Ethereum (ETH) Price Analysis: September 23, 2020
Ethereum (ETH) is trying to recover above the $ 345 and $ 350 resistance levels against the US Dollar. ETH price will continue below $ 330 as long as it does not break above $ 355.
Ethereum price rose a small number but failed to rise above the $ 350 level. The price is below $ 345 and is well below the 100 hourly simple moving average. There was a break below a key triangle with support near $ 340 on the hourly chart of ETH / USD. The pair is likely to continue to decline and could even break the $ 330 low.
Ethereum Price Could Accelerate Losses
Yesterday, we saw a sharp drop in Ethereum below the $ 355 support level. ETH price even broke the $ 340 level and settled well below the 100 hourly simple moving average.
Traded with a new weekly low at $ 331, ETH has recently started an upward correction. There was a recovery wave above the $ 340 level. However, the price struggled to continue above the $ 350 resistance. Then there was a fresh bearish reaction and a break below a key triangle pattern with support near $ 340 on the hourly chart of ETH / USD. The pair is currently trading just below $ 340 and is facing an increase in selling pressure.
According to popular analyst Aayush Jindal, if the price continues to fall, there is a risk of more losses below $ 331 and $ 330. The next major support is near the $ 320 level, and below that the price could retest the $ 310 support.
Is There A Probability of ETH Rise?
If Ethereum starts a new wave of recovery, it could face hurdles near the $ 350 level, according to Jindal. The first major resistance is near the $ 355 level. A successful close above the $ 355 resistance could push ETH even higher. In the stated situation, there is a good chance of recovery above the $ 365 and $ 370 levels in the coming sessions.
- Hourly MACD: The MACD for ETH / USD is moving slowly in the bearish zone.
- Hourly RS: The RSI for IETH / USD is still well below the 50 level.
- Major Support Level: $ 330
- Major Resistance Level: $ 355
Ethereum (ETH) was trading at $ 337, according to CoinMarketCap data at the time of writing. The leading altcoin has lost 1.25% in the last 24 hours.