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Ethereum Price Prediction: ETH/USD Sustains Recent Rallies, Faces Rejection at $440 High

Ethereum (ETH) Price Prediction – August 15
Today, ETH/USD has reached a high of $440 price level. There has been no significant price movement in the last 24 hours. In the ETH/BTC, the coin is making an upward move but currently faces rejection at level Ƀ0.038000 resistance zone.

ETH/USD Market

Key Levels:
Resistance Levels: $200, $220, $240
Support Levels: $160, $140, $120

ETH/USD – Daily Chart

The recent breakout above the $400 overhead resistance was an indication that the uptrend has resumed. However, in the last 24 hours, price has been stuck at a recent high of $440. Sellers have emerged to push prices to $420 low. But the bulls are buying the dips as price moves up again. Today the market is still facing rejection at the $440 high. According, to the Fibonacci tool, Ethereum will retrace to $400 before the resumption of a fresh uptrend. In the August 5 uptrend, a red candle body tested the 0.786 Fibonacci retracement level. This gives us the clue that Ether will reach to $440 and retrace to $400 or 0.786 retracement level where price originated. Ether has retraced to $434 at the time of writing.

Grayscale Ethereum Trust Files- a Cryptocurrency Investment Vehicle
Given the recent bull run, Grayscale Investments willingly decided to make its Ethereum Trust an SEC reporting company. It filed to become an SEC-reporting company on August 6. Today, Ethereum Trust is the second digital currency investment reporting company by the SEC. The Ethereum Trust currently has 1.9 million ETH in its custody, valued at approximately $746 million.

ETH/BTC – Daily Chart

Nonetheless, in the ETH/BTC, the coin is likely to fall as it faces rejection at the Ƀ0.038000 high. According to the Fibonacci tool, a red candle body tested the 0.786 or 78.6% Fibonacci retracement level. It indicates that the price will reach level 1.272 extension level and reverse to Ƀ0.034000 or 0.786 retracement where it originated. Meanwhile, the coin is in the overbought region above 80% range of the daily stochastic.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.