ETH has been in an impulsive run with only 4 waves down in past couple of days. Current market price is associated with early highs in May and June that really needs to hold at the 61.8% and 50% fibb level. Any weakness below the 2900 level would drive the crypto dovish because of some strong resistances and low supply/demand zone. Ethereum price was primed for a 15% climb after ETH consolidates within the price range. A slice above the upper boundary of the governing technical pattern sent ETH towards 3340 - making us keep the 3800 level in radar. Should Ethereum price witness its uptrend retreat, there appears to be ample support for ETH above $3,000. The first resistance was at $3,352, the 61.8% Fibonacci extension level, then the $3,404, the upper boundary of the parallel channel. Should ETH manage to be able to slice above this level, the measured target of the potential ascent is 11%, reaching $3,800, reaching the 78.6% Fibonacci extension level.

BULLISH AND BEARISH CONDITIONS / POSSIBILTIES :

Adding to this bullish stance is the Relative Strength Index (RSI), which suggested that Ethereum price was still not overbought - has now been altered after witnessing the overbought conditions on Friday and Saturday along with a strong divergence being made in daily time frame.  The first line of defense for Ethereum price is at the middle boundary of the parallel channel, coinciding with the 20 four-hour Simple Moving Average (SMA) at $3,180, then the 50 four-hour SMA at $3,091. A spike in selling pressure could see Ethereum price drop to retest the lower boundary of the governing technical pattern at $3,037, corresponding to the 50% Fibonacci extension level. As far as the market stays below 3500 zone - itll mingle in a dovish pace towards 3091, a further break out below would send ETH towards 2755 and 2338.

ETH/USD

Aug 15 2021