Price Analysis

Ethereum Price Is Approaching a Crucial Resistance Level, Will the Bulls Take Over?

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After successfully launching its “London” upgrade earlier this month, the Ethereum price has exhibited tremendous growth. After the London upgrade, Ethereum’s market share climbed from 15% to 18%. For ETH, the overall trend is very bullish. The Bulls have ignited another rally and ETH is currently trading in green at $3259. For the past two years, Ethereum’s year-to-date performance has been much higher than Bitcoin.

Ethereum Price Analysis:

The Ethereum price is approaching a critical support level of $3300, which it must hold in order to ascend towards $3500. However, substantial resistance exists between $3200 and $3300, implying that the price may fall back to the lower level. If bears gain control of the existing support levels, the price could go below $3,130. 

After touching the resistance level of $3341 on August 19th, when the currency displayed a morning star pattern, indicating an improvement in Ethereum prices, many traders were expecting a lot from the coin.

Also Read : Ethereum Price Poised To Hit $6000, Will Bitcoin Follow The Trend?

The RSI value for the coin is 63.50, indicating a bullish mood. However, investors may see a negative divergence of the RSI with the price action, indicating that the bull momentum is weakening. 

According to data from on-chain platform CryptoQuant, Ethereum’s exchange NetFlow is rapidly increasing. 

On-chain data from Glassnode also reveals that Ethereum is continuously accumulating. The number of addresses holding more than 32 coins just hit a three-month high of 107,984, according to the data analytics website.

Fifteen of the 26 technical indicators are indicating a buy signal, ten are indicating neutral, and one is indicating a sell signal. As long as BTC remains stable, ETH will certainly reach the mid-$3000s in the near future.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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