- Ethereum price drops following the cryptocurrency king.
- Ethereum price retraces to $365 before stabalising above $372.
- Analyst expects a reversal towards the $400 mark.
The Ethereum price line rested above the $380 mark until the cryptocurrency turned bearish after approached the 20th of September. The price line dropped towards the $365 level by the evening.
1-Day Ethereum price analysis
ETH approached the day’s high at $388.31 on the 19th of September. The cryptocurrency is trading at the price of $372.09 at the time of writing. While the 24-hour low was observed at the $366.58 US Dollars mark.
Will Ethereum see an uptrend ahead?
The Trading View analyst Rocket Bomb is of the opinion that the ETHUSD trading pair is in a good buying opportunity and its price line will eventually rise towards the $715 mark in a long-term trade.
The cryptocurrency trades inside of a channel between the $320 and $400 price levels. The analyst believes that the ETH price line will observe sideways movements until it approached the $400 resistance. Ethereum is expected to observe a pullback from the $400 mark during its first testing of the resistance level. Per the chart above, the cryptocurrency will eventually break above the $400 resistance, followed by the $490 resistance. The price is expected to make a bullish run from $490 onwards, all the way up to the $715 mark.
What to expect from ETH price?
The Trading View analyst Trading Guru believes that the LTCUSD pair trades inside an ascending parallel channel and that it will rise towards the 0.618 Fibonacci retracement level.
The target price for this trade was laid near the $420 mark. The price line was expected to rise upwards on the 20th of September. However, the cryptocurrency’s price observed a downside movement on the 1-hour chart and it slipped below the lower boundary of the ascending channel. Per the idea, the ETH price was supposed to bounce off the 0.382 retracement level, confirming the support here. Ethereum now appears to be moving towards the 0.236 retracement level, which will confirm the breakout of the ascending channel.
What’s next for Ethereum?
The Trading View analyst Mudrex believes that the LTC price line will observe a slight uptrend in the near future. The analyst employed the Bollinger Bands to draw the analysis on the LTCUSD pair on its 1-day chart.
Reportedly, Ethereum stands at a market capitalization of $42 Billion US Dollars. The cryptocurrency’s price is currently testing the midline support of the Bollinger Bands while they squeeze. This depicts a slight uptrend in the upcoming ETH trade. The trading volume for the cryptocurrency has observed its ups and downs in the recent past whilst the ETH price has been moving sideways. The volume decreased with a decrease in the cryptocurrency’s price. This behavior of the trading volume depicts that the selling pressure is currently weak.
The Moving Average Convergence Divergence (MACD) line is moving above the signal line while the histogram size has been increasing in the positive region. This means that the cryptocurrency currently has more of a bullish bias.
The Relative Strength Index (RSI) is currently in the neutral region for Ethereum. The RSI was recorded near 48.00 on the 1-day chart. Such a value for the technical indicator suggests that the cryptocurrency has not shown any oversold or overbought instances here.
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.
