Ethereum (ETHUSD) Price Holds Recovery Opportunity

Ethereum (ETHUSD) Price Forecast: September 12

The Ethereum (ETHUSD) market is positive today, holding a recovery opportunity as the coin price faces the upper range of the market. Thus, a potential breakout from the immediate resistance of $4.419.88 will confirm additional confirmation for bullish recovery, and this may increase the crypto price to the $4.955.90 upper resistance trend line, amid soaring network activity.

Key Levels:
Resistance Levels: $4,419.00 $4,420.00, $4,421.00
Support Levels:    $2,113.00, $2,112.00, $2,111.00

ETH (USD) Long-term Trend: Bullish (Daily Chart)

Analyzing the chart above, we can see clearly that the Ethereum price is in a bullish market zone. The price currently trades above the EMA, implying the coin is in an uptrend.
The bullishness in its recent high has been aided by the strong order flow at the $4,454.50 high value in the previous trading session.

Today, the current price of ETHUSD at $4,419.88, a supply level above the resistance level on the daily chart, indicates an upward momentum in the market structure.

Thus, a possible breakout from the mentioned supply will accelerate the buying momentum and push prices higher to hit the previous high of $4,955.90.

In addition, the market value of Ethereum is pointing up on the daily stochastic, suggesting a bullish continuation.

From the viewpoint, the coin may continue its growth and the $4,420.00 upper high value and above might be the target in the near future.

ETH (USD) Medium-term Trend: Bullish (4H Chart)

The medium-term outlook for the ETHUSD pair is optimistic. The price has not yet reached its target, but the trend is increasing.
This bullishness in its recent high was further enhanced by the strong order flow from the bulls at the $4,350.00 high value during yesterday’s session.

Shortly after the 4-hourly chart begins today, the price distribution of Ethereum has risen to a high level of $4,419.88 above the moving average line, suggesting that bulls are currently gaining entry to the market gradually and may likely take control sooner rather than later.

The price of the coin will therefore be able to increase further if it remains above the resistance trend lines.

Furthermore, the ETHUSD price may continue to rise, according to the price indicator, which is also upward.

In that scenario, the $0.1000 upper resistance level may be the objective sooner rather than later, indicating a buy signal in the medium term.

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