At the moment, ETH is rejecting off of $3,242 and could possibly wick $3,162 before breaking the resistance and heading towards $3,431. There is a downtrend around $3,431 where the price should reject off of before heading towards $3,821. ETH is ranging from $3,100 – $3,400 and is being squeezed until it breaks out higher and heads to the $3,821 (2.618 Fib).
Ether, the native token of Ethereum’s blockchain, looks to have become more scarce than Bitcoin since the activation of EIP-1559 . Ether’s daily annualized net issuance fell to 1.11% earlier this week versus Bitcoin’s 1.75%. If this trend continues, Ether could attract store-of-value demand, which until now has been concentrated mainly towards Bitcoin .
August is shaping up to be a record month for nonfungible token (NFT) sales, with almost $900 million spent on them over the past 30 days.
I am watching the $3,162 level of support very carefully. If we don’t hold $3,162, ETH is heading down towards $2,889. Please remember to set stop-losses.
Will do my best to keep you updated, feel free to join my Telegram to stay alerted in real-time!
As always please do your own research, I am not a financial advisor.