Key Highlights
- Ethereum started a downside correction after trading close to $5,000.
- ETH is approaching a connecting bullish trend line with support at $4,020 on the daily chart.
- Bitcoin price is consolidating losses below the $110,000 resistance.
- XRP is struggling to gain pace for a move above the $3.00 level.
Ethereum Technical Analysis
Ethereum traded to a new all-time high near $4,951 and started a downside correction. ETH dipped below the $4,650 and $4,550 levels.
Looking at the daily chart, the price dipped below the 23.6% Fib retracement level of the upward move from the $2,108 swing low to the $4,951 high. However, the bulls are now active above the $4,000 support zone.
There is also a connecting bullish trend line with support at $4,020 on the same chart. The next major support is $3,865 or the 38.2% Fib retracement level, below which the price could slide toward $3,700.
Any more losses might call for a move toward the 100-day simple moving average (red) and the 61.8% Fib retracement level at $3,250. On the upside, the price is facing hurdles near the $4,500 level.
The next major resistance is near the $4,550 level. A daily close above the $4,550 resistance zone could start another steady increase. In the stated case, the price may perhaps rise toward the $4,800 level. The next stop for the bulls may perhaps be $5,000.
Looking at Bitcoin, there was a fresh decline, and the bears seem to be active below the $112,000 pivot level.
Economic Releases
- US ISM Manufacturing Index for Aug 2025 – Forecast 49.0, versus 48.0 previous.
