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Ethereum (ETH) Price Analysis for September 24

Can Ethereum (ETH) get out of the "short" zone faster than the other top coins?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Cryptocurrencies continue to correct near important support levels. A breakdown of these areas downward may indicate an even deeper correction of the entire market. However, if buyers can show some strength and prices can push higher, the chances of continued gains will be much higher.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

A slight dominance of bears over bulls has also affected the total market capitalization that has lost $5 bln and now constitutes $325 bln.

Top 10 coins by CoinMarketCap
Cryptocurrency market capitalization

The relevant data for Ethereum for today:

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  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $36,941,702,766

  • Price: $327.71

  • Volume (24h): $14,576,660,830

  • Change (24h): -2.65%

The data is relevant at press time.

ETH/USD: Can a retest of $350 occur before the decline continues?

Sellers resumed pressure yesterday and the Ethereum (ETH) price pierced the support of $320. Sales did not exceed Monday's volume, so the bears did not manage to update the monthly minimum, which was set on Sept. 5 at the level of $309.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

The pair's decline stopped at the point of $313 and bounced overnight to the level of $320. If buyers manage to continue the rise this morning, they might test the two-hour EMA55.

👉 MUST READ BTC, ETH and XRP Price Analysis for September 23related article image

The pair has a low chance of breaking above the level of average prices and, at the end of the week, the decline will continue to the psychological level of $300.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the shorter time frame, the price is declining, but the current structure of the movement can be considered a "double bottom" reversal pattern. Therefore, with the breakdown of the level of $397, one can expect a steady rise to the level of
$490 as part of the development of this pattern. An additional signal in favor of this option is the fall of the RSI indicator below the level of 30; earlier, similar movements preceded the completion of the decline.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

ETH/USD quotes on the daily chart continue to correct within the ascending channel. The current structure of the price movement is a bullish 5-0 pattern, similar to the one on the BTC/USD chart. Only here the price came close to the lower border of the model, and on the Bitcoin chart, there is still a lot of room for quotes to fall to the $7,000 level. Therefore, one should not exclude a test of the $306 level and the beginning of the upward movement of Ethereum (ETH). A good signal in favor of this option will be a breakdown of the downward trend line on the RSI indicator.

Ethereum is trading at $329.08 at press time.

 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com