Ethereum attempted a recovery, but on September 27th, it stalled at the 50-day EMA, indicating persistent seller interest. To stage a stronger comeback, ETH/USDT needs to breach the 50-day EMA and aim for the $1,750 resistance level.
Ethereum is striving to break through the $1,620 level against the US Dollar, targeting $1,670 for a significant upward move. It's holding above $1,580, forming a sturdy base above $1,600, similar to recent Bitcoin movements. Although it briefly touched $1,634, strong selling pressure led to a minor pullback to $1,580. Yet, Ethereum found support at $1,583 and is currently trading above $1,600, backed by a key bullish trend line near $1,600 on the hourly ETH/USD chart.
After a prolonged consolidation period and multiple rejections around the $1,600 level, Ethereum (ETH) recently surged past $1,600 with strong volume. It made its way towards $1,620 but encountered resistance at $1,635, forming a potential double top pattern and acting as a strong barrier due to upper trendline resistance. With the monthly expiry, ETH is expected to trade within a range of $1,580 to $1,640 according to the technical chart.
According to Coingabbar Price Analysis, Ethereum's market capitalization is currently at $195,849,094,011. The projected 24-hour trading volume is estimated to be around $10,489,554,738.
KEY LEVELS :
RESISTANCE LEVEL : $1,660-$1,700
SUPPORT LEVEL : $1,600-$1,560
Will the SEC's decision delays for Ark's ETFs have an impact on Ethereum's ability to surpass the $2,000 mark? Is an ETH price of $2,000 on the horizon? Can Ethereum stage a recovery amidst these delays? 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.
