As of September 23, 2024, Ethereum is trading at $2,646, with an intraday price range of $2,531 to $2,684. In the last 24 hours, Ethereum has recorded a trading volume of $16.36 billion and a market cap of $318.56 billion. The cryptocurrency’s price remains stable, reflecting a balanced market with mixed signals from technical indicators.

Ethereum

The hourly chart of Ethereum (ETH) reflects the recent rally from $2,525 on September 21 to a high of $2,687, followed by a slight consolidation in the $2,660-$2,680 range. This short-term pullback is accompanied by low trading volume, suggesting a potential breakout as traders wait for further moves. Key oscillators such as the Awesome Oscillator and Moving Average Convergence Divergence (MACD) are pointing to a neutral stance, while the Stochastic oscillator suggests that Ethereum could be in a slight overbought zone at this level.

  1. On the 4-hour chart, Ethereum continues to show a steady uptrend since September 18, when the price bounced off $2,276. With resistance currently near $2,687, Ethereum is consolidating around $2,600. Low trading volumes during this pullback indicate an accumulation phase, paving the way for a potential test of the next resistance level, which is located between $2,750 and $2,800.

Rising Judge:

Ethereum is still in a bullish consolidation phase, supported by strong buy signals from short-term moving averages and key technical indicators like MACD. A break above the $2,687 resistance could push the price towards $2,750 and beyond, with momentum favoring a continuation of the move higher. As long as Ethereum remains above $2,600, the outlook remains bullish for further gains.

Downward judgment:

Although Ethereum has shown resilience above $2,600, bearish signals from long-term moving averages and oscillators like Stochastic and Momentum point to potential overbought conditions. Failure to surpass $2,687 or a decline below $2,600 could lead to a deeper correction, with a possible test of the $2,500 support level. In this scenario, caution is advised as bearish pressure could intensify.


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