ETHEREUM PRICE ANALYSIS-$1655: Will ETH Rally After Triangle Breakout?

Valkyrie's Ethereum futures exposure application approved

Ethereum’s recent bullish momentum was fueled by traders seizing opportunities amidst the rising excitement surrounding exchange-traded funds (ETFs). The Ethereum price successfully reclaimed the crucial $1,600 support level and surged energetically towards $1,700, although it encountered resistance at the $1,670 mark.

On The Daily Chart:

Ethereum is striving to surpass $1,670 against the US Dollar, with potential for a significant uptick if it clears the $1,670 resistance. It formed a strong base above $1,580 and surged past $1,620, echoing Bitcoin's positive trend. While breaching $1,650, Ethereum peaked at $1,668 before a minor correction. Currently, it hovers around the 23.6% Fibonacci retracement level, supported by the 21-hourly Simple Moving Average, and a crucial bullish trend line takes shape near $1,645 on the hourly ETH/USD chart.

On The 4-Hour Chart:

On the 4-hour charts, Ethereum has formed a cup and handle pattern in September, signaling a potential breakout towards $1,785. To achieve this, bulls must overcome the $1,670 resistance, validating the cup and handle pattern. Additionally, a Bullish Pennant pattern is also visible, suggesting a significant rally if ETH breaks the $1,670 barrier. Encouragingly, Ethereum remains above key moving averages - the 50-day EMA, the 100-day EMA, and the 200-day EMA, indicating a positive outlook for its price.

According to Coingabbar Price Analysis, Ethereum's market capitalization is currently at $201,303,994,392. The projected 24-hour trading volume is estimated to be around $15,504,103,278.

KEY LEVELS :

RESISTANCE LEVEL : $1700-$1,740

SUPPORT LEVEL : $1,620-$1,580

Will Ethereum rally with the introduction of the first-ever Ether futures ETF in the US? Can the Ethereum news catalyst trigger a breakout from the triangle pattern, and will the Cup and Handle pattern contribute to boosting ETH's rally? Is a $2,000 Ethereum price in October on the horizon, and is October expected to be a bullish month for cryptocurrencies? Please share your opinions in the comment 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.