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Ethereum (ETH) Price Analysis for September 16

Fri, 09/16/2022 - 15:53
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Denys Serhiichuk
Has Ethereum (ETH) entered bearish trend yet?
Ethereum (ETH) Price Analysis for September 16
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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Bears have continued their ongoing drop as none of the top 10 coins is going up.

Top coins by CoinMarketCap

ETH/USD

The rate of Ethereum (ETH) keeps falling after the recent Merge.

ETH/USD chart by TradingView

On the local chart, Ethereum (ETH) has made a false breakout of the hourly resistance level at $1,479. Currently, one needs to pay close attention to the support at $1,443. If the candle closes below it, the fall may continue to the important $1,400 mark.

ETH/USD chart by TradingView

On the bigger time frame, the price has almost touched the $1,420 mark against the increased volume. If the price comes back to it, one can expect a sharp drop to the $1,300 zone next week.

ETH/USD chart by TradingView

On the weekly chart, Ethereum (ETH) is looking bearish as bulls could not keep the rise after the last bullish candle. In this case, a closure near $1,424 could be the prerequisite for a further ongoing move to the $1,200 mark by the end of the month.

Ethereum is trading at $1,453 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.