Ethereum (ETH) Price Analysis for August 5
Bears are becoming more powerful by the end of the week as most of the top 10 coins are in the red zone.
Yesterday morning, the bears were unable to push through the support around $2,440, and the price of Ethereum (ETH) remained in a short-term sideways consolidation.
In the afternoon, a sharp bullish momentum broke through the resistance of $2,700 and the pair returned to the July high zone. Tonight, the price tested the level of $2,775.
Today, during the day, bulls may try to increase the volume and gain a foothold above the resistance of $2,800.
On the 12H chart, Ethereum (ETH) has bounced off the zone around $2,500, which means that bulls are ready to keep the ongoing rise. In this case, traders might expect a retest of the recently formed resistance at $2,699 by the end of the day.
On the bigger time frame, the chief altcoin has tested the liquidity zone at $2,500, followed by a bounce-off. The trading volume is low, which means that traders are accumulating power for an ongoing rise. Ethereum (ETH) may get back to $3,117 by mid-August if buyers keep dominating the market.
Ethereum is trading at $2,612 at press time.Source