The post Is Ethereum Price Turing Out To Be A Red Flag For Investors? What’s Next For ETH Price? appeared first on Coinpedia Fintech News
As the market witnessed the third consecutive green trading day the industry takes steps toward stability. Bitcoin price has gained over 2.5% in value in the past day, but on the other hand, Ethereum coin has failed to follow the footsteps of the market leader and gain momentum as the coin has only displayed a 0.15% gain in its value.
The ETH coin was struggling close to its support zone at $1,600 for September, but as the month ended, the Ethereum price gained momentum, resulting in breaking out of multiple resistance levels. The price was rejected at $1,750, after which the coin lost speed and started trading negatively.
The Ethereum coin price broke down its critical support level of $1,600 and continued to dip and test its crucial support level of $1,539.01. After this, the ETH price started trading in a symmetric triangle. The price is also hovering close to its important resistance zone of $1,600.53 and is expected to break it soon, of which the result is uncertain.
The RSI displayed a significant price movement and is presently trading above the mid-point, indicating a massive buying and selling power for the coin. Further, the averages show a possibility of a bearish convergence in the chart, suggesting a case of a trend reversal in the coming time.
Analyst’s View On Ethereum’s Price:
Altcoin Sherpa, a well-known crypto analyst with a substantial following of 196.8K+ on the X platform, predicts that the Altcoins and ETH price will experience a rebound soon.
Further, he expects the Ethereum price to undergo a minor dip in the coming time, after which the price will gain significant traction and, in the upcoming bull run, outperform other cryptos to claim the best performer title.
The analyst thinks this to be the most appropriate time to invest in Ethereum and start scaling into altcoins, as ETH may someday outperform the market leader, Bitcoin.
Will Ethereum Price Regain Value?
The ETH bulls are struggling to hold their price above the critical support levels but are repeatedly failing to do so, as the bears have significant power over the market.
In conclusion, if the bulls break out of the symmetric triangle and push the price above the resistance zone at $1,613.53, the price will gain massive bullish momentum, continue to gain value, and test its upper resistance of $1,654.39 soon. Further, if the market holds the price at that level, it will continue rising and test its resistance level at $1,686.77 this week.
On the flip side, if the bears overpower the bulls and the ETH coin fails to hold its support level at $1,576.01, the price will lose momentum and continue to dip. Moreover, if the Ethereum price breaks down the triangle, the price will start trading under a strong bearish influence and will soon test its crucial support level at $1,539.01.