ETHEREUM PRICE ANALYSIS CMP-$1,640: Is ETH Set for Bullish Dominance?

Breaking the resistance trendline may drive ETH to $2,000

Amidst market volatility, Ethereum exhibits resilience, holding firm at the crucial $1,500 support level. In recent days, Ethereum's trading range has primarily stayed between $1,600 and $1,700. Nevertheless, it's noteworthy that the present Ethereum price lags beneath both the 50-day and 200-day moving averages on the daily chart.

On The Daily Chart:

Ethereum price rally is approaching a significant obstacle at the intersection of the 50-day EMA and a short-term resistance trendline. Initially, Ethereum faced resistance around $1,650 against the US Dollar, leading to a correction. However, the $1,620 support level could trigger another upward move. ETH managed to surpass $1,620 but struggled to break above $1,650, similar to Bitcoin. This resulted in a brief dip below $1,620, with a low at $1,604. Currently, the price is trading around $1,640 after reclaiming the $1,620 level.

On The 4-Hour Chart:

On the 4-hour chart, Ethereum recently consolidated but bounced back near the crucial $1,500 support level due to increased buying pressure. This led to a potential pullback towards the previous flag's lower boundary. If this pullback succeeds, it may signal a new downward phase targeting sub-$1.5K levels. Alternatively, a breakout above the trendline could push the price toward the $1.7K resistance. Immediate support lies at the 50-day EMA ($1,615) and  100-day EMA ($1,625) , followed by key buyer areas at $1,600 and $1,530. Traders should watch for a buy signal from the momentum indicator, considering buy above the 200-day EMA and $1,650, especially after a MACD crossover on the 4-hour chart.

According to Coingabbar Price Analysis, Ethereum's market capitalization is currently valued at approximately $197,056,205,846. The projected 24-hour trading volume is estimated to be around $6,583,404,615.

KEY LEVELS :

RESISTANCE LEVEL : $1,670-$1,720

SUPPORT LEVEL : $1,600-$1,550

Ethereum (ETH) Price at $1,600 Holding Strong: Bullish Momentum Ahead? Will Sellers Prevail until September's Close? Potential $2K Rally or Further Ethereum Struggles? Share your thoughts in the comments 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.