Will Ethereum Soar Above $1,750 or Plunge before a Rally (yPredict)

Ethereum, ETH, has demonstrated downward price movements with a huge 10% decline in its value on August 17, 2023. This has made investors panic as their portfolios blink in red and has sparked negative reactions across the online investment community.

Ethereum ETH's Price Action

According to TradingView, the coin traded at $1675.3 on August 21, marking a less than 1% price loss in the last 24 hours. This current market value means that ETH's price has fallen by 12% in the past month and has dropped almost 11% in the last seven days.

ETH's Technical Analysis Indicates a Possible Price Upturn

Source:TradingView

Considering the chart above, the ET/U.S. Dollarmarket hovers around $1687.4 and $1660.4 price levels in an attempt to create a balance in the bearish trend.

The daily chart also reveals that the ETH/U.S. Dollarpair is trading on the lower band of the Bollinger indicator. This shows that ETH is bearish.Looking into the market condition, the selling pressure is decreasing due to the red candlestick's size.

However, as the coin is trading on the lower band of the Bollinger indicator, ETH's price could be dragged to the $1628.4 price level if it goes below the indicator.

Ethereum's Moving Average Convergence/Divergence (MACD) trades below the signal line with faded red histogram bars, suggesting increased selling pressure.

Again, the Relative Strength Index (RSI) is 25.73 below the oversold zone (30).

The signal from the RSI indicator aligns with the bearish signs from the Bollinger and MACD indicators but suggests a possibility of a bullish trend reversal.

ETH will properly witness a brief rally in the coming days if buyers leverage the low price to accumulate more positions.

ETH's Support and Resistance Price Levels

Source:TradingView

Ethereum's market outlook in the chart above reveals that bears control digital assets. If they maintain the bearish momentum, the coin might fall further to the $1614.7 support in the coming midweek.

However, if the bulls take possession of ETH's market, their actions could force the coin's value to the $1886.9 resistance. This move may trigger more rallies, pushing ETH to the $1928.8 resistance in the next few weeks.

Factors That Could Affect The Price of ETH

According to data from PeckShieldAlert, an address linked to Vitalik Buterin transferred 600 ETH to Coinbase on August 21, equating to an approximate value of one million dollars.

#PeckShieldAlert vitalik.eth has transferred 600 $ETH (~$1M) to #Coinbase pic.twitter.com/XVTwLqPENM

- PeckShieldAlert (@PeckShieldAlert) August 21, 2023

Traditionally, shifts in ETH by Vitalik Buterin and the Ethereum Foundation have been known to trigger declines in the price of ETH. Although the motive behind this recent transaction remains undisclosed, there are conjectures that Vitalik Buterin could be gearing up for another substantial sale.

If Vitalik Buterin or the Ethereum Foundation liquidates assets, it might prompt panic selloffs in anticipation of a potential price drop. This cascading effect can contribute to a decline in the price of ETH.

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