Ethereum Price Dips Below $4,200 & $4,100, Eyes Key Support
Ethereum price fell below $4,200 on August 19, sliding to $4,195.08 on OKX after a 3.47% decline. Selling pressure continued the next day, with Ethereum price dipping under $4,100 to $4,091.72 on August 20, a 2.39% intraday drop. Traders are closely watching the $4,100 and $4,000 support levels for signs of a rebound. Market volume and sentiment will be crucial to assess whether bears will drive further declines or if bulls can defend these key thresholds.
Bearish
Consecutive drops below the $4,200 and $4,100 marks indicate mounting bearish momentum for Ethereum. In the short term, traders may face increased sell-offs as stop-loss orders around these support levels trigger further declines. Lower trading volumes could exacerbate volatility. However, if Ethereum price finds footing at $4,000, it may attract bargain hunters and prompt a short-covering rally. Over the long term, sustained failure to hold key supports could undermine market confidence and extend downward pressure across the altcoin sector.