Ethereum

bullish

Reserve

Rise

Daily

<p>Ethereum’s price has been trending lower over the past few months but has found support at a critical level.</p>
<p>Meanwhile, the market is yet to demonstrate a bullish shift.</p>
<h2 id="technical-analysis">Technical Analysis</h2>
<p>By <a href="https://tradersfundhub.com/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Edris Derakhshi</a></p>
<h3 id="the-daily-chart">The Daily Chart</h3>
<p>On the daily timeframe, the asset has recently been rejected from the $2,700 resistance level and has gradually declined toward the $2,200 support zone.</p>
<p>While this area has held the price again, the market has yet to display a significant rebound. With the RSI also remaining below 50%, the momentum still favors a bearish continuation. Therefore, a breakout below the $2,200 level remains probable.</p>
<p><a href="https://cryptopotato.com/wp-content/uploads/2024/09/ETHUSDT-Daily-Sep-13-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a></p>
<h3 id="the-4-hour-chart">The 4-Hour Chart</h3>
<p>Looking at the 4-hour chart, it is evident that the market has been on a gradual rise, making higher highs and lows since bouncing from the $2,200 support level.</p>
<p>Yet, the bullish momentum is still lacking, and the market should at least break above the $2,700 level before a long-term bullish reversal could be expected. As a result, whether the recent consolidation is an accumulation or a distribution phase remains to be seen.<a href="https://cryptopotato.com/wp-content/uploads/2024/09/ETHUSDT-4H-Sep-13-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="aligncenter size-full wp-image-359925" src="https://cryptopotato.com/wp-content/uploads/2024/09/ETHUSDT-4H-Sep-13-2024-scaled.jpg" alt="" width="2560" height="1307" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/ETHUSDT-4H-Sep-13-2024-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/09/ETHUSDT-4H-Sep-13-2024-300x153.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/09/ETHUSDT-4H-Sep-13-2024-1024x523.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/ETHUSDT-4H-Sep-13-2024-768x392.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/09/ETHUSDT-4H-Sep-13-2024-1536x784.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/09/ETHUSDT-4H-Sep-13-2024-2048x1046.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/09/ETHUSDT-4H-Sep-13-2024-50x26.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a></p>
<h2 id="sentiment-analysis">Sentiment Analysis</h2>
<p>By <a href="https://tradersfundhub.com/authors" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Edris Derakhshi</a></p>
<h3 id="ethereum-exchange-reserve">Ethereum Exchange Reserve</h3>
<p>While Ethereum’s price has already corrected significantly, market participants remain unconvinced that a bullish reversal will occur soon. Yet, analyzing the supply and demand dynamics of the market can yield beneficial results.</p>
<p>This chart presents the exchange reserve metric (alongside its 30-day moving average), which measures the amount of ETH held in exchange wallets. These coins are considered as supply, as they can be sold quickly and create selling pressure.</p>
<p>As the chart suggests, the Ethereum exchange reserve metric has declined consistently over the past few months. However, it is currently rising above its 30-day moving average, which indicates a potential rise in selling pressure and could lead to a further drop in the short term if not met with sufficient demand.<a href="https://cryptopotato.com/wp-content/uploads/2024/09/Ethereum-Exchange-Reserve-All-Exchanges-1-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="aligncenter size-full wp-image-359927" src="https://cryptopotato.com/wp-content/uploads/2024/09/Ethereum-Exchange-Reserve-All-Exchanges-1-scaled.jpg" alt="" width="2560" height="1440" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/Ethereum-Exchange-Reserve-All-Exchanges-1-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/09/Ethereum-Exchange-Reserve-All-Exchanges-1-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/09/Ethereum-Exchange-Reserve-All-Exchanges-1-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/Ethereum-Exchange-Reserve-All-Exchanges-1-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/09/Ethereum-Exchange-Reserve-All-Exchanges-1-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/09/Ethereum-Exchange-Reserve-All-Exchanges-1-2048x1152.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/09/Ethereum-Exchange-Reserve-All-Exchanges-1-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a></p>
<p>The post <a href="https://cryptopotato.com/ethereum-price-analysis-can-eth-rise-to-2-7k-after-finding-support-at-this-critical-level/" rel="noopener noreferrer nofollow">Ethereum Price Analysis: Can ETH Rise to $2.7K After Finding Support at This Critical Level?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Ethereum Price Analysis: Can ETH Rise to $2.7K After Finding Support at This Critical Level?

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