- On Wednesday, ethereum prices rose to the level of $2672
ethereum Chart Analysis
On Wednesday, the ethereum price rose to the level of $2672. We are slowly moving away from the bullish rally at the beginning of the week. For the second day, the price is moving sideways in the range of $2600-$2680 and looks a bit stuck. We are currently at $2620 and are trying to stay in the support zone. The EMA 50 moving average is slowly moving to the bearish side and is increasing the pressure on ethereum.
There is a possibility that the price could drop below $2,600, which would test the weekly opening level of $2,580. A fresh push to that level could introduce instability to the chart, which could lead to a bearish breakout. Lower targets at $2,560 and $2,540 levels could come into play. However, the 200 EMA could help slow the downtrend, preparing investors to respond to market changes.
<img decoding="async" class="alignnone size-large wp-image-327769" style="aspect-ratio:1024/566" data-class="LazyLoad" src="https://6ztkp25f.tinifycdn.com/wp-content/w3-webp/uploads/2024/09/ethereum-chart-analysis-6-1024×566.jpgw3.webp” alt=”ethereum Chart Analysis” width=”1024″ height=”566″/>
The price is moving sideways after a weak bullish momentum that is moving away from the weekly high.
For a bullish option, we need a positive consolidation and a crossover of ethereum above the 50 EMA and the $2640 level. With such a move, we would start a small bullish momentum. We expect it to take us back above the daily opening level of $2652. By turning to the upside, the chances of breaking above $2680 and thus breaking out of the sideways movement range increase. Possible higher targets are the $2700 and $2720 levels.
Despite high expectations and a strong start for ethereum ETFs in July 2024, recent cryptocurrency-based ETFs have failed to sustain institutional interest so far. ethereum ETFs may face challenges as speculation mounts over the potential launch of ETFs for rival cryptocurrencies, such as Ripple’s XRP. The challenges facing ethereum have not dampened the optimism of many cryptocurrency analysts.
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