Ethereum Price Prediction, ETH, An Unsolved Mystery
- Ethereum's price found support at the upper boundary of the descending channel and then rebounded
- ETH's price is currently within a Rectangle Pattern on the 4-hour chart
- On the daily chart, Ethereum has formed a Double Top Pattern
Today job data is crucial for ETH investors monitoring interest rates
Ethereum has witnessed a consistent downturn in its price performance over the past few months, breaching several critical support levels. The cryptocurrency has registered a decline for four consecutive days, leading up to the eagerly anticipated release of the U.S. nonfarm payrolls (NFP) report. Projections for the September NFP report suggest an expected figure of 170,000, marking a decrease from the previous month's 187,000.
Is ETH Ready For An Explosive Q4?
Ethereum reached $1,750 on Sunday, a level reminiscent of late August, but it subsequently retreated to $1,635 amid a 24-hour bearish trend. To avert a drop below $1,600, Ethereum requires bullish support. The attention is on Ethereum as the SEC hastens the approval of Ether futures ETFs. Investors are optimistic about a robust October, affectionately termed "Uptober," with price targets of $2,000-$2,170 potentially achievable if ETH can close above $1,750.
Technical View:
According to Coingabbar Price Analysis, Ethereum's price has been stuck in a sideways pattern, making it hard to predict its future direction through technical analysis. It recently tested the $1,750 resistance but couldn't break through, leading to a downward rejection. In the short term, on a 4-hour timeframe, ETH is trading within the $1,750-$1,550 range. With a bearish outlook following a rejection in early October 2023, traders are closely monitoring this $1,750-$1,550 range for any signs of a new rally.
KEY LEVELS :
RESISTANCE LEVEL : $1,670-$1,700
SUPPORT LEVEL : $1,600-$1,550
Is Ethereum's price likely to maintain its current position, or could it face a potential setback? Is ETH gearing up for a dynamic Q4 performance? Where would ETH need to break through, either at the $1550 level or the $1750 level? Please share your opinions in the comment section below.
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
