Ethereum price analysis and forecast (Friday, August 10): Traders are becoming exhausted, little hopes for a recovery at this stage

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We expect that the ETH price will once again fall to the key level of $310 and then quickly reserve and bounce back to the level of around $328

In chart H1, the area gap pattern appeared after a steep and sharp downtrend. However, the Ethereum price quickly hooked around and closed the gap within the few next sessions with the appearance of a long bullish candlestick. Besides, in the sessions with the gap, the volume was pretty high but returned to normal when the Ethereum price turned to areas of congestion (trendless market). Therefore, no clear signals have shown up to let us know the exact new trend. Besides, the cryptocurrency price is still hovering around the Descending Triangle pattern, and there are still no breakout signals. Thus, we do not recommend the traders to set any orders in this uncertain period.

A bearish pin bar has been shaped right below the lower trend line of the Descending Triangle pattern, indicating that the buying force is not strong enough to lift the Ethereum price up. We expect that the ETH price will once again fall to the key level of $310 and then quickly reserve and bounce back to the level of around $328.

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Written by nami.today

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