Ethereum (ETH) Price Analysis: September 23, 2020

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Ethereum cash coin on hud background with bull trading stock chart and polygon world map. Blockchain technology network token grows in price on stock market.

Ethereum (ETH) is trying to recover above the $ 345 and $ 350 resistance levels against the US Dollar. ETH price will continue below $ 330 as long as it does not break above $ 355.

Ethereum price rose a small number but failed to rise above the $ 350 level. The price is below $ 345 and is well below the 100 hourly simple moving average. There was a break below a key triangle with support near $ 340 on the hourly chart of ETH / USD. The pair is likely to continue to decline and could even break the $ 330 low.

Ethereum Price May Accelerate Losses

Yesterday, we saw a sharp drop below the $ 355 support level in Ethereum. ETH price even broke the $ 340 level and settled well below the 100 hourly simple moving average.

Traded with a new weekly low at $ 331, ETH has recently started an upward correction. There was a recovery wave above the $ 340 level. However, the price struggled to continue above the $ 350 resistance. Then there was a fresh bearish reaction and a break below a key triangle pattern with support near $ 340 on the hourly chart of ETH / USD. The pair is currently trading just below $ 340 and is facing an increase in selling pressure.

According to popular analyst Aayush Jindal, if the price continues to fall, there is a risk of further losses below $ 331 and $ 330. The next major support is near the $ 320 level, and below that the price could retest the $ 310 support.

Is There Any Rise in ETH?

If Ethereum starts a new wave of recovery, it could face hurdles near the $ 350 level, according to Jindal. The first major resistance is near the $ 355 level. A successful close above the $ 355 resistance could push ETH even higher. In the stated situation, there is a good chance of recovery above the $ 365 and $ 370 levels in the coming sessions.

See Also
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