ETH Price Analysis: A Slowing Mid-Term Bearish Trend Hints Bullish Comeback for Ethereum

By Sunil Sharma
Published September 26, 2021 Updated September 26, 2021
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ETH Price Analysis: A Slowing Mid-Term Bearish Trend Hints Bullish Comeback for Ethereum

By Sunil Sharma
Published September 26, 2021 Updated September 26, 2021

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

ETH price analysis
ETH price analysis

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
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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Sunil Sharma
228 Articles
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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