Ethereum (ETH) Price Analysis for August 28
Bears are controlling the initiative on the last day of the week as most of the coins are in the red zone.
ETH/USD
The rate of Ethereum (ETH) has declined by 7% over the last week.
On the local chart, Ethereum (ETH) is trading near the local level at $1,470. If the pressure continues until the end of the day, the fall can lead to a test of the $1,450 mark next week.
On the daily time frame, the situation is neither bullish nor bearish as the price is located inside yesterday’s bar. However, if the candle closes near $1,447, the downward move can continue to $1,400 shortly.
On the bigger chart, Ethereum (ETH) has come back to the bearish zone as the price has broken the vital $1,500 mark. In this regard, bears have a chance to push the decline to the $1,300 zone.
Ethereum is trading at $1,473 at press time.
