in

A Slowing Mid-Term Bearish Trend Hints Bullish Comeback for Ethereum

ETH price analysis


The ETHUSDT price finally slumps by roughly 21% after trading within an expanding channel formed by a bearish and bullish divergence setup on 03 Sep ’21 16:00 and 05 Sep ’21 04:00.

ETHUSDT 4 Hr Chart

ETH price analysis

advertisement

This price move was eventually felt on the Daily time frame ending the mid-term uptrend trend bias, and a transition into a downtrend. A first attempt by the bulls gave in to another 25% sell off that started on 17 September ’21 20:00.

Bullish and Bearish Scenario

The recent bullish divergence on 21 Sep ’21 20:00 led to a slowing of the earlier price drop and a possible hike in the ETH price may just be around the corner. Negative statements towards cryptocurrency transactions by China’s Central Bank (PBOC ) appears to be losing steam and traders may start scaling up a buy position after an advance above the $3174.50 resistance.

On the other hand, a breach of the $2,652.00 support may hint continuation of the down trend.

ETH Intraday Levels

  • Spot rate: $2916.71
  • Trend: Bearish bias
  • Volatility: Low
  • Support: $2652 and $2733
  • Resistance: $3676.28 and $3174.50

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Solana Adoption Speed Is Ridiculous, Crypto Asset Is Likely the Ethereum of This Cycle: Macro Guru Raoul Pal

Solana Adoption Speed Is Ridiculous, Crypto Asset Is Likely the Ethereum of This Cycle: Macro Guru Raoul Pal

Morgan Stanley exec says Bitcoin is the ‘Kenny from South Park’ of money