Ethereum

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Bears have turned out to be more powerful than <a href="https://u.today/binance-coin-bnb-price-analysis-for-august-31" rel="noopener noreferrer nofollow">bulls</a> on the first day of September. 
<img data-entity-type="file" data-entity-uuid="230af2f3-f838-4957-a8a6-984bcaec1a1e" src="https://u.today/sites/default/files/inline-images/top10_629.png">Top coins by<a href="https://coinmarketcap.com/" rel="noopener noreferrer nofollow"> CoinMarketCap</a> 
<h2 dir="ltr" id="eth-usd">ETH/USD</h2> 
The rate of Ethereum (ETH) has fallen by almost 4% over the last 24 hours. 
<img data-entity-type="file" data-entity-uuid="6754092f-9513-4b0a-8303-c05ce30486d9" src="https://u.today/sites/default/files/inline-images/etj1.png">Image by&nbsp;<a href="https://www.tradingview.com/symbols/ETHUSD" rel="noopener noreferrer nofollow">TradingView</a> 
Despite today's fall, there are no reversal signals yet, even on the hourly chart. The price of Ethereum (ETH) is on its way to testing the local support level of $1,630. If the bar closes near it, the breakout may lead to a sharp drop to the <a href="https://u.today/ethereum-eth-price-analysis-for-august-30" rel="noopener noreferrer nofollow">$1,600 zone</a> soon. 
<img data-entity-type="file" data-entity-uuid="db088bc5-5f4f-4a23-aef1-90d46091d3d5" src="https://u.today/sites/default/files/inline-images/eth2_89.png">Image by&nbsp;<a href="https://www.tradingview.com/symbols/ETHUSD" rel="noopener noreferrer nofollow">TradingView</a> 
A similar situation can be seen on the daily time frame. Traders should focus on the closest level of $1,622. If buyers lose it, the accumulated energy might be enough for a more profound drop to the $1,550-$1,600 range within the next few days. 
<img data-entity-type="file" data-entity-uuid="52fe3787-bc19-4ec2-a752-d1ff5c9ad64f" src="https://u.today/sites/default/files/inline-images/eth3_81.png">Image by&nbsp;<a href="https://www.tradingview.com/symbols/ETHUSD" rel="noopener noreferrer nofollow">TradingView</a> 
A less positive picture can be see on the weekly time frame, as the rate is far from the support level. However, the bar is far from the closure, which means it is too early to draw any conclusions. But if the candle closes below the $1,600 zone, there is a good possibility of seeing the test of the $1,543 mark next week. 
Ethereum is trading at $1,629 at press time.

Ethereum (ETH) Price Analysis for September 1

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