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Ethereum (ETH) Price Analysis for September 7

Wed, 09/07/2022 - 15:33
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Denys Serhiichuk
Can one expect the bounceback of Ethereum (ETH)?
Ethereum (ETH) Price Analysis for September 7
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 are back in the game as the majority of the coins are red again.

Top coins by CoinMarketCap

ETH/USD

Ethereum (ETH) has turned out to be more bearish than Bitcoin (BTC), going down by 7%.

ETH/USD chart by TradingView

On the hourly chart, Ethereum (ETH) has successfully broken the local resistance level at $1,537, which means that bulls have chances for short-term growth. If the volume remains on the same level or keeps rising, the upward move may continue to the $1,580 mark.

ETH/USD chart by TradingView

On the bigger time frame, the situation is not so clear. The rate is stuck in the middle of the channel after yesterday's sharp drop. Traders can consider a bull run only if the price comes back to the level of $1,650, formed by the false breakout.

ETH/USD chart by TradingView

On the weekly chart, nothing crucial has happened so far as the price has not left the border of the channel. However, if the drop continues to the $1,450 mark, one can see the breakout of the support level at $1,424 soon. Such a scenario is relevant until the end of September.

Ethereum is trading at $1,548 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.