Bitcoin and Ether Market Update August 12, 2021
The Ethereum Project token ETH dropped down to $3,010 on Sunday, August 8. The coin experienced its first price pullback since August 3 as the rally started to lose momentum. The leading altcoin and major decentralized application protocol added the stunning 17.7 percent to its valuation on a weekly basis and was already trading above its highest ever monthly candle close.
On Monday, the ether formed the exact same candle, but in the opposite direction, which helped it erase all the losses from the previous session and stabilize around $3,164.
The mentioned level was slowly becoming a major horizontal resistance and on Tuesday bulls failed to break above it for the second time in three days. It is worth noting that the ETH/USDT pair was extremely volatile, moving up and down the $3,232 – $3,042 range during intraday.
The third day of the workweek started with a solid upward movement in the morning that pushed the price up to $3,272. The trading volumes and momentum, however, were not strong enough to support a breakout and the coin quickly retraced down to $3,158 in the evening.
As of the time of writing, ETH is struggling in the above-mentioned zone, flat for the day.
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