Technical Analysis for ETHUSD for 6th September 2022
Ethereum Adds 6%, ETH Bulls Target $1.7k
Past Performance of Ethereum
Ethereum is relatively firm when writing, adding six percent in the last 24 hours and successfully soaking in selling pressure and outperforming BTC. Currently, the coin is printing higher high relative to the lower BB and is solid above $1.5k. Still, buyers are yet to breach $1.7k and commandingly reverse losses of August 26. Despite gains, ETH sellers remain in charge from a top down analysis.
Ethereum Technical Analysis
There are fundamental drivers behind Ethereum's resilience. As per the formation in the daily chart, ETH prices have been edging higher, gradually reversing losses posted in late August. Because of fundamental accelerators, ETH might gain in the next ten days. Still, traders must wait until there is a high volume break above $1.7k with rising trading volumes before loading the dips, targeting $2k. The turnaround for ETH may revive demand across the crypto market. Conversely, sharp, unexpected dips below $1.4k will invalidate the uptrend, paving the way for sellers to redouble their effort, targeting $1.1k, the 78.6 percent Fibonacci retracement level of the June to August 2022 trade range.
What to Expect from ETH
Traders are upbeat. Nonetheless, their confidence will only show if there are sharp gains above $1.7k, setting the base for a rejuvenating reversal of August 26 and 19 losses.
Resistance level to watch: $1.7k
Support level to watch: $1.4k
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