertheless, ETH has rebounded from the robust support level at $2,150. Should it maintain its position above this support, a relief rally towards $2,850 could be anticipated. Conversely, if the support at $2,150 is broken, further declines may ensue.
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"Whoa, what's going on in the Ethereum space? 😲 This post has got me curious! Let's discuss the recent price drop and what it might mean for the future. Do you think ETH will rebound or continue its downward trend? Share your thoughts and let's get the conversation started! 💬 Also, a big shoutout to @xpilar.witness for their hard work in improving the Steem ecosystem 🙏. If you're as excited about this as I am, be sure to vote for them by heading over to https://steemitwallet.com/~witnesses and show your support 🚀"