The Bitcoin price gained over 3.5% in value last week, resulting in the industry leveling out its losses from the price plunge it had experienced recently, further indicating stability in the market. Ethereum, despite being the top altcoin, has gained less than 2% and continues its struggle to hold the price as the bulls are constantly failing to gain momentum.
Since the start of September, ETH’s price has repeatedly failed to cross the resistance level of $1,660. It is constantly trading in a consolidated range of $1,624.3 to $1,639.39, indicating a possibility of massive price action in the coming days.
Following the massive price volatility, the price plunged to a low of $1,532.43, breaking down its crucial support level for a short period of time, after which the bulls regained power and leveled the losses from the drop, indicating a price fakeout in the market.
The bulls struggle hard to push the price above its resistance range but fail to do so. The price had recently broken out of the resistance range. Still, due to the instability in the market, the price has displayed a double top in its chart, indicating the possibility of a bearish price action in the coming days.
The RSI recently fell below the mid-point and continues to decline, indicating weak buying and selling pressure for the top altcoin. On the other hand, MACD displays constant flatlines, with its averages declining towards the neutral line, indicating the price to further fall before retesting its resistance level.
A bullish moment could initiate if the Bulls gain power, cross the consolidated range, and break out of the resistance level of $1,660. Further, if the market manages to hold the price above the level, it will prepare itself to test the upper resistance level of $1,695.09 by the end of the month.
On the contrary, if the market experiences a fresh breeze of a bearish wave as the price has displayed a double top in its charts, the price will test its support level of $1,619.22. Further, if the price fails to hold the level and falls, it will prepare to test its next support level of $1,576.01 by next week.
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