ETHEREUM PRICE ANALYSIS CMP-$1,630: Will $1600 Hold or Break?

Bulls and bears fiercely battle in the market.

Ethereum has been trading around the June low of $1626 since mid-August, with support above the $1600 mark. There's an ongoing effort to initiate a recovery above $1620, but for a significant uptrend, it must establish stability above the $1650 level.

On The Daily Chart:

Ethereum is aiming for a breakout above $1,650 against the US Dollar. To kickstart an upward trend, ETH needs to maintain its position above $1,600. The price witnessed swings around the $1,650 resistance, briefly reaching $1,670, but faced resistance. Following a drop, it tested the $1,600 support and is currently climbing back above $1,620, similar to Bitcoin. ETH is now trading above $1,630 and the 100-hourly Simple Moving Average, with a bullish trend line forming, offering support around $1,615 on the hourly chart of ETH/USD.

On The 4-Hour Chart:

Ethereum is currently showing a bearish continuation flag pattern, finding support at the flag's base, with $1,600 being a psychologically significant level. There was a notable spike in ETH's price chart overnight, followed by a quick pump and dump within minutes. Over the past month, the price has remained below the 200 four-hourly EMA. The battle between bulls and bears around the $1,600 zone will determine the direction of the new trend.

According to Coingabbar Price Analysis, Ethereum's market capitalization is currently valued at approximately $196,351,677,440. The projected 24-hour trading volume is estimated to be around $8,044,162,215.

KEY LEVELS :

RESISTANCE LEVEL : $1,660-$1,700

SUPPORT LEVEL : $1,600-$1,560

Can Ethereum overcome the $2,000 hurdles in September, or will it continue to hover around $1,500? Are there signs of ETH breaking a critical support level, hinting at a possible drop below $1,600? Could a rebound from $1,600 ignite a new ETH rally? We welcome your insights 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.