The days of $300 ETH are behind us, but the long-term trend for Ethereum remains positive.
The ethereum stock price today is a cryptocurrency that has been in the news lately. It was announced that Ethereum would be crashing, but the ETH trader maintained an uptrend.
Ethereum isn’t immune to the attack.
It’s a sea of red for crypto assets, which is unsurprising given the meteoric increase of digital assets in the previous month.
The State of the Ethereum Market and its Price
Ethereum is down 8% against the dollar at the time of writing and on the verge of breaching lower, melting below the crucial $3k barrier.
ETH holders, on the other hand, remain optimistic, anticipating the cooling to clear the system of speculators and enable price action to strengthen in the near term, leading to a rise upward towards $4k and beyond.
Even Ethereum’s excellent numbers aren’t helping right now.
Traders are making sense of the continuing deleveraging, which began nearly two weeks ago on September 7.
The daily chart shows that ETH is quite weak.
Despite the optimism, it is obvious that the sellers are in the driver’s seat. It’s worth noting that ETH bulls in the past two weeks have failed to recover the September 7 losses.
As a consequence, extended upper wicks indicating weakness and lower lows towards the conclusion of last week were the outcome. Early Asian sessions saw a full-fledged collapse and bursting of the “purchase Bubble,” which flowed over to European and now New York sessions.
Technically, this drop seems to be the apex of a wave of higher highs that began in August and ended in early September.
However, from a pragmatist’s viewpoint, the sell-off—which gained traction in the European session—is a continuation of a pattern that began in early September, signaling the presence of sellers.
According to the daily chart, the bearish breakout of ETH prices may lead to even more selling pressure, pushing the currency down below $2.4k.
It would be particularly true if $3k fails today, causing fear in the market and pushing weak hands to liquidate, resulting in another wave of selling.
Between $2.2k and $2.5k in Ethereum entries
The possibility that Ethereum may fall in value in the medium future has experts on edge.
Recognizing that the rally in ETH/USDT is gone and sellers are in control, one trader on Twitter believes the best entry points for ETH are around $2.2k and $2.5k.
#ETHUSDT ETHUSDT ETHUSDT ETHUSDT ETHUSDT ETHUSDT ETHUSD In the short term, the market has broken down and is looking negative.
The following are the winning entries:- $2512 is the first entry. $2276 is the second entry. #Crypto #ETH #ETH #ETH #ETH #ETH #ETH #ETH #ETH #ETH #ETH #ETH #ETH #ETH #ETH #ETH #ETH #ETH #ETH #ETH #ETH #ETH pic.twitter.com/uoU5u8HA5G
20 September 2021 — Crypto Patel (@CryptoPatel)
The analyst explains his stance by noting that ETH is gradually falling, having cleared a key support trend line, and that trade volumes are also increasing. These patterns are foreshadowing what may be a deep, unraveling correction.
ETH is still on the rise. Even at $2k, it’s a steal.
Another trader on Trading View, though, is stubborn.
He believes that regardless matter how low ETH prices may go, the currency remains positive in his opinion, even if it drops below $2,000.
ETH’s fall to $2k will merely retest the main support trend line, according to the daily chart’s price action. This line marks the beginning of the ETH/USDT rising channel, guiding hopeful ETH traders looking for even greater gains over $4.4k to above $10k.
According to the expert, ETH may go below $2k and hit $1.7k. This is the key support level that, if breached by bears, may change price action in favor of Ethereum selling, reversing the trend.
Ethereum Bull Trap: Will ETH Fall to $2k?
On the daily chart, it’s clear that ETH/USDT is in a bear breakout pattern, dumping.
Friday night’s run by BTC was a textbook bull trap. I predicted one more up, and it occurred; I was nearly caught as well. It was simple… Low volume over the weekend. Meanwhile, ETHUSD had already shown what was actually going on, prompting another warning from me yesterday night. pic.twitter.com/Z3060ozTDb
20 September 2021 — Crypto Ed NL (@Crypto Ed NL)
Following the weekend bull trap, the re-emergence of bears, according to a trader on Twitter, may see ETH drop to as low as $2,000.
Dump much lower and that pump begins to resemble a deviation.
The 50 DMA must be reclaimed.
pic.twitter.com/QVcpQbBHll confluence at 200 DMA
20 September 2021 — ultra (@UltraXBT)
He points out that this level coincides with the 200-day moving average, which is the immediate bear target for sellers.
Trading View provided the charts.
Disclosure: The author’s opinion is his or her own. Make your own investigation.
- ethereum starting price