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ETH, stabilization above $2,000? Ethereum technical analysis for September 6, 2024

Nicholas by Nicholas
September 6, 2024
in Crypto
0
ETH, stabilization above ,000? Ethereum technical analysis for September 6, 2024

Having been shunned by the market for several weeks, Ethereum nevertheless remains one of the major projects in the ecosystem. In this first week of September, the trend is not weakening and its relative strength continues to be exhausted. Against the dollar, the trend is also bearish, but is it still as strong?

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It is Friday, September 6, 2024, and the ETH price is hovering around $2,350.

Ether, the cryptocurrency of the Ethereum blockchain, has had the greatest difficulty in getting its head back up in recent weeks. Weak against Bitcoin since its transition to proof of stake (PoS) following The Merge update, ETH continues in a bearish channel from which it has not managed to escape.

Ether is struggling against the rest of the altcoins, hitting a new low last week that had not been reached since March 2023 on the ETH/TOTAL3 pair.

Ethereum vs TOTAL3 Weekly

Ethereum vs TOTAL3 Weekly Chart

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Ethereum: Stuck Under the Ichimoku Cloud

Pairs with Ethereum 24 hours 7 days 1 month
Ethereum/USDT -2.30% -5.30% -3.00%
Ethereum/Bitcoin +0.10% -0.40% -2.10%

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Weekly, Analysis through the prism of the Ichimoku system indicates a drift under the cloud. The transition to a bearish trend is confirmed by the Chikou span.

Price action now faces very strong resistance at the bottom of the cloud. This is very flat at the $2,800 level, demonstrating the importance of this area for the future. This corresponds to the lower part of the range that Ethereum has been working on since March.

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To the south, Ichimoku highlights 2 levels at $2,234 and $2,120, which could form with the confluence of the purple zone the lower zone of a range in which ETH could evolve in the coming weeks. The area of ​​$2,750 to $2,820 being the upper limit of this range.

Ethereum weekly

Ethereum vs Bitcoin Weekly Chart

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ETH slows as it approaches $2,000

Dailyan RSI divergence could be forming for Ether as it approaches $2,000, but this is not confirmed. However, it does show a slowdown in selling forces. However, this does not exclude that a second bearish leg could fall on ETH.

Objectively, the downside potential still seems to be largely consumed if we consider that Ethereum is still in a bullish configuration. The low point of August 5th touched the 0.618 retracement of the entire rise since the lows of the 2022 bear market.

Breaking through this level again at the close would mark the end of the rally for ETH, directing it either:

  • towards a period of consolidation and lateral reconstruction between $1,500 and $2,100;
  • to new lows.

Both of these scenarios are, however, at the current stage of price action development, and are less likely than a bullish rebuild above $2,000.

Ethereum price chart daily

ETH price chart daily

In summary, Ethereum cryptocurrency is in a difficult position. Close to working the 0.618 of its last major bullish leg, it leaves doubts as to its ability to revive. This doubt is all the more exacerbated as ETH loses relative strength against BTC, but also against the rest of the altcoins. The probabilities of a revival on this level in an underlying bullish trend are however favorable.

So, do you think ETH can outperform the crypto market again? Please feel free to give us your opinion in the comments.

Have a great day and we'll see you next week for another technical analysis of Ethereum.

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Sources: TradingView, Coinglass, GlassnodeETF

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As an analyst at Cryptoast Research for several years, I conduct in-depth monitoring of the crypto market to analyze upcoming narratives while keeping an eye on the financial markets.

Emmanuel Lazaro

49 articles

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