Ethereum (ETH) Price Analysis for September 12
The market keeps trading sideways as none of the sides has seized the initiative.
Unlike Bitcoin (BTC), the rate of Ethereum (ETH) is falling by 2.84% over the last 24 hours.
Ethereum (ETH) has broken the local support level at $1,724 on the hourly chart. If buyers cannot seize the initiative until the end of the day, there is a chance to see the test of the vital $1,700 mark tomorrow.
On the daily time frame, the sitaution is also rather more bearish than bullish, as Ethereum (ETH) could not fix above $1,800. At the moment, one needs to pay attention to the support at $1,705. If a false breakout happens, the bounceback may lead to the short-term growth to the $1.750 zone.
From the midterm point of view, the situation remains unclear as the new week has just started. However, if the decline below $1,721 continues, one can expect the test of another important level at $1,650. Such a scenario is relevant until the end of the month.
Ethereum is trading at $1,711 at press time.Source