September 30, 2022

ETH Price Analysis: A Slowing Mid-Term Bearish Trend Hints Bullish Comeback for Ethereum

1 min read

EthereumEthereum

The ETHUSDT cost lastly drops by roughly 21 %after trading within an expanding channel formed by a bearish and bullish divergence setup on 03 Sep ’21 16:00 and 05 Sep ’21 04:00. This price relocation was ultimately felt on the Daily amount of time ending the mid-term uptrend trend predisposition, and a transition into a drop. Afirst attempt by the bulls succumbed to another 25% sell that begun on 17 September ’21 20:00.

ETHUSDT 4 Hr Chart

ETH price analysis

ETH rate analysis Bullish and Bearish Scenario The current bullish divergence on 21 Sep ’21 20:00 resulted in a slowing down of the earlier cost drop and a possible walking in the ETH price may simply be around the corner. Unfavorable statements towards cryptocurrency deals by China’s Central Bank (PBOC) appears to be losing steam and traders might start scaling up a buy position after an advance above the $3174.50 resistance.

On the other hand, a breach of the $2,652.00 assistance might hint extension of the down pattern.

ETH Intraday Levels

  • Spot rate: $2916.71
  • Trend: Bearish bias
  • Volatility: Low
  • Support: $2652 and $2733
  • Resistance: $3676.28 and $3174.50

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