On September 30, 2024, the price of ethereum showed consolidation near $2,630 after testing key support and resistance levels. The market exhibited mixed dynamics, with oscillators indicating neutrality while moving averages provided conflicting signals. Traders are closely watching whether the second-leading crypto asset breaks through the resistance or tests lower support zones, given the current indecision.

Ethereum

Ethereum’s 1-hour chart highlights recent price action, with the asset struggling to hold steady around $2,630. After falling to $2,591, buying volume spiked, solidifying the level as an important short-term support. Despite the recovery, the current price action is marked by lower volumes, signaling market indecision.

The 4-hour chart reflects a slight downtrend, following Ethereum’s recent high of $2,729. The price has dropped to the $2,620 area but there are no clear signs of a break below key support levels. A consistent pattern of lower highs and lower lows points to potential selling pressure, with traders keeping a close eye on the $2,640 level. If Ethereum holds this support level and volume increases, a bounce to $2,700 is possible, but if not, the price could drop to $2,600 or lower.

On the daily chart, ETH remains in an uptrend, moving from $2,149 to $2,729 over the past few weeks. The recent rejection of the market near $2,729, coupled with the price decline on higher volume, suggests potential profit-taking. The price is currently testing support in the $2,650-$2,600 range. A sustained move below $2,600 could signal the start of a deeper correction, but a bounce from this area would confirm this as a solid entry point for long-term ETH traders.

Moving averages (MAs) are giving mixed signals. The short-term exponential moving averages (EMAs – 10, 20, 30, 50) are in a bullish stance, suggesting that the bullish momentum is still intact. However, the longer-term moving averages, including the 100- and 200-period EMAs, are signaling a bearish bias. The 200-day simple moving average (SMA), at $3,119, is still well above the current price, suggesting the possibility of continued bearish pressure unless ether can break above key resistance levels.

Oscillators are largely neutral, reflecting market indecision. The relative strength index (RSI) is at 56, indicating neither overbought nor oversold conditions. Momentum indicators, such as the awesome oscillator and the moving average convergence divergence (MACD), are mixed, with the latter flashing a buy signal while the former is showing a sell signal. This suggests that ethereum may consolidate further before making a decisive move, leaving traders to wait for clearer directional signals.

Bull's Comment:

Ethereum’s ability to hold above the $2,600 support zone, combined with the bullish short-term moving average and the recent rebound from $2,591, suggests that the upside momentum could continue. If buying pressure increases and ether breaks above the $2,700 resistance, a rally towards the recent high of $2,729 and above could take place, creating a favorable environment for long positions.

Bear's Comment:

The bearish signals from the long-term moving averages and the rejection near $2,729 suggest caution. If Ethereum fails to hold support around $2,600 and momentum weakens further, the breakdown could lead to a deeper correction towards $2,500 or lower. The current hesitation, combined with mixed oscillators, suggests traders should be cautious of further downside risks.

What do you think about the ether market performance on Monday? Share your thoughts and opinions on the subject in the comments section below.
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