E Point Perfect

Ethereum (ETH) Price Analysis for September 1


September has started with the ongoing fall of the market as all of the top 10 coins are in the red area.

Top coins by CoinMarketCap


Ethereum (ETH) has started the new month with a fall, going down by 2%.

ETH/USD chart by TradingView

On the local chart, Ethereum (ETH) tried to keep the rise above the $1,573 mark; however, bears have turned out to be more powerful than bulls. At the moment, the price is on its way to the middle of the channel.

If buyers cannot hold $1,550, the drop may lead to the test of the support level at $1,533 until the end of the day.

ETH/USD chart by TradingView

On the bigger time frame, Ethereum (ETH) has not decided yet which way to move as neither bulls nor bears have seized the initiative so far. The upward move will be possible only if buyers return the rate above $1,600 and fix there.

ETH/USD chart by TradingView

On the weekly chart, the leading altcoin has made a false breakout of the previous low at $1,424. If the rate can hold above that mark until the end of the week, there are chances for a bounceback to the upper level at around $1,721. However, it might take a few weeks for that to happen.

Ethereum is trading at $1,558 at press time.


Source link

Related posts

Ripple Named Among Best Medium Workplaces by Fortune Magazine

Warren Buffett’s Old Crypto Warning Rings True Now

Ripple Shovels 50 Million XRP to Anon Wallet, Here’s What It Means for Market

Important Signal Flashes on Price but Looks To Make XRP Stronger

NFT on XRPL Just Sold Even Without Image Attached, Dev Says

Ripple Meets with Nation of Montenegro, Here’s What It’s About