The ETHUSDT price finally slumps by roughly 21% after trading within an expanding channel formed by a bearish and bullish divergence setup on 03 Sep ’21 16:00 and 05 Sep ’21 04:00.
This price move was eventually felt on the Daily time frame ending the mid-term uptrend trend bias, and a transition into a downtrend. A first attempt by the bulls gave in to another 25% sell off that started on 17 September ’21 20:00.
ETHUSDT 4 Hr Chart
Bullish and Bearish Scenario
The recent bullish divergence on 21 Sep ’21 20:00 led to a slowing of the earlier price drop and a possible hike in the ETH price may just be around the corner. Negative statements towards cryptocurrency transactions by China’s Central Bank (PBOC ) appears to be losing steam and traders may start scaling up a buy position after an advance above the $3174.50 resistance.
On the other hand, a breach of the $2,652.00 support may hint continuation of the down trend.
ETH Intraday Levels
- Spot rate: $2916.71
- Trend: Bearish bias
- Volatility: Low
- Support: $2652 and $2733
- Resistance: $3676.28 and $3174.50
- Institutional Traders Are Shorting Bitcoin At Record Pace, Here’s Why
- Lido Shut Down Terra Support, Starts bLUNA And stLUNA Withdrawal
- This Whale Adds 787 More Bitcoins As Price Struggles
- After Vauld Suspends Withdrawals, These Crypto Exchanges Could Be Next
- Cardano’s Vasil Upgrade Goes Live On Testnet; When Will It Be Lauching On Mainnet?
- How Stable Is Tether? Data Shows USDT At Massive Liquidity Imbalance
- As BTC Plummets to $19,000, Elon Musk’s Tesla Reports $440 Million Impairment Losses
- British Army Regains Control Of Their Hacked Social Media Accounts Promoting Crypto Scams
- Bitcoin Miners Likely Behind Crash Below $19K, Here’s Why
- India’s Crypto Exchanges In Trouble? 1% Tax Keeps Traders Away
- THORChain Price Analysis: Reversal Pattern Aim RUNE Price to Hit $3.4
- Sandbox Price Analysis: Cup & Handle Pattern Aims SAND to Reach $1.5
- AVAX Price Analysis: Breakout Rally Eyes $22.1 Mark; Buy Now?
- Cardano price Analysis: ADA Price Nearing Triangle Breakout Eyes $0.655
- Polygon Price Analysis: $0.45 Fallout could Plummet MATIC price by 25%
- ETH Price Analysis: Can $1000 Support Undermine Selling Momentum?
- BTC Price Analysis: Technical Indicator hints Upcoming recovery for Bitcoin
- CRV Price Analysis: Buyers Prepare To Boost CRV Prices To $1
- DOGE Price Analysis: Pullback Opportunity Eyes its Next Jump to $0.1
- Sandbox Price Analysis: Emerging Pattern May Soar SAND price by 20%