On September 30, 2024, Ethereum price showed consolidation near $2,630 after testing major support and resistance levels. The market shows mixed dynamics, with oscillators pointing towards neutrality while moving averages provide conflicting signals. Given the current indecision, traders are closely watching whether the second crypto asset will break through resistance or test lower support zones.
Éthereum
Ethereum’s hourly chart highlights recent price fluctuations, with the asset attempting to hold around $2,630. After a decline to $2,591, buying volume surged, reinforcing this level as important near-term support. Despite the rebound, the current price development is marked by a drop in volumes, signaling market hesitation.
The 4-hour chart reflects a slight downtrend, following Ethereum’s recent high of $2,729. The price has since declined to the $2,620 region, but shows no clear signs of breaking below key support levels. A consistent pattern of lower highs and lower lows indicates potential selling pressure, with traders closely monitoring the $2,640 level. If ether holds this support and volume increases, a rebound towards $2,700 is possible, but failure could see the price retreat towards $2,600 or lower.
On the daily chart, ETH remains in an uptrend, rising from $2,149 to $2,729 over the past few weeks. The market’s recent rejection near $2,729, coupled with bearish declines linked to higher volumes, suggests potential profit-taking. The price is currently testing support between $2,650 and $2,600. A sustained move below $2,600 could indicate the start of a deeper correction, but a rebound from this area would confirm it as a strong entry point for long-term ETH traders.
Moving averages (MA) provide conflicting signals. The short-term exponential moving averages (EMA – 10, 20, 30, 50) are in a bullish position, suggesting that the bullish momentum remains intact. However, longer-term moving averages, including the 100- and 200-period EMAs, signal bearish trends. The 200-day simple moving average (SMA) at $3,119 remains well above the current price, indicating the possibility of continued downward pressure unless ether manages to break above resistance levels keys.
Oscillators are largely neutral, reflecting market indecision. The Relative Strength Index (RSI) stands at 56, indicating neither overbought nor oversold conditions. Momentum indicators, like the impressive Oscillator and Moving Average Convergence Divergence (MACD), are mixed, with the latter giving a buy signal while momentum shows a sell signal. This suggests that Ethereum could consolidate further before making a decisive move, leaving traders waiting for clearer directional signals.
Verdict du Bull :
Ethereum’s ability to hold above the $2,600 support zone, coupled with short-term bullish moving averages and a recent rebound from $2,591, suggests that bullish momentum could resume . If buying pressure increases and ether breaks through the $2,700 resistance, a rally towards the recent high of $2,729 and beyond could occur, making it a favorable environment for long positions.
Verdict de l’Bear :
Bearish signals from the long-term moving averages and rejection near $2,729 indicate caution. If Ethereum fails to hold support around $2,600 and momentum weakens further, a breakdown could lead to a deeper correction towards $2,500 or lower. The current indecision, combined with mixed oscillator readings, suggests traders should remain cautious of further downside risks.
