Following a solid rally at the end of July, Ethereum price pulled back at the beginning of August. The second most famous cryptocurrency is trading over 8% below a local high from the 1st of August, 2021. Taking a look at H4 interval, we can see that a key support can be found in the $2,960 area and is marked with previous price reactions, as well as the lower limit of the market geometry. Should declines halt there and bulls take over, a new upward impulse may be generated. On the other hand, breaking below $2,960 area may signal a short-term trend reversal and hint at continuation of downward move.
Source: xStation5
