- Ethereum price surges through a key Fib level.
- A death cross of two significant moving averages has occurred.
- Invalidation of the bearish thesis is a closing candle above $1,560.
Ethereum price is losing support and picking up bearish momentum
Ethereum price warrants concern
Ethereum price is developing more bearish signals as the weekend progresses. Since Friday, September 10, the bears have forged a 22% decline. The decline comes at an interesting time as the market sentiment has been quite bullish with speculation that the Merge would bring fruitful returns.
Ethereum price currently auctions at $1,384. The 8-day exponential and 21-day simple moving averages have produced a classical death cross mentioned in the previous thesis as a significant “get out of the way” signal.
ETH USDT 2-Day Chart
A Fibonacci projection tool from the strongest $2,030 high projected into the recent pullback near $1,800 suggests that the bears have surpassed the 61.8% FIb level. Based on Elliott Wave and Fibonacci theory, Ethereum bulls may remain sidelined until the 100% FIb level is tagged at $1,250. The 1,250 level has additional confluence as the 200-week moving hovers in the same territory.
Invalidation of the bearish thesis can occur if the bulls can hurdle both moving averages at $1,560, In doing so,a countertrend rally could occur towards $2,000. Said price action would result in a 46% increase from the current Ethereum price.
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. -FXStreet Team
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.