Monday, September 25, 2023
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ETH Price Analysis: ETH/USD Breaks $1,500 Lower To Seek Support as Ethereum Whales Transfer Coins to Exchanges

  • ETH price is currently below the daily moving averages (MA 50 and 200).
  • Ethereum traders expect a rebound to lead the Ethereum/USD pair into bullish territory
  • Ethereum Whales Decided To Move Holdings To Exchange Addresses

Cryptocurrency Fed Chairman Jerome Powell continued to lose money over the weekend after speaking in Jackson Hole on Friday about fighting inflation to the end. Ethereum plummeted again after a failed attempt to break through the upper boundary. It fell to a five-week low. Since the crash, ETH/USD has maintained its position with a selling bias, but has moved south. ETH price is currently trading below the daily moving averages (MA 50 and 200) and below the psychological level of $1,500 which is the lower end of the currency pair. At the time of this writing, his second-largest cryptocurrency on the market is down nearly 5% weekly, yet on Saturday he dropped a whopping 2% to a low of $1,446. attached. Ethereum traders expect the ETH/USD pair to rebound towards his bullish territory around $2,000 as the merger approaches. At the moment, the merger is expected to be a major catalyst for the ETH bull market.Meanwhile, hit santimento, the Ethereum whale has decided to move its holdings to the exchange’s address as the global market moves in lockstep with the stocks, causing an unexpected impact on the crypto market. A study found that the value of Ethereum assets held in non-exchange addresses has declined by 11% in the last three months. Meanwhile, the holdings of whale exchange addresses increased by a staggering 78%.

key level
Resistance levels: $2,300, $2,000, $1,700
Support Levels: $1,300, $1,000, $800

ETH/USD Daily Chart: Range

ETH/USD daily chart

ETH/USD has fallen to levels not seen since July, with the crypto pair trading in a bearish trend below its daily moving averages (MA 50 and MA 200). A breakout of the $1,400 lows will likely continue the downtrend from $1,706. The $1,000 low is likely to be retested with continued declines, which will remain a likely situation as long as the $1,700 resistance level holds.

progress of Ethereum/USD If the price does not bounce back above the $1,500 minor resistance, the price is likely to be capped, creating potential bearishness towards $1,000 with a cap near $1,300. If the $1,300 level is breached, an attempt will be made at the lower support level of $879, the annual low, to short the bearish target for some profit.

ETH/USD 4-Hour Chart: Ranging

ETH/USD 4-hour chart

ETH/USD’s intraday bias is still downwards towards the $1,300 support level. We anticipate a breakdown at the lows of $1,400. A move in price towards resistance levels above $1,500 could turn the initially bearish intraday bias to the upside.

Furthermore, on the 4-hour chart, the corrective trend that started at the $1,005 low is still valid and likely to continue. However, a marginal resistance above that level could change the bias trend, mainly during the day.

Note: is not a financial advisor. Please do your research before investing money in financial assets or any offered product or event.We are not responsible for your investment results

Image Credit: Shutterstock

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