- Ethereum price hits $342 mark but unable to sustain the resistance.
- Ethereum facing strong resistance at $346.
- Ethereum facing strong volatility that may continue on the short-term scales.
On the 22nd of September, the Ethereum price continued its price variation near the $340 mark. On the previous day, the cryptocurrency approached the $345 level after resuming its ascension.
Ethereum price movement in the last 24 hours
Ethereum traded at $339.57 US Dollars at the time of writing. The cryptocurrency fell to at day’s low of $333.47. While the 24-hour high was observed at the $346 mark.
Will Ethereum test the $357 resistance?
The Trading View analyst Atlas Trades is of the opinion that the ETHUSD trading pair will rise towards the $357 resistance level soon.
After the cryptocurrency fell towards the $340 level on the 21st of September, the price line varied between the $336 to $348 range until the 23rd of September. The ETH price also approached the $333 support level during the initial fall.
The analyst believes that Ethereum will now pullback towards the upside and return towards the $357 resistance level. Per the analyst, the cryptocurrency will eventually grow towards this resistance level.
What’s next for the ETH price?
The Trading View analyst Mudrex believes that the LTCUSD trading pair will see a downtrend on the 4-hour chart.
The ETH price observed sideways movement after it obtained support from the lower Bollinger Band. The baseline depicts a downtrend for the ETH price, per the analyst. The price trajectory lay below the cloud, which confirms an upcoming downtrend as well. The Moving Average Convergence Divergence (MACD) line moved below the signal line while the histogram size was observed decreasing in the negative region. This indicates that the ETHUSD trading pair has a bearish momentum up ahead.
The Relative Strength Index (RSI) has been moving close to 30.00 for the past 2 days. The technical indicator has been moving in and out of the oversold region for the coin.
Will Ethereum see an uptrend?
The Trading View analyst Project Syndicate believes that the ETH price will observe an uptrend towards the $550 mark on the long-term trade.
The analyst believes that ETH price will see a short-term move towards the downside, and then bulls will come into play to observe a pullback of the price after some sideways movements. During this time, the price will have been pushed back into the accumulation region that is marked on the chart. The stop-loss for this order was placed at 20%, and the analyst called this a swing trade setup. The target price was marked with 150% to 200% gains near $550.
What to expect from Ethereum?
The Trading View analyst Vince Prince is of the opinion that the ETHUSD trading pair will soon test the resistance cluster, after which it is expected to fall towards the $310 level.
Currently, the cryptocurrency is observing marginal uptrend moves. The analyst believes that these moves will lead the cryptocurrency into a resistance cluster. At the cluster, the 35-Day Exponential Moving Average (35EMA), the horizontal resistance in red, and the descending resistance in black, they all seem to be meeting. This means that the resistance at this point will be considerably high and the ETH price will not be able to break above this resistance.
The analyst discussed that the price trajectory will bounce off the cluster after testing it, then the price will move downwards along the descending resistance.
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