Here’s Why ETH Bulls Are Falling Short of Strength as Bearish Targets Get Activated

WikiBit 2024-08-16 15:15

The crypto markets appear to have initiated a recovery after hitting the monthly lows, while the bulls do not seem to have geared up. The top tokens, like

　　The price recently broke down from the rising wedge, which does flash bullish signals as the token could be ready for a major upswing. However, the volumes appear to be a matter of concern, as the sellers appear to be more vigilant than the buyers. The past couple of price slashes have been accompanied by twice the volume of bulls with a bearish MACD crossover. Moreover, the price is constantly moving below the EMA 100. Hence, the Ethereum price prediction remains bearish towards the first target at $2,252 and later at $2,073.

　　On the contrary, if bulls find some hope and manage to break above the resistance close to $2800, then the bearish narrative may be squashed. Until then, the Ethereum (ETH) price rally may remain stuck under bearish influence, heading towards the support zone.

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