Ethereum (ETH) Prediction for August 16

Most of the coins are setting new local lows, according to CoinStats.

ETH/USD

The rate of Ethereum (ETH) has dropped by 2.44% over the last 24 hours.

On the hourly chart, the price of ETH is in the middle of the local channel. However, if the daily bar closes near the support level, the correction is likely to continue tomorrow.

On the bigger time frame, traders should focus on the support level of $2,510. If it breaks out, there is a chance to see a test of the $2,400 range soon.

A little bit better picture can be seen on the weekly chart. The rate of the main altcoin is far from the main levels, which means neither bulls nor bears are dominating in the midterm.

In this regard, consolidation in the wide range of $2,400-$2,700 is the more likely scenario until the end of the month.

Ethereum is trading at $2,562 at press time.

Source