3 August ETHUSD Technical Analysis: Pair is strongly bearish


Ethereum price is sliding aggressively against the US Dollar. Could ETHUSD decline further below $395? What does the 3 August ETHUSD Technical Analysis reveal?

3 August, OctaFX – Cryptocurrencies began to erase recent gains this week, as the digital currency market suffered a bad start to the month of August.

Bitcoin fell below the $8,000 level, as the cryptocurrency exchange briefly HitBTC went off-line this week, causing crypto investors to panic. Ethereum and Litecoin remained weak for most of the week, with the second and seventh largest cryptocurrencies by market capitalization sliding back towards trading levels not seen since April this year.

3 August ETHUSD Technical Analysis

  • The ETHUSD pair is strongly bearish while trading below the $395 level, further losses towards the $350 and $290 levels seem possible.
  • If the ETHUSD pair moves back above the $460 level, further upside towards the $480 and $505 resistance levels seem possible.

Disclaimer

This article about 3 August ETHUSD Technical Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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