Is Ethereum (ETH) Ready for a Local Bounce Back? Price Analysis and Predictions

Read about the recent price movement and technical analysis of Ethereum (ETH) to understand if a local bounce back is imminent. Stay updated with the latest developments in the cryptocurrency market.

Posted 10 months ago in Ethereum

A chart showing the price movement of Ethereum (ETH) over the past 24 hours

The rate of Ethereum (ETH) has experienced a slight rise of 0.73% over the past 24 hours, amidst the overall upward trend in the cryptocurrency market. However, there are some exceptions to this rule.

On the hourly time frame, Ethereum (ETH) is approaching the resistance level of $1,601. If the current positive momentum continues and the daily bar closes near that mark, it could potentially generate enough energy for the price to surge towards the $1,620 area in the near future.

However, the daily chart tells a different story. Today's slight rise in price has not significantly affected the technical position of ETH. In order for bulls to regain control, the price must be established above the $1,660 zone. Only then can we anticipate a potential midterm rise.

Looking at the weekly time frame, a bearish scenario remains more relevant. If the closing price of the candle falls below the $1,600 zone, traders can expect a support breakout and a subsequent drop to the $1,500 range in the coming days.

At the time of writing, Ethereum is trading at $1,597.

Last updated 9/23/2023, 8:58:15 AM


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