- Ethereum price continues to retest $380 resistance level.
- ETH is unable to find support above $377 mark.
- Ethereum continues to follow Bitcoin price movement.
- Bollingers band continues to give strong volatility signals.
On the 17th of September, the Ethereum price turned bullish and jumped towards the $384 level. The price varied below the $372 mark over the previous day. As usual the queen of cryptocurrency is following the king Bitcoin into the bullish momentum, as Bitcoin tries to get past $11,000 mark.
1-Day Ethereum price analysis
Ethereum traded at $377.60 US Dollars at the time of writing. The cryptocurrency was observed hitting the day’s high of $384.84 at 01:30 GMT.
What’s next for Ethereum’s price?
The Trading View analyst Ride The Pig believes that ETH price will rise towards the $430 mark soon. The cryptocurrency appeared bearish during the first ten days of September, while it formed a wave pattern as the second week started.
An ABC pattern can be observed forming on the 4-hour chart, while the cryptocurrency appears to be moving out of the oversold zone. The cryptocurrency moved above the 50-Day Moving Average recently, and it is expected to cross the 200-Day Moving Average soon.
A death cross occurred between the two moving averages on the 7th of September. The cryptocurrency has continued to varied above the $340 mark. Per the analysis, the price line will gradually move towards the $433 mark.
Will Ethereum test the $385 resistance?
Another, Trading View analyst Solldy believes, that the ETH price will bounce back from the rising trend line, to move towards the upper boundary of the descending parallel channel.
Before the bounce-off, the price is expected to make its way towards the rising trend line (green). The queen of cryptocurrency has been trading inside the descending parallel channel since the 20th of August. Ethereum broke above this descending channel on the 30th of August, and returned to the channel on the 3rd of September.
The price line also spent some time varying below this trading channel, where it formed this rising trend line. The rise trend line formed a triangle pattern with the lower boundary of the descending channel. The triangle pattern allowed the cryptocurrency to reenter the channel.
The Trading View analyst Mudrex believes that the ETHUSD trading pair has observed a double bottom pattern, which means that the price line is expected to show an uptrend soon.
The oscillator indicators appear to be neutral. The Moving Average Convergence Divergence (MACD) technical indicator crossed above the signal line, while the histogram stayed in the positive region. This shows that the ETH market has more of a bullish bias. The Relative Strength Index (RSI) marked its value above 50.00, suggesting a neutralizing movement. The cryptocurrency’s volume saw some ups and downs, while the slightly higher number of green candles suggests a strengthening buying pressure.
The double bottom pattern suggests that the cryptocurrency will now rise towards the $400 mark.
Ethereum price technical indicators
The Bollinger Bands depicted increased volatility for the 17th of September. An increased number of price fluctuations was recorded in the early hours of the 24-hour trade. This is also when the cryptocurrency rose towards the $385 mark. The Moving Average Convergence Divergence (MACD) technical indicator showed a seller signal just before the price moved below the $375 mark before 03:00 GMT.
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