Ethereum Price Forecast: Is it Suitable for Spot Investment? September 16th ETH Analysis

• In the short term, the Ethereum price is in an upward trend.
• If the ETH price surpasses the $1636 resistance, it can rise towards the $1672 and $1698 levels.
• If the ETH price fails to surpass the $1636 resistance, it can continue the downward trend until the support levels between $1603, $1586, and $1569.

The Ethereum price is in an upward trend in the short term. If the ETH price surpasses the $1636 resistance, it can continue the upward trend. However, if the ETH price fails to surpass the $1636 resistance, it can return to the downward trend.

MEDIUM-TERM ETH ANALYSIS

Daily ETH/USD Price Chart

Looking at Ethereum’s daily technical chart, we see that the price is trading above the $1611 support level. If the Ethereum price continues to close daily above $1611, its primary target will be to rise to the $1700 level.

If the Ethereum price closes daily above $1700, its next target may be to rise to the $1762 level. However, if the Ethereum price closes daily below $1611, it can continue the downward trend until the $1580 level.

If the Ethereum price falls to $1580, daily closes below $1530 can be considered as a stopping sign for long-term investments.

SHORT-TERM ETH ANALYSIS

Ethereum price continues its upward movement in a short time frame. If the ETH price achieves 3-hour candle closes above $1636, its next target may be to reach $1672. If the ETH price achieves 3-hour candle closes above $1672, its next target may be the $1698 level.

However, if the ETH price fails to surpass the $1636 resistance, it can continue the downward trend until the $1603 level. If the ETH price achieves 3-hour candle closes below $1603, it can continue its decline towards the support range between $1586 and $1569.

If the ETH price receives strong buying reactions from the support range between $1586 and $1569, it can initiate the upward trend from this critical support and move towards the $1700 level.