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Ethereum (ETH) Price Analysis for September 12

Mon, 09/12/2022 - 16:08
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Denys Serhiichuk
Can Ethereum (ETH) keep up with rise of Bitcoin (BTC)?
Ethereum (ETH) Price Analysis for September 12
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The market keeps trading sideways as none of the sides has seized the initiative.

Top coins by CoinMarketCap

ETH/USD

Unlike Bitcoin (BTC), the rate of Ethereum (ETH) is falling by 2.84% over the last 24 hours.

ETH/USD chart by TradingView

Ethereum (ETH) has broken the local support level at $1,724 on the hourly chart. If buyers cannot seize the initiative until the end of the day, there is a chance to see the test of the vital $1,700 mark tomorrow.

ETH/USD chart by TradingView

On the daily time frame, the sitaution is also rather more bearish than bullish, as Ethereum (ETH) could not fix above $1,800. At the moment, one needs to pay attention to the support at $1,705. If a false breakout happens, the bounceback may lead to the short-term growth to the $1.750 zone.

ETH/USD chart by TradingView

From the midterm point of view, the situation remains unclear as the new week has just started. However, if the decline below $1,721 continues, one can expect the test of another important level at $1,650. Such a scenario is relevant until the end of the month.

Ethereum is trading at $1,711 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.