Technical analysis by Zanzibar_Trading about Symbol ETH on 8/17/2024

🔸Following the market crash in August 3, ETH fell by 37% from $3,639 down to $2,150. The pair has since pulled back by 30% currently sitting at $2,613.🔹While Bitcoin recently reached a new ATH, ETH on the other hand only reached $4,000, $800 lower than it's ATH. This makes this recent price fall a lucrative price to buy for long-term holders specially the current price at $2,610 and the $2,150.🔸There has been a significant increase in both staking and restaking of ETH, which supports Ethereum's proof-of-stake (PoS) consensus mechanism. EigenLayer, a restaking platform on Ethereum, saw an 11% increase in its total value locked (TVL) in one week, signaling growth in the restaking market.🔹Positive fundamentals followed by a overall market recovery would reignite the bullish movement and push the price up above the 0.61 ($2,903) from there the next significant price levels to watch out for would be the 200 MA (3,240), $3,600 and $4,100.🔸On the other hand, further bearish momentum in the crypto market in the short-term could send the price down to $2,150 which still wouldn't change the overall bullish trend However, if the price drops below this level, it could signal a potential shift in market trend, leading ETH into a prolonged downtrend or bear market.Zanzibar Trading