ETHEREUM PRICE ANALYSIS: Will it be the Bulls or the Bears in control?

Ethereum bulls face a major hurdle at $1,670-$1,700

Ethereum price has remained on an upward trend after briefly dipping below a descending triangle pattern. Unlike Bitcoin, it hasn't experienced a golden cross, but it continues to find support from a well-established trendline and the 50-day Simple Moving Average. If the trend continues, we could see Ethereum testing key resistance levels at $1,740 and $1,820. Conversely, a break below the 50-day SMA could lead to a potential decline, with crucial support anticipated in the $1,530 to $1,550 range.

On The Daily Chart:

Ethereum's price is facing challenges in breaking above $1,670 and $1,680 against the US Dollar. To initiate an upward move, it needs to maintain support above $1,620. Ethereum held steady above the $1,620 level and briefly surpassed $1,650. However, it struggled to surpass $1,660, unlike Bitcoin. Ethereum attempted twice to breach $1,660 but couldn't succeed, reaching a peak around $1,661 before experiencing a downward correction. As a result, the price slipped below $1,650, the 50% Fibonacci retracement level, and is currently trading below $1,640 along with the 100-hourly Simple Moving Average.

On The 4-Hour Chart:

Ethereum's price has been steadily climbing following a brief dip below a descending triangle pattern. While it hasn't seen a golden cross like Bitcoin, it remains supported by a strong trendline and the 50-day Simple Moving Average. If the price were to drop below the low seen on the September 18th candle, which is around $1600, it could open the door for bears to push the asset below the $1550 support level. This downward move might then target the $1500 mark, representing a potential decline of 8.00%.

According to Coingabbar Price Analysis, Ethereum's market capitalization is currently valued at $195,388,183,661. The projected 24-hour trading volume is estimated to be around $7,928,273,687.

KEY LEVELS :

RESISTANCE LEVEL : $1,670-$1,720

SUPPORT LEVEL : $1,580-$1,530

Is there potential for Ethereum to surge beyond $1,600, possibly reclaiming $1,700 this week? Could a swift rise to $2,000 occur if the Federal Reserve extends its rate pause? How might statements from the FOMC and FOMC Economic Projections impact both the cryptocurrency market and global financial markets? Share your thoughts 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.