Ethereum

bullish

Reserve

Daily

<p>On a larger scale, Ethereum’s price has been declining, almost clearing all of its gains since the beginning of 2024.</p>
<p>Yet, things might be about to change soon, which was hinted at in the developments in the past 24 hours.</p>
<h2 id="technical-analysis">Technical Analysis</h2>
<p>By <a href="http://tradingrage.com" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Edris Derakhshi (TradingRage)</a></p>
<h3 id="the-daily-chart">The Daily Chart</h3>
<p>On the daily chart, the asset has been consolidating in a wide range between the $2,100 and $2,700 levels as the drop has seemingly come to a halt. However, the market structure remains bearish, as the price should at least reclaim the $2,700 level to make a higher high.</p>
<p>Meanwhile, looking at the recent range, the recent movements seem to indicate the formation of a price bottom. So, while too soon to anticipate, a new uptrend seems probable in the coming months. This is, of course, if the $2,100 support level remains intact.</p>
<p><a href="https://cryptopotato.com/wp-content/uploads/2024/09/ETHUSDT-Daily-Sep-19-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a></p>
<h3 id="the-4-hour-chart">The 4-Hour Chart</h3>
<p>The 4-hour chart presents a more clear demonstration of the recent price action. As evident, the market immediately bounced from the $2,100 support zone and has been gradually climbing since.</p>
<p>While the momentum is still weak, it could only be a matter of time before an impulsive move toward the $2,700 resistance level occurs, as the bullish 4-hour candles have been getting stronger recently.<a href="https://cryptopotato.com/wp-content/uploads/2024/09/ETHUSDT-4H-Sep-19-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="aligncenter size-full wp-image-361169" src="https://cryptopotato.com/wp-content/uploads/2024/09/ETHUSDT-4H-Sep-19-2024-scaled.jpg" alt="" width="2560" height="1307" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/ETHUSDT-4H-Sep-19-2024-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/09/ETHUSDT-4H-Sep-19-2024-300x153.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/09/ETHUSDT-4H-Sep-19-2024-1024x523.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/ETHUSDT-4H-Sep-19-2024-768x392.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/09/ETHUSDT-4H-Sep-19-2024-1536x784.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/09/ETHUSDT-4H-Sep-19-2024-2048x1046.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/09/ETHUSDT-4H-Sep-19-2024-50x26.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a></p>
<h2 id="sentiment-analysis">Sentiment Analysis</h2>
<p>By <a href="http://tradingrage.com" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Edris Derakhshi (TradingRage)</a></p>
<h3 id="ethereum-exchange-reserve">Ethereum Exchange Reserve</h3>
<p>While Ethereum’s price seemingly creates a bottom based on technical analysis, a worrying signal arises from on-chain analysis. This chart presents the Ethereum exchange reserve, the total amount of ETH held in exchanges. The metric is a proxy for supply, as these coins can be sold anytime and add to the selling pressure.</p>
<p>As the chart displays, the overall trend for the exchange reserve metric has been downward, as investors have seemingly been accumulating on aggregate since last year. However, short-term fluctuations also matter, as each time the exchange reserve has risen above its 30-day moving average recently, a price drop follows it.</p>
<p>The same behavior is occurring, as the exchange reserve has been rising recently and is already above its 30-day moving average. Therefore, a further price drop is still possible in the short term if sufficient demand is absent to meet the supply.<a href="https://cryptopotato.com/wp-content/uploads/2024/09/Ethereum-Exchange-Reserve-All-Exchanges-2-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="aligncenter size-full wp-image-361170" src="https://cryptopotato.com/wp-content/uploads/2024/09/Ethereum-Exchange-Reserve-All-Exchanges-2-scaled.jpg" alt="" width="2560" height="1440" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/Ethereum-Exchange-Reserve-All-Exchanges-2-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/09/Ethereum-Exchange-Reserve-All-Exchanges-2-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/09/Ethereum-Exchange-Reserve-All-Exchanges-2-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/Ethereum-Exchange-Reserve-All-Exchanges-2-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/09/Ethereum-Exchange-Reserve-All-Exchanges-2-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/09/Ethereum-Exchange-Reserve-All-Exchanges-2-2048x1152.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/09/Ethereum-Exchange-Reserve-All-Exchanges-2-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a></p>
<p>The post <a href="https://cryptopotato.com/ethereum-price-analysis-is-2-7k-eths-next-target-after-gaining-6-daily/" rel="noopener noreferrer nofollow">Ethereum Price Analysis: Is $2.7K ETH’s Next Target After Gaining 6% Daily?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Ethereum Price Analysis: Is $2.7K ETH’s Next Target After Gaining 6% Daily?

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