Crypto: Ethereum Under Pressure - Technical Analysis Of September 4, 2024

After a significant correction, Ethereum has initiated a rebound, which already seems threatened. Let’s take a look at future prospects for ETH.

Ethereum (ETH) Price Situation

After a slight rebound on the $2,800 support, Ethereum reached a peak around $3,600. Unfortunately, it was from this level that ETH experienced selling pressure, reinforced during “Black Monday,” leading to a 40% drop. The crypto broke its support and marked a new low at $2,100. This price level corresponds to support established at the end of 2023. Fortunately, Ethereum received buying support at this level, allowing it to rise back up to $2,800. However, this buying interest was not sufficiently sustained.

At the time of writing, the Ethereum price is trading around $2,400. The crypto thus seems to be under selling pressure that weighs on its price, complicating the task of changing the short-term structure, which remains bearish. Concerning the medium and long-term trend, although it is theoretically bullish, it remains uncertain. Indeed, Ethereum has fallen below its 50 and 200-day moving averages, both of which have crossed downwards. On the momentum side, we can note a last rebound that seems to be holding for the moment, as shown by both ETH and its oscillators.

The current technical analysis was carried out in collaboration with Elie FT, an investor and passionate trader in the cryptocurrency market. Now a trainer at Family Trading, a community of thousands of proprietary traders active since 2017. You will find Lives, educational content, and support around the financial markets in a professional and friendly atmosphere.

Ethereum (ETH) Price Forecasts

• If the Ethereum price stays above $2,300, we could anticipate a bullish continuation, with a reintegration of $2,800. The next resistance to watch would be around $3,200 or even $3,400. If this bullish move continues, reaching $3,500 could be feasible, representing an increase of more than 45%.

• If Ethereum fails to stay above $2,300, a return to $2,100 could be possible. The next key support, in case the bearish move continues, would be around $2,000, with a risk of descending to $1,900, a drop of about 20%.

Conclusion

Ethereum faces selling pressure that keeps its short-term trend bearish despite some rebound attempts. The medium and long-term trend remains uncertain, with mixed signals on its current momentum. It will therefore be essential to closely monitor the price reaction to key levels to validate or revise current forecasts. It is also important to stay vigilant against potential “fake outs” and market “squeezes” in each scenario. Finally, let’s remember that these analyses are based solely on technical criteria and that cryptocurrency prices can also evolve rapidly due to other more fundamental factors.