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

3-Hour ETH/USD Price Chart
3-Hour ETH/USD Price Chart

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.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Ethereum Holdings Surge: Bitmine Immersion Tech Leads With 1.87M ETH as Top Treasuries Report Massive 30-Day Gains

COINOTAG, on September 7, citing data from strategicethreserve, highlighted...

ETH On-Chain UTXO Distribution: Murphy Reveals Inverted “F” Pattern and $2.4K–$2.97K Support

COINOTAG News on September 7 reported on-chain analyst Murphy’s...

Hyperliquid’s Largest ENA Holder Opens $36M 5x Long on ENA and $12.85M 10x Short on ETH

According to HyperInsight monitoring, the largest holder address 0x6b7...c5e9c...

El Salvador Adds 8 BTC, Total Reaches 6,291.18 Bitcoin Worth $690M After Legal-Tender Move

On September 7, 2021 El Salvador became the first...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img