ETHEREUM PRICE ANALYSIS CMP-$1,635: Is something cooking big in ETH?

Bulls and bears are locked in a fierce battle in the market.

Over the past three weeks, Ethereum sellers repeatedly tested the $1620 support level, with daily charts showing strong buyer accumulation at this dip. Despite market volatility, the combined support of $1626 and an ascending trendline has consistently supported buyers.

On The Daily Chart:

Ethereum is striving for a rebound above $1,620 against the US Dollar, needing to surpass $1,650 for a substantial rise. It has held above the $1,600 support level, building a foundation for a potential recovery, mirroring Bitcoin's efforts. Notably, two bearish trend lines near $1,620 and $1,630 were breached on the hourly ETH/USD chart. Over the past three days, Ethereum has been forming long-wick Doji candles, suggesting a period of calm before potential turbulence.

On The 4-Hour Chart:

Ethereum is presently exhibiting a bearish continuation flag pattern, with $1,600 being a psychologically important level. Since September 2nd, ETH has been trading within the $30 consolidation range. Despite market volatility, buyers have found reliable support at the combined level of $1625 and an ascending trendline. The direction of the next trend will hinge on whether ETH breaks above $1650 or drops below $1600.

According to Coingabbar Price Analysis, Ethereum's market capitalization is currently valued at approximately $196,276,207,584. The projected 24-hour trading volume is estimated to be around $4,961,668,250.

KEY LEVELS :

RESISTANCE LEVEL : $1,660–$1,700

SUPPORT LEVEL : $1,600–$1,560

Will ETH be able to surpass the obstacles at $2,000, or will it remain around $1,500 this September? Is there any indication that ETH has broken through a crucial support level, suggesting the potential for a decline below $1,600? Might a recovery from $1,600 serve as a catalyst for a fresh ETH rally? Please share your views in the comments 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.