The Ethereum price line observed an ascending slope on the 24th of September. The cryptocurrency had slipped below the $320 mark before closing on the 23rd of September. Previously, the price rested near the $340 mark.
1-Day Ethereum price analysis
The price fell to a low of $315.15 near 21:00 GMT on the 23rd of September. The cryptocurrency was observed trading at $346.97 US Dollars at the time of writing.
Ethereum breaks above $336 resistance
The Trading View analyst Atlas Trades believed that the ETHUSD pair will fall towards the $310 support. The cryptocurrency had moved below an important resistance level at $336.
The analyst used the 1-hour chart for the ETHUSD pair for this price prediction. It turns out that the cryptocurrency only observed a false breakout of the $336 resistance on the 23rd of September when it turned bearish and fell below the $320 mark. On the 24th of September, Ethereum turned bullish and the price returned above the $340 mark. This means that this idea stands invalidated.
What’s next for Ethereum?
The Trading View analyst Mudrex believes that the ETH price will see an uptrend on the 4-hour chart for the trading pair.
The ETH price currently trades between the lower Bollinger Band and the midline. Per the analyst, the cryptocurrency is expected to see an uptrend while the ETH price gets support from the lower Bollinger Band. As the trade volume increased, the price observed a decrease. Whereas the price increased with a decrease in the trade volume. This means that the buying pressure has weakened. The Moving Average Convergence Divergence (MACD) line moved below the signal line, while the histogram size was seen decreasing in the negative region. This indicates a bearish bias for the ETHUSD trading pair.
The Relative Strength Index (RSI) recently returned from the oversold region. At the time of publishing, the RSI was observed near 34.00, which means that the cryptocurrency is still in the neutral region.
Will Ethereum rise above $470?
The Trading View analyst Trading Axis believes that the ETH price will rise towards the $475 level soon.
Per the analyst, the cryptocurrency has been trading above a trend line support since the 13th of March 2020. The price line had jumped above the ascending support during July 2020, while it returned to this support on the 23rd of September. An important support structure has formed right above this ascending trend line which the cryptocurrency appears to be testing currently. The analyst believes that the ETH price will bounce off this support structure and then move towards the $475 mark. The target price for this trade lies at $475.69, while the stop-loss order was placed at $254.99.
What to expect from the ETH price?
The Trading View analyst Solldy is of the opinion that the ETHUSD pair will bounce off an ascending trend line to reach above the $400 mark.
Per the chart above, the cryptocurrency fell below an old ascending channel on the 3rd of September and it has been supported by an ascending trend line (green) ever since. The analyst believes that the ETH price will return to the ascending channel and test its lower boundary. If the cryptocurrency is able to return to this channel, the price will continue its rise towards the $500 mark.
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.