The cryptocurrency market ended the first half of September on a bearish note, leading to speculation that history may repeat itself. Bitcoin has stabilized around the $58,000 mark, indicating that the market may be entering a cool-off period.
While Ethereum has been trading near its resistance/support level of $2.3k, there are signs of a potential bullish reversal. Analysts anticipate that the price could retest its high of $3k in the near future.
One factor that could trigger this price increase is the surge in Ethereum staking volume in recent days. This influx of digital assets suggests a growing number of users participating in Ethereum staking.
The Ethereum price has been struggling to break above the $2,500 resistance level for over 20 days, facing multiple rejections. This indicates strong selling pressure at that level.
Despite a 1% increase in price and a trading volume of $13.57 billion in the past day, Ethereum has seen a 1.67% drop over the week and a 12.79% decline over the month. The year-to-date return is at -1.68%, signaling a long-term bearish trend.
The Moving Average Convergence Divergence (MACD) indicator shows a decline in buying pressure for Ethereum, while the Simple Moving Average (SMA) acts as resistance on the 1-day chart, further supporting a weak outlook for the altcoin.
If the market experiences a bullish reversal, Ethereum could test its $2.4k resistance level and potentially reach $2,500. However, if bearish momentum continues, the price may drop to $2,200 or even $2,100.
For more insights on Ethereum’s future prospects, check out our ETH Price Prediction!