Ethereum Price Prediction – September 17
The Ethereum price prediction is down with a 1.15% price decline over the past few hours of trading as the cryptocurrency drops beneath $3600.
ETH/USD Market
Key Levels:
Resistance levels: $4000, $4200, $4400
Support levels: $3000, $2800, $2600
Since yesterday, ETH/USD has not been able to climb much higher from the $3500 level as the market started to roll over and fall within the channel. At the time of writing, the Ethereum price is still hovering above the 9-day and 21-day moving averages but if the bulls step back into the market, the price can rise higher and break to the upside.
Ethereum Price Prediction: Ethereum Price Not Ready for The Upside
According to the daily chart, if the sellers continue to add downward pressure to the Ethereum price, initial support could be expected at $3300 while further support can be found below the lower boundary of the channel at $3000, $2800, and $2600 respectively. Meanwhile, if the bulls can defend the support level of $3500 and allow the Ethereum (ETH) to rebound, an initial resistance could be located above the 9-day and 21-day moving averages at $3700. More so, additional resistance levels are expected at $4000, $4200, and $4400.
Moreover, the technical indicator Relative Strength Index (14) is seen moving around 55-level which shows that the previous bullish momentum is likely to fade. If the technical indicator manages to remain above the 50-level then the bulls stand a chance to allow Ethereum to rebound at $3600. However, if the Ethereum price penetrates below the current market value, the cryptocurrency may continue a downward movement.
When compares with Bitcoin, the Ethereum price is moving sideways, especially in the past few days. The Ethereum (ETH) is likely to break under the solid support at 7300 SAT and may continue to fall below the 9-day and 21-day moving averages. Similarly, the Relative Strength Index (14) reveals that the market may go down as the signal line moves below 55-level.
However, ETH/BTC remains in a neutral market condition as it could manage to rebound higher above the 7500 SAT. However, if it drops back beneath the 7300 SAT then the market would have to be considered as bearish and could locate the support level of 6500 SAT and below. To turn bullish, the Ethereum price must rise much higher to break above the 8000 SAT level and above.
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