With the crypto market completing the first half of September on a bearish note, the possibility of history repeating has increased. Further, with the price of Bitcoin stabilizing around the $58,000 level, the cryptocurrency market is speculated to have entered into a cool-off period.
Despite hovering close to its resistance/support level of $2.3k, the Ethereum price hints at a potential bullish reversal. Moreover, the price is anticipated to retest its upper high of $3K in the coming time.
But what could trigger the price of ETH to retest its monthly high? Reportedly, over the past few days, the Ethereum staking has witnessed a significant increase in its volume. This shows an increased inflow of digital assets through more number of users.
The Ethereum price has been trading below its important resistance level of $2,500 over 20 days. During this period, it has faced repeated rejection at this point. This highlights a strong selling point for the altcoin at that level.
Despite recording a jump of ~1% within the past day with a trading volume of $13.57 billion, it has recorded a drop of 1.67% over the past week. Moreover, it has plunged 12.79% during the past month and has a YTD return of -1.68%. This highlights long-term bearish action.
The Moving Average Convergence Divergence (MACD) has recorded a constant decline in the green histogram. This indicates a weak buying pressure for the Ethereum price in the market.
Furthermore, the SMA indicator acts as a resistance to the ETH price chart in the 1D time frame. This suggests a weak outlook for the leader of altcoins this week.
Suppose, the crypto market experiences a bullish reversal, in that case, the ETH coin price will prepare to retest its resistance level of $2.4k. Maintaining the price above that level could set the stage for this altcoin to head toward its upper high of $2,500 in the coming time.
On the flip side, if the bears continue gaining momentum, the Ethereum token could test its low of $2,200. Moreover, if the bearish sentiment intensifies, it could plunge toward its lower support of $2,100 this month.
Keen on learning about the future prospects of Ethereum? Read our ETH Price Prediction!
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