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Ethereum (ETH) Price Prediction Aug 15th, 2019

On August 9, 2019, the Ethereum price reached a low of ₿0.0175. An upward move began. The ETH price reached a high of ₿0.0197 on August 14. It has been decreasing since then.

At the time of writing, the ETH price was trading near ₿0.0182.

Will Ethereum initiate a reversal or do further decreases await? Continue reading if you are interested in finding out.

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Ethereum Price: Trends and Highlights for August 15

  • ETH/BTC is trading inside a descending channel.
  • There is support at ₿0.0183.
  • The hourly RSI has developed bullish divergence.
  • The Ethereum price is trading below the 10- and 20-day moving averages.
  • Volume has been higher on bearish candlesticks.

Short-Term ETH Price Support

A closer look at the hourly ETH price gives us our first minor support area.

It is found at ₿0.0183, a level where the Ethereum price is currently trading.

The two previous times it reached this area, (August 14-15) it began upward moves of varying magnitudes.

This idea is supported by a look at the hourly RSI.

It has generated bullish divergence over the past 24 hours.

However, the divergence is not very significant and is not present in longer-term time-frames.

Therefore, any upward moves resulting from it will most likely be temporary.

Let’s take a look at the daily time-frame to see how the recent price movement fits into a larger picture.

Descending Channel

A look at the daily time-frame shows that Ethereum has been trading inside a descending channel since July 9.

At the time of writing, it was trading in the middle of the channel.

Additionally, there is a support area between ₿0.016 and ₿0.017.

If the Ethereum price were to decrease at the rate predicted by the channel, it would reach this area and the descending support line on August 20-25.

A look at moving averages supports this possibility.

A bearish cross between the 10- and 20-day MAs occurred on August 4.

The ETH price has been trading below both since then.

Yesterday, the price reached the 20-day MA before decreasing.

It is currently facing very close resistance from the 10-day MA.

Additionally, the volume was significantly higher during the bearish candlestick on August 14.

This makes us believe that ETH will decrease until it reaches the support area at ₿0.016 – ₿0.017.

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Summary

The Ethereum price has been trading inside a descending channel.

According to our analysis, it is likely to continue decreasing until it reaches the support area outlined above.

A short-term increase towards ₿0.019 could occur before the Ethereum price resumes its downward movement.

Do you think ETH will reach the support area? Let us know in the comments below.


Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile. 

Images are courtesy of TradingView and Shutterstock.

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Written by Ravi Gupat

Ravi grew up in India and graduated in Economics. He is a serial entrepreneur who has founded and exited several companies in tech and media over the past 15 years. He is also an early stage investor and advisor in various blockchain-based companies.

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