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 <h2 id="can-eth-price-extend-rally-to-2-000">Can ETH Price Extend Rally To $2,000?</h2> 
 <p>Ethereum was not spared by the widespread selling pressure nearly a couple of weeks ago, which saw the most prominent smart contracts platform plunge to $1,540. A period of consolidation followed the storm, as bulls set camp at $1,630.</p>  
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 <p>Investors sought fresh exposure to Ether as the crypto market generally rebounded, thanks to&nbsp;Grayscale’s victory against the SEC. The largest digital assets management firm moved to court challenging the SEC’s decision that prevented it from converting its Bitcoin Trust (GBTC) product to a spot exchange-traded fund.</p> 
 <p>The longstanding court battle saw Grayscale appeal to the appeals court, culminating in a landmark win against the SEC. Now that the bottleneck is over, the SEC is required to reevaluate Grayscale’s earlier proposal.</p> 
 <p>Following the win, Bitcoin price gained ground from support at $26,000 to highs above $27,000.&nbsp;Ethereum&nbsp;and the rest of the altcoins joined in the surprise rally leading to a 4.4% bump in the crypto market cap to $1.1 trillion.</p>  
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 <p>Support at $1,700 is required to hold in place to confirm the possibility of the rally stretching to $2,000. This higher support would also encourage investors waiting on the sidelines to join the impending run-up.</p> 
 <p>However, traders should proceed with caution keeping in mind the presence of sellers in the narrow range between $1,740 and $1,750. The 200-day Exponential Moving Average (EMA) makes this resistance worth watching as two scenarios are likely to play out.</p> 
 <figure id="attachment_158013" aria-describedby="caption-attachment-158013" style="width: 100%" class="wp-caption aligncenter">
  <img decoding="async" class="size-full wp-image-158013" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201233%20557'%3E%3C/svg%3E" alt="ETH price rebounds above $1,700" width="1233" height="557" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/30/d2248e50e6a384dd5e47d99b45105d6e.webp">
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  <figcaption id="caption-attachment-158013" class="wp-caption-text">
   ETH/USD daily chart | Tradingview
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 <p>A break above $1,750 would increase the chances of Ethereum climbing to $2,000. However, if the ongoing correction steadies, the risk of losses below $1,700 would increase significantly with ETH price likely to retest the support area between $1,600 and $1,630.</p> 
 <p>A buy signal from the Moving Average Convergence divergence (MACD) indicator adds credence to the bullish outlook, which means buyers have the upper hand after all.</p> 
 <p>If investors hold firmly and keep ETH price from dropping drastically, a rebound could stem from the immediate support at $1,700 – the 100-day EMA (blue).</p> 
 <h2 id="eth-price-far-from-confirm-bull-run">ETH Price Far From Confirm Bull Run</h2> 
 <p>Despite the rally to $1,740, Ethereum holds below all the key moving averages on the daily chart, starting with the 50-day EMA (red) which has formed a confluence resistance with the 200-day EMA (purple) at $1,775 and the 100-day EMA (blue) at $1,800.</p> 
 <figure id="attachment_158012" aria-describedby="caption-attachment-158012" style="width: 100%" class="wp-caption aligncenter">
  <img decoding="async" class="size-full wp-image-158012" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201233%20558'%3E%3C/svg%3E" alt="ETH price rebounds above $1,700" width="1233" height="558" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/30/c900f9dbd2765510fa124b561e48467c.webp">
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   ETH/USD daily chart | Tradingview
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 <p>If the 50-day EMA completes the death cross pattern as it crosses beneath the 200-day EMA, the downtrend may carry on and possibly extend the losses to the levels explored in the&nbsp;previous ETH price <a rel="dofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>.</p> 
 <p>The Relative Strength Index (RSI) is also on the verge of a correction after gaining ground from the oversold region to the midline in the neutral zone. Another retreat means that sellers never left and that they are ready to resume control.</p> 
 <h3 id="related-articles">Related Articles</h3> 
 <ul> 
  <li>BTC Price Climbs To $28k On Grayscale ETF Victory, Bull Run In The Making?</li> 
  <li>Crypto Prices Today: Bitcoin, Pepe Coin And TON Shows Promising Price Recovery</li> 
  <li>“Grayscale Victory Bearish for Bitcoin”- Peter Schiff</li> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/eth-price-faces-potential-death-cross-pattern-and-decline-tbt60915.html">https://thebittimes.com/eth-price-faces-potential-death-cross-pattern-and-decline-tbt60915.html</a></p>

ETH Price Faces Potential Death Cross Pattern and Decline

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