Ethereumย (ETH) Price Shows Indicationsย of Trend Reversal
The price of Ethereumย (ETH) has been stuck between support at $1,600 and resistance at $1,700, but there are signsย of an upcoming trend reversal. After a failed attempt toย sustain a positiveย trend outlook, Ethereumย (ETH) retraced to confirm short-term support at $1,600.
During this time, Bitcoinย (BTC) likewise experienced a positiveย trend wave, reaching $26,400. Ethereumย (ETH) briefly climbed to $1,660 but was unable to surpass the 100-day Exponential Moving Average (EMA).
Large Holdersโ Impact on Ethereumย (ETH) Price
The presence of large holders is helping to keep Ethereumย (ETH) within the range channel and preventing bearish pressure. These holders have made wholeย lotย of acquisitions in both the low and high $1,600 ranges, leading to price consolidation.
Althoughย while support is forming around $1,600, the recovery may take longer due to a higher supply of Ethereumย (ETH) purchased at an average price of $1,670 compared to a lower supply at an average price of $1,623.
Evaluating the Bullish Outlook for Ethereumย (ETH) Price
The recovery of Ethereumย (ETH) price depends on the support at $1,600 holding during this bearish season. Short-term indicators, such as the Moving Average Intersection Divergence (MACD), suggest that bulls have the upper hand, but momentum is lacking.
Short-term traders may consider booking profits at $1,670, which coincides with a wholeย lotย of supply of 6.5 Million Ethereumย (ETH). If Ethereumย (ETH) price surpasses this level, itย might have a clear path to $1,700.
The Money Flow Index (MFI) indicates that investors are starting to invest in Ethereumย (ETH), potentially leading to a breakout from the range and a move towards $2,000.
Hot Take:
With the likelihoodย of the SEC approving the first futures-based Ethereumย (ETH) ETF, Ethereumย (ETH) price is expected to outperform other digitalย currencies in September and October. The approval of futures-based Bitcoin ETFs in 2021 led to a wholeย lotย of rally in Bitcoinโs price, which has increased optimism around Ethereum.
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