- Ethereum price continues to follow the king towards a new low.
The crypto market observed a bearish momentum just before noon on the 21st of September, which is when the major altcoins, including Ethereum, depicted negative slopes. The ETHUSD pair fell towards the $340 mark in the afternoon. The Ethereum price line depicted a decreased amount of volatility on the 20th of September.
1-Day Ethereum price analysis
The cryptocurrency observed a day’s low of $339.17 just before the time of closure. The ETH price was observed at $344.76 on Bistamp at the time of writing. Whereas, the 24-hour high was observed $384 before the current bearish trend.
Ethereum falls to $346
The Trading View analyst Khiwe discussed that the LTCUSD pair will fall towards the $346 mark. The analyst drew their technical analysis of the trading pair on a 2-hour chart, explaining short-term trade value.
Per the chart above, the cryptocurrency had entered a trading range on the 6th of September. The resistance was marked at the $403.65 level, while the support level for this range was placed at $328.13. Ethereum had tested the support zone multiple times in the recent past, and the idea suggested that the price will fall towards the $346.30 target price.
As the crypto market observed a bearish momentum on the 21st of September, Ethereum fell towards the $344 level. The cryptocurrency met the trade target by 14:00 GMT.
What’s next for ETH price?
The Trading View analyst Mudrex stated that the ETH price will see bears on the 4-hour chart. Per the analyst, the ETHUSD pair observed a bearish bias on the 21st of September.
The ETH price was seen trading inside of the Bollinger Bands, while the lower Bollinger Band acted as the support level and the upper Bollinger Band acted as a resistance. The midline kept switched roles between those of a support level and a resistance level. The midline rejected the price as it began to see an uptrend towards it.
The trade volume was seen increasing while the cryptocurrency’s price decreased, whereas the volume decreased when the price observed a reversal towards the upside. This means that the buying pressure was weakening. On the 21st of September, the price fell towards the $344 mark. Which means that this idea was completed.
The Moving Average Convergence Divergence (MACD) line was approaching the signal line. The Histogram size was decreasing in the negative region. This indicates that Ethereum is observing a bearish bias. The Relative Strength Index (RSI) was noted at 44, which is the neutral region. This means that the cryptocurrency was neither oversold nor overbought.
What to expect from Ethereum?
The Trading View analyst Diana Prince Ash is of the opinion that the ETHUSD trading pair is currently inside an ascending parallel channel.
The analyst referred to the current trade market as a buyer’s market. The Relative Strength Index (RSI) appears to be moving above 60.00 on the 1-week chart for the ETHUSD trading pair. This means that the cryptocurrency may see an uptrend in the long-term trade.
Disclaimer: The information provided is not a trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.