Ethereum (ETH) Price Prediction: ETH Shows Signs of Weakening Strength as Polls Open across the US

Ethereum (ETH) price is showing signs of weakening strength as polls open across most of the US. Despite a 24% surge in trading volume over the

As polls open across most of the US, the price of Ethereum (ETH) seems to be weakening, despite a 24% surge in trading volume over the past 24 hours and a modest 1% price uptick. Here's a closer look at the factors behind this analysis.

According to readings from the altcoin's Super Trend indicator, Ethereum's price action appears to be weak. At press time, the red line rests above Ethereum's price, confirming the potential downtrend.

This indicator helps traders identify the prevailing market trend and potential entry or exit points. It detects changes in price direction and determines support and resistance levels, often signaling when to buy or sell an asset. When the Super Trend line moves above the price and turns red, it signals a bearish trend, often considered a sell signal.

On the ETH/USD one-day chart, Ethereum's Super Trend line is above the coin's price at $2740, forming a resistance level that may be difficult to breach if new demand fails to enter the market. When the Super Trend line moves above the price, it acts as a resistance level. This is because the line indicates a potential “ceiling” where the price might face resistance if it attempts to rise.

Moreover, the setup of ETH's moving average convergence/divergence (MACD) indicator — which tracks its trend direction, shifts, and potential price reversal points — supports this bearish outlook. As of this writing, ETH’s MACD line (blue) rests below its signal line (orange) and zero line.

This bearish signal suggests that ETH's short-term momentum is weakening. Traders often interpret this as a signal to exit long positions and take short ones.

ETH Price Prediction: August 5 Low Is Possible

If buying pressure weakens, Ethereum's price could fall toward its August 5 low of $2,112, marking a 13% drop from its current value. Conversely, a surge in demand could propel the coin to test resistance at $2,508.

A successful breakthrough at this level would set the next target at the Super Trend line resistance of $2,740. Clearing this mark with strong momentum could position Ethereum for a climb toward $2,869 — a level not seen since August.