Market Analysis Report (18 Aug 2022)

On August 14, Ethereum’s price broke the $2,000 mark for the first time since May, surging ahead on the back of the aforementioned Merge hype. However, the $2,000 price level proved a significant resistance for the asset as traders turned bearish, resulting in a retracement to $1,900. 

Our order book data for ETH/USDT pair on Binance at a 2% depth shows that traders were bearish near the resistance level, with the number of asks being 84.9% more than the number of bids at $1,997.

Interestingly, as Ethereum went past $2,000, some traders turned bullish, expecting that the asset had broken past its resistance level with the number of bids being greater than the number of asks at one point. However, this turned out to be a failed breakout as the bears took back control of the price action and Ethereum retraced below $2,000.

Check out the full blog below for further insight into Ethereum, Tornado Cash and the wider cryptocurrency market. This post was created utilising CryptoCompare’s digital asset data, including its new and enhanced order-book product which features the most complete and in-depth liquidity data available on the market.