Ethereum has formed a triple bottom, is it about to break out in the fourth quarter?
The last month has not been kind to Ethereum, with two major crashes. On August 5, ETH retraced more than 25% to a six-month low of $2,110. The downward trend continued into September, with increased selling pressure causing Ethereum to fall from $2,800 to around $2,150 in just one week.
There are several key levels to watch before Ethereum can turn around.
Over the past week, ETH has established $2,260 as an important support level. This price point is crucial as it can act as a buffer to prevent further declines towards $2,200 or even a retest of the next major support level at $2,100.
On the upside, the 50-day exponential moving average (EMA) is currently located at $2,460, acting as a strong barrier for Ethereum. This resistance level has been preventing the cryptocurrency from retesting the $2,530 mark in the short term.
If ETH manages to break through these resistance levels, bullish investors will set their sights on the next major resistance level at $2,600. Above this level, there is another key barrier at $2,680, where the 200-day EMA is located. This level has not been broken since the Ethereum price fell below this level in July this year, triggering the current downward trend.
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