Crypto: Ethereum under pressure – Technical Analysis for September 4, 2024

After a sharp correction, Ethereum has started a rebound, which already seems to be under threat. Let’s take a look at the future outlook for ETH.

Ethereum (ETH) Price Status

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

At the time of writing, Ethereum's price is trading around $2,400. The crypto therefore seems to be experiencing selling pressure that is weighing on its price, complicating the task of changing the short-term structure, which is still bearish. Regarding the medium and long-term trend, although it is theoretically bullish, it remains uncertain. Indeed, Ethereum has fallen back below its 50-day and 200-day moving averages, both of which have crossed downward. On the momentum side, we can note a final rebound that seems to be saved for the moment, as shown by both ETH and its oscillators.

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

Ethereum (ETH) Price Prediction

• If Ethereum's price holds 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 movement continues, reaching $3,500 could be possible, representing an increase of more than 45%.

• If Ethereum fails to hold above $2,300, a return to $2,100 would be possible. The next key support, in case of a continuation of the bearish movement, would be around $2,000, with a risk of a drop to $1,900, a drop of around 20%.

Conclusion

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