coincodex.com
Key highlights:
- Ethereum is up by a small 3.3% today as the coin attempts to reclaim the e20-day MA around $3,400
- The cryptocurrency fell beneath an ascending price channel last week and is currently holding support at a .618 Fib Retracement
- Against Bitcoin, Ethereum is in a battle to hold above the 20-day MA at ₿0.072
| Ethereum price | $3,400 |
|---|---|
| Key ETH resistance levels | $3,400, $3,600, $3,782, $4,000, $4,045 |
| Key ETH support levels | $3,190, $3,000, $2,910, $2,800, $2,630 |
*Price at the time of publication
Ethereum is attempting to reclaim the 20-day MA today as it makes its way back toward $3,400. The cryptocurrency is now down by a solid 11.5% over the past week of trading after the Tuesday market collapse caused Ethereum to fall beneath the lower boundary of an ascending price channel.
After breaking beneath the ascending price channel, ETH continued to fall further until support was established at $3,188 over the weekend, provided by a .382 Fib Retracement level. The market would need to hold this level to prevent further declines later in the week.
The total mining hash rate for Ethereum recently reached a new ATH level as more miners continue to flood into the PoW consensus mechanism:
The $ETH network hash rate has made an ATH as the average daily hash rate reached 715k GH/s. #Ethereum #ETH pic.twitter.com/SSxDmTreOk
— Crypto₿uzz (@cryptobuzznews) September 14, 2021
It seems that the miners that were affected by the May Chinese crackdown on mining are starting to bring their machines back online again as the hash rate soars to new highs.
With the total level of hash rate increasing, it is no surprise that Etheruem has burnt nearly $1 billion worth of ETH since the EIP-1559 network upgrade went live. Launched on August 5th, the network upgrade introduced a deflationary supply pressure to the network in which a portion of the base fee paid to miners is sent to a burn address. So far, a total of 290,496 ETH has been burnt - worth around $966 million.
In other news, the developmental activity on the network is also increasing, which is usually a good signal that the team continues to improve the network itself. According to Santiment, Ethereum is now ranked in the second position according to the total number of GitHub submission activities;
?? #Ethereum's price has been volatile of late. Despite this, we're seeing that the notable #github submission activity for the #2 market cap asset has grown back to May rates. It's encouraging to see that the $ETH team continues to innovate and improve. https://t.co/Vqp4jw0fYs pic.twitter.com/QpBrJhCgH2
— Santiment (@santimentfeed) September 13, 2021
Ethereum remains the second-ranked cryptocurrency and currently holds a market cap value of around $391 billion.
Let us continue to take a look at the markets and see where they might be heading.
Ethereum price analysis
What has been going on?
Taking a look at the daily chart above, we can see that Etheruem has been trading inside an ascending price channel since the end of July. Price action movies higher inside this ascending price channel which allowed ETH to reach the $4,045 resistance (bearish .886 Fib Retracement) last week.
A week ago, the market experienced a steep capitulation,in the short term and it caused ETH to break toward the downside of the price channel. ETH continued to fall over the week until support was established at $3,190 (.382 Fib Retracement) over the weekend.
The buyers are now attempting to defend $3,190 and reclaim resistance at the 20-day MA at around $3,400.
Ethereum price short-term prediction: Bullish
ETH is certainly bullish right now. The coin would now need to drop beneath $3,200 (50-day EMA) to turn neutral. It would have to continue further beneath $2,650 (100-day MA) before being in danger of turning bearish in short term.
If the sellers do push lower, the first level of support lies at $3,190 (.382 Fib Retracement & 50-day MA). This is followed by support at $3,000, $2,910 (.5 Fib Retracement), $2,800, and $2,630 (.618 Fib Retracement & 100-day MA).
Where is the resistance toward the upside?
On the other side, the first strong resistance lies at $3,400 (20-day MA). This is followed by resistance at $3,600, $3,782 (bearish .786 Fib), $4,000, and $4,045 (bearish .886 Fib Retracement).
Additional resistance lies at $4,180, $4,345 (1.618 Fib Extension - orange), $4,485 (1.618 Fib Extension - purple), and $4,646.
ETH/BTC price analysis
What has been going on?
Ethereum is also starting to struggle against Bitcoin as it trades inside a descending price channel. The coin surged at the end of August as it increased from ₿0.066 to reach as high as ₿0.0795 (1.618 Fib Extension) at the start of September.
Since reaching this resistance, the market has been in a downtrend inside the price channel. It recently found support at ₿0.0709 (.618 Fib Retracement) last week and is now above the 20-day MA level.
Ethereum price short-term prediction: Bullish
The break above ₿0.07 has now turned ETH bullish in the short term. The coin would now need to fall beneath ₿0.068 (50-day MA) to turn neutral and would have to continue much further beneath the support at ₿0.06 (100-day MA)to be in danger of turning bearish in the short term.
If the sellers do push lower, the first support lies at ₿0.0724 (.5 Fib Retracement). This is followed by ₿0.0709 (.618 Fib Retracement), ₿0.07, and ₿0.0687 (.786 Fib Retracement & 50-day MA).
Where is the resistance toward the upside?
On the other side, the first resistance lies at ₿0.074. This is followed by ₿0.076, ₿0.078, and ₿0.0795 (1.618 Fib Extension).
If the buyers break the September resistance and climb above ₿0.08, additional resistance is expected at ₿0.0826 (1.618 Fib Extension - orange), ₿0.084, and ₿0.0852 (1.414 Fib Extension - purple).
Keep up to date with the latest ETH price predictions here.