Crypto Technical Analysis

Ethereum Technical Analysis: Raising Dominance May Turn the Tide for ETH Price Soon

Ethereum Technical

Key Takeaways:

  • The Ethereum price closed the previous day’s trade at $1716.97 with a market capitalization of $211.43 billion and a circulating supply of 122.34 billion 
  • The ETH token price was displaying enough strength but the bears are successfully restricting the price below $1800 and only an extended push may uplift the price beyond this level
Current Price $1,688.31
Market Cap $206.55 billion
Circulating Supply 122.34 million
Total Supply 122.34 million
Vol (24H) $18.03 billion
Change (7D) +1.56%

Ethereum Technical Analysis for September 2022

After the in-famous May crash, the Ethereum token price had underwent a huge parabolic recovery. Woefully, the pattern is about to repeat again as the price faced another minor downswing in the previous trading month. Presently, the selling pressure has been mounted to a large extent and hence one can expect the descending consolidation to continue until the bulls jump in to resque. 

The ETH price ever since the beginning of September has been incremental which also includes a couple of pullbacks. Presently, the price is again stuck up with the bearish captivity but within a bullish pattern. Additionally, Ethereum Merge is extremely close, therefore, the crypto may be just calm before undergoing a huge rally. 

In the next couple of days, Ethereum price may aim to surpass $2000 and by the end of September, the price may trade between $2,300 to $2,500.

Technical Analysis at a Glance

Ethereum price movements have been pretty skeptical in recent times. Ever since the price dropped by nearly 74% since the 2022 highs, the ETH crypto has maintained an elevated trend. However, the trend appears to have changed of-let with the bears again gaining the control and trying hard to slice through the bullish pattern formed. However, the bulls who are currently passive are expected to jump-in to take over the rally very soon.

Short-Term After maintaining a firm upswing throughout the weekend, the bulls remain aloof & hence the ETH price may squeeze out a little
Mid-Term The buying pressure appears to have eased a little that may compel the price to plunge slightly 
Long-Term The Ethereum price has rebounded fairly but the buying volume is not upto the required levels, hence the price may remain consolidated until bull regain the dominance

Technical Indicators & Pivot Levels

Indicator Value (STF/HTF) Action (STF/HTF)
Relative Strength Index(RSI) 47.86 / 44.87 Neutral / Sell
MACD 22.70 / -291.94 Buy / Sell
Average Directional Index(ADX) 48.77 / 23.57 Sell / Sell
Ultimate Oscillator 47.78 / 50.92 Sell / Neutral
Bull-Bear Power -55.73 / 20.15 Sell / Buy

Pivot Levels

Moving Average Short Term Long Term
MA 5 $1721.65 $1618.15
MA 10 $1742.33 $1636.62
MA 20 $1731.87 $1634.14
MA 50 $1644.50 $2717.85
MA 100 $1609.35 $2343.31
MA 200 $1687.18 $1275.41

The Ethereum price, currently, is manifesting the possibilities of undergoing a slight pullback as the short-term technicals are pretty bearish. The RSI is trading within neutral ranges but MACD is flashing bullish signals in the short-term. While the bulls appear to gain strength in the longer time frame, but may not maintain the gained levels, as could get rejected after reaching the immediate highs. 

Additional Read: Ethereum Price Prediction

Ethereum On Chain Metrics Analysis

  • The average gas fees on the Ethereum network has flattened from past couple of months indicating less congestion within the network

Ethereum Technical Analysis

Source: Santiment

  • The share of the total circulating supply sitting on the exchanges has surged notably, which may indicate either traders willingness to let-off the holdings or an extreme ETH 2.0 staking

Ethereum Technical Analysis

Source: Santiment

  • A significant drop in the whale holdings has been recorded in the past few months as the holders hiding more than 1000 to 10 million  ETH have dropped notably

Ethereum Technical

Source: Santiment

  • While some indicators are bearish, the MVRV ratio or the Mean value vs Realized value flash bullish signals as the MVRV ratio is now trading within positive ranges

Ethereum Technical

Source: Santiment

Ethereum (ETH) Technical Analysis for Short Term

Ethereum Technical

Source: Tradingview

  • The Ethereum price in the short term appears pretty bullish as it is trading within an ascending triangle
  • After the recent rejection from the upper resistance, the price may be now primed to plunge slightly lower, just below $1700 and quickly rebound to reach levels above $1900
  • Here the bulls are required to enhance their strength which may propel the price beyond $2000 ahead of the Merge
  • Else, if the price fails to rebound from the bearish trend, then it may eventually dropped lower to test $1600 support levels and rebound. In such a case, the ETH price may not reach the desired levels

Ethereum (ETH) Technical Analysis for Long-Term

Ethereum Technical Analysis

Source: Tradingview

  • The Ethereum price is trading within a Cup & Handle pattern which is generally considered as bullish 
  • The price is slowly coiling up to reach the neckline to accomplish the handle which is around $2000
  • Once the token reaches these levels, then it may leap long to reach $2450 levels in the short-term but may face a rejection 
  • Despite a minor correction, the price could maintain strong above $2000 and may continue to rise beyond the newly formed highs

Where & How to Buy Ethereum (ETH)?

Buying Ethereum is very simple & safe, here on CoinDCX. All you need to do just follow the below mentioned steps,

  1. Download the CoinDCX App on your smartphone
  2. Register, entering your details
  3. Once your profile is verified, fund your wallet and buy Ethereum


Is Ethereum bullish or bearish?

Ethereum price is somewhat bearish in the short-term but flashes the possibility to leap long in the longer time frame.

What is the current RSI for ETH?

The RSI for ETH in the short term is 47.86 while in the long term it is 44.87.

Is it a good time to buy ETH?

Ethereum price is manifesting huge possibilities of surging extremely highs and hence may be considered as a good time to buy the token.

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