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ETH Price Analysis: Ethereum (ETH) Stuck at 8 Month Trendline, What’s Next $3500 Or $2900?

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  • ETH price has stayed flat over the last week 
  • ETH Price has been attempting to break over 8 month trend line
  • 25 day MA is acting as support

Major ETH Price Levels to Watch

Ethereum (ETH) usage has skyrocketed over the last month thanks to the ongoing NFT boom. Opensea, the largest NFT marketplace that runs on ETH, has experienced an explosion in volume over the month of August. Since this has occurred, the price of ETH price has stayed relatively steady as it consolidates awaiting its next move. BTC has also been steady over the last few weeks as the market awaits the start of its next move. Based on the technicals, ETH & BTC should breakout within the next week.

Since, ETH has surged nearly 100% off its $1700 low, price has been halted at a major trend line that was support for over 6 months. Bulls must break over this mark for ETH price to experience a large surge to the $4000 level. Since the beginning of August , volatility has subsided as ETH has stayed between $3000-$3300. This price action has formed an ascending channel which price has respected tremendously. For Ethereum (ETH) to confirm another bullish move, price must break & hold the major resistance found at $3323. If this is deemed successful, we can expect ETH to hit $3500 fairly soon.

Ethereum Price Analysis: ETH/USDT 1 Day Chart

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In the case that bears take over & ETH price breaks to the downside of its ascending channel, we should expect price to land at the major support of $2927. Before this can occur, bears must pull ETH below the 25 day MA, which may be a struggle. This MA has held ETH up ever since price broke above the $2000 mark. If ETH price fails to break to the upside & breaks below the 25 day MA, we can then confirm Ethereum (ETH) to be in a short term bear trend which may land prices back to $2500.

  • While looking at the Stochastic RSI, we can see how strength just spent over a week within the oversold region. Despite price staying steady, strength dropped tremendously which may indicate ETH just gained the power for another bullish push. Breaking above the 50 value will confirm this view.
  • The regular RSI has been downtrending within a descending channel which is a healthy sign as long as it stays above the 50 value. Breaking to the upside of this channel will confirm another bullish push.

ETH Intraday Analysis

  • Spot rate: $3199
  • Trend: Neutral
  • Volatility: High
  • Support: $3135
  • Resistance: $3323

Ethereum

Ethereum Price Prediction: ETH bears contemplate a drop to $2450

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  • ETH price is building up downside pressure while clinging to the 200-SMA support.
  • RSI remains flat below the midline, keeping the sellers cheerful.
  • A drop towards $2450 remains in the offing if the 200-SMA caves in.

Ethereum, the no.2 widely traded digital asset, remains under pressure for the second straight day, consolidating Friday’s steep losses.

ETH price snapped its two-day rebound from monthly lows of $2651, as it got sold-off into the latest Chinese crackdown.

The People’s Bank of China (PBOC) on Friday declared all cryptocurrency transactions as illegal, imposing a ban, which saw over $400 million worth of tokens liquidated within 24 hours. Ethereum lost as much as $420 at one point before recovering to $2930.61 at the close.

At the press time, ETH/USD is trading almost unchanged on the day around $2900, having bounced off from daily lows at $2800.

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Ethereum price defending 200-SMA but for how long?

Ethereum’s 12-hour chart shows that the price is wavering in a narrow range, remaining in close vicinity of the daily troughs, as ETH price is not out of the woods yet.

Having witnessed good two-way volatility recently, ETH price maintains its range play, with the bearish 21-Simple Moving Average (SMA) at $3185 capping the upside.

Meanwhile, the 200-SMA at $2734 continues to offer support to ETH bulls. However, with the Relative Strength Index (RSI) still holding below the midline and bear cross in play, the path of least resistance appears to the downside.  

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Note that the 21-SMA breached the 100-SMA from above, confirming a bear cross on the said time frame on Thursday.

Once the 200-SMA gives way, a test of the horizontal trendline support at $2450 cannot be ruled out. The $2400 round number would be next on the sellers’ radars.

ETH/USD: 12-hour chart

On the upside, immediate resistance is placed at the 21-SMA, above which the horizontal 100-SMA at $3305 will be put to test.

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ETH buyers will seek fresh entries above the latter, paving the way towards the downward-pointing 50-SMA at $3418.

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ETH Locked in DeFi on Historic Highs: Details

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Total number of Ethers utilized in various decentralized finance protocols spiked over 7.3 million

After a massive plunge in TVL, a decentralized finance ecosystem has recovered to observe some breathtaking metrics.

7,830,000 Ethers locked in DeFi

The net number of Ethers locked in various decentralized finance protocols spiked 12% in the past ten days. On Sept. 15, 2021, this indicator bottomed at a two-month low of about 6.95 million Ethers.

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More than 7.8M Ethers are locked in DeFi segment
Image by DeFi Pulse

As displayed by mainstream decentralized finances segment tracker DeFi Pulse, the total quantity of Ethers in all indexed protocols nets 7.8 million Ethers.

Aave Finance (AAVE), Compound Finance (COMP), Instadapp, Uniswap (UNI), Curve Finance (CRV) are the most popular protocols in terms of TVL.

The five leading DeFis are responsible for almost 6.9 million Ethers, or 85% of net TVL, tracked by DeFi Pulse.

Yearn.Finance (YFI), Rari Capital (RGT) are on fire

In the last 24 hours, two DeFi protocols, Yearn.Finance (YFI) and Rari Capital (RGT), registered double-digit gains.

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At the same time, the Ethereum 2.0 deposit contract targets almost the same numbers. As of Sept. 25, 2021, it has amassed 7.77 million Ethers.

Amid the current Ethereum (ETH) price dip, this massive amount of value is equal to $22.7 billion. To provide context, this sum can be compared to the market capitalization of Telenor, Credit Suisse, Suzuki and Warner Music Group.

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Ethereum Network Activity is Stagnant while ETH Price Hovers Below $3k Level!

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Ethereum price fell amid a broad selloff in the cryptocurrency market, fueled by fears of a brewing property bubble collapse in China. 

There’s a lot of fear and uncertainty in the crypto market right now. With news that China has officially declared all cryptocurrency transactions illegal, the Ethereum price, like the rest of the market, is under attack.

Ethereum Price Analysis:

The Major altcoin has lost 5.76% in the last 24 hours. Although it is now seeking to construct a firm support base at $3000. ETH Price had a tumultuous start, rising to an intraday high of $3,114 in the early morning before reversing course. 

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To reach the first big resistance level at $3,149, Ethereum would have to break past the $2,942 pivot. Support from the larger market, on the other hand, would be required for Ethereum to reclaim the $3,100 barrier. Unless there is a sustained crypto rally, the first significant resistance level and Friday’s high of $3,160.48 will likely act as a ceiling on the upside.

Network Activity is Stagnant

According to Santiment, most speculators are shifting away from Ethereum (ETH) in pursuit of better options with larger returns on investment. 

Exchanges are seeing an influx of Ethereum, implying that people are selling their holdings in response to the recent marketwide crypto slump. 

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Santiment claims that network growth has been static for several months before the price of ETH fell.

This is attributed to growth in other Layer-1 initiatives like Avalanche (AVAX), Fantom (FTM), and Cosmos (ATOM), as well as decreased speculation in the non-fungible token (NFT) market.

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