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

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

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.

ETHUSDT 4 Hr Chart

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.

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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