FX.co ★ Short-term Ethereum analysis for August 25th, 2022.

Red line -resistance

Green line - support

Ethereum is trading at $1,712 just below the 38% Fibonacci retracement of the entire decline from the recent highs at $2,029. This is the first important Fibonacci retracement resistance and if broken we should expect Ethereum to at least move towards $1,750 and next towards $1,780. Price is making higher highs and higher lows in the near term, specially after the double bottom at $1,520-30. Support is found at $1,670 and as long as price is above this level, we can see Ethereum price reaching higher Fibonacci retracement levels. Failure to hold above $1,670 could lead to a test of recent lows at $1,520-30.