Ethereum Maintains Its Tight Range But Remains Above $2,200

Ethereum (ETH) Current Statistics – Remains Above $2,200

The current price: $2,297.52
Market Capitalization: $276,172,719,002
Trading Volume: $45,990,031
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis September 16, 2024

Ethereum’s (ETH) price has remained range-bound but remains above $2,200. Since August 5, the largest altcoin’s price has ranged between $2,000 and $2,800. Nonetheless, the sideways trend has narrowed to the $2,000 to $2,400 price range. Today, Ether is still steadily falling near the $2,000 support.

On the downside, price projection suggests that the bears will breach the $2,000 support. If the psychological price level is compromised, Ether will fall even deeper to the 1.272 Fibonacci extension, or $1,638. However, the bulls are likely to hold the current support level of $2,000, which has not been broken since January.

ETH Technical Indicators Reading

The Ether price bars have maintained below the moving average lines, but they face resistance at the 21-day SMA. Following the rejection, Ether began to fall slowly to the downside. Price movement has been delayed due to the Doji candlesticks.

Conclusion

Ethereum price faces an initial barrier at $2,400 but remains above $2,200. The biggest altcoin is gradually descending as it trades in a narrow range above the critical at $2,000. Ether will experience a price rebound or breakout if it continues to trade in a tight range.  Presently, the price movement has stalled above the $2,200. Meanwhile, the crypto signal is negative as it continues to face rejection at the moving average lines.                   

Make money without lifting your fingers: Start using a world-class auto trading solution.             

Note: Learn2.Trade is not a financial advisor.  Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your results.