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With the crypto market completing the first half of September on a bearish note, the possibility of history repeating has increased. Further, with the price of Bitcoin stabilizing around the $58,000 level, the cryptocurrency market is speculated to have entered into a cool-off period.
Despite hovering close to its resistance/support level of $2.3k, the Ethereum price hints at a potential bullish reversal. Moreover, the price is anticipated to retest its upper high of $3K in the coming time.
But what could trigger the price of ETH to retest its monthly high? Reportedly, over the past few days, the Ethereum staking has witnessed a significant increase in its volume. This shows an increased inflow of digital assets through more number of users.
ETH Price Analysis
The Ethereum price has been trading below its important resistance level of $2,500 over 20 days. During this period, it has faced repeated rejection at this point. This highlights a strong selling point for the altcoin at that level.
Despite recording a jump of ~1% within the past day with a trading volume of $13.57 billion, it has recorded a drop of 1.67% over the past week. Moreover, it has plunged 12.79% during the past month and has a YTD return of -1.68%. This highlights long-term bearish action.
The Moving Average Convergence Divergence (MACD) has recorded a constant decline in the green histogram. This indicates a weak buying pressure for the Ethereum price in the market.
Furthermore, the SMA indicator acts as a resistance to the ETH price chart in the 1D time frame. This suggests a weak outlook for the leader of altcoins this week.
Will Ethereum Price Hit $3k Again?
Suppose, the crypto market experiences a bullish reversal, in that case, the ETH coin price will prepare to retest its resistance level of $2.4k. Maintaining the price above that level could set the stage for this altcoin to head toward its upper high of $2,500 in the coming time.
On the flip side, if the bears continue gaining momentum, the Ethereum token could test its low of $2,200. Moreover, if the bearish sentiment intensifies, it could plunge toward its lower support of $2,100 this month.
Keen on learning about the future prospects of Ethereum? Read our ETH Price Prediction!