ETHEREUM PRICE ANALYSIS CMP-$1612:Bears gain strength as bulls retreat

A double top pattern has emerged on the 4-hour chart

Over the past few months, Ethereum's price has shown a consistent pattern of forming lower highs and lower lows. The present crucial juncture is poised to dictate the medium-term market direction. ETH has breached several significant support levels, including both the 50-day and 200-day moving averages.

On The Daily Chart:

The ETH/USD technical outlook suggests a neutral market momentum, lacking a clear directional bias. Ethereum's price recently retreated from the $1,670 resistance against the US Dollar, with the potential for a significant decline if it breaches the $1,600 support.

Ethereum struggled to surpass resistance levels at $1,660 and $1,670, leading to a decline below $1,640 and $1,620. However, buyers are active around the $1,600 level. A recent low formed near $1,605, and the price is currently consolidating losses, hovering near the 23.6% Fibonacci retracement level. Ether is trading below both $1,630 and the 50-hourly Simple Moving Average.

On The 4-Hour Chart:

The 4-hour timeframe reveals a notable falling wedge pattern, with the current price testing its upper boundary. Bulls have made determined efforts to breach the resistance range but have encountered difficulty in doing so. While there was a recent breakout from this resistance range, market instability has led to the formation of a double top pattern on the price chart. This pattern suggests the potential for bearish price action in the upcoming days.

According to Coingabbar Price Analysis, Ethereum's market capitalization is currently valued at $193,912,463,867. The projected 24-hour trading volume is estimated to be around $8,819,993,926.

KEY LEVELS :

RESISTANCE LEVEL : $1,650-$1,700

SUPPORT LEVEL : $1,570-$1,530

Could Ethereum be poised for further downside? Is ETH's price teetering on the brink of a trend reversal? What does the future hold for ETH's price? Is there a potential bull run looming on the horizon? Might October mark the month where ETH shines brightly? Could we expect a price correction for ETH before the end of September? Share your views in the comment box 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.