Ethereum

Today, the price of etherium is hovering around the $2700 mark, reflecting the cautious market sentiment of traders who are weighing the potential for further upside. Technical indicators on several timeframes show a mixed picture, with key support and resistance levels firmly defining Ethereum's short-term trajectory.

The daily chart of ETH shows a strong downtrend that dominated in early August, when prices fell from $3400 to a low of $2017. This sharp drop was followed by a period of consolidation between $2600 and $2800. Volume during this consolidation was low, indicating a lack of clear sentiment among traders.

Key support remains strong at $2017, while resistance at $2800 is challenging the upside momentum.

The 4-hour chart provides a glimpse of the short-term uptrend that emerged around 21 August, taking the price of etherium from $2535 to $2823. However, the upward momentum then slowed down as the price stabilised around $2700.