ETHEREUM PRICE ANALYSIS CMP-$1,635:Is the $1,600 Support Holding Firm?

Bulls have successfully maintained the $1,600 support level.

On September 1st, ETH dropped below the crucial support at $1,626. While there was evident buying interest at lower levels, the bulls are finding it challenging to initiate a strong recovery. This hints at a limited demand at higher price points. The downward slope of both moving averages and the negative RSI signal that the bears still have control.

On The Daily Chart:

Ethereum is facing difficulties in reclaiming the $1,650 level against the US Dollar, indicating a bearish trend that could potentially breach the $1,600 support. While Ethereum initially attempted a recovery from the $1,600 support area, it encountered resistance near $1,650, much like Bitcoin. As a result, ETH is once again on a downward trajectory, exhibiting bearish signals. Currently, Ethereum is trading below $1,630 and the 100-hourly Simple Moving Average.

On The 4-Hour Chart:

Ethereum is currently displaying a bearish continuation flag pattern, with a critical level at $1,600 that carries significant psychological weight. In recent trading, ETH made an attempt to breach the $1,600 mark, but encountered active buying interest near the lower boundary of the pattern, prompting a reversal in price direction. If buyers can successfully defend this crucial support level, it has the potential to pave the way for a rapid and substantial upswing in prices.

According to Coingabbar Price Analysis, Ethereum's market capitalization is currently valued at approximately $196,093,538,007. The projected 24-hour trading volume is estimated to be around $6,774,057,314.

KEY LEVELS :

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

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

Has ETH breached a critical support level, hinting at a possible downtrend below $1,600? Could a rebound from $1,600 potentially ignite a new rally for ETH? Will ETH drop below $1,600, or is a bounce toward $1,800 on the horizon? Feel free to share your viewpoints 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.