- Ethereum price line retraces towards $350 after hitting the $370 high.
- Ethereum price drops below the ascending channel with the likelyness to rise back.
- Market volatility and Bitcoin price movement continues to affect ETH.
The Ethereum price line moved towards the $370 mark on the 16th of September. Vince Prince is a Trading View analyst who believes that the ETH price will form a continuation pattern if it continues to trade inside the ascending channel.
1-Day Ethereum price analysis
On the 16th of September, the cryptocurrency fell to the day’s low of $354.97 US Dollars by 03:34 GMT. The day’s high for ETH was recorded at the $373.20 mark. The cryptocurrency was observed trading at $368.31 US Dollars at the time of writing.
What to expect from ETH?
Trading View analyst Vince Prince is of the opinion that ETH price will either continue rising in the ascending parallel channel, or it will drop below the trading channel and form a downward extension.
On the 15th of September, the cryptocurrency moved towards the lower boundary of the ascending channel. Per the analysis, the cryptocurrency was expected to either hold the lower trend line of the ascending channel or break below the trend line to form a downward extension. On the 16th of September, the ETH price line continued to traverse near the lower boundary of the trading channel. If the cryptocurrency holds this trend line, it will rise towards the midpoint of the ascending trading channel.
Per the analyst, the low volatility cycle is forming within the ascending channel, and there is a higher possibility for the cryptocurrency to perform continuation in the channel. Ethereum is required to move above the falling resistance line in order to gain any advantages to test the higher levels and move towards the upper boundary. However, it is important for one to look for a confirmation for either moves, be it the upward divergence or the downward divergence.
Ethereum price technical indicators
On the 16th of September, the Bollinger Bands technical indicator depicted expansion during the afternoon. This means that the cryptocurrency’s trade appeared volatile. Near 16:00 GMT, the ETH price rose to the $373.05 mark. This is when the Bollinger Bands depicted increased volatility.
A buy signal occurred before the 24-hour trade concluded on the 16th of September per the Moving Average Convergence Divergence (MACD) technical indicator. The ETH price line trades near the lower Bollinger Band and below the baseline moving average. The lower Bollinger Band appears to provide good support to the ETHUSD trading pair.
What’s next for Ethereum’s price?
The Trading View analyst YM Group believes that the ETH price will rise past the $400 mark soon. The important support level is placed at $355 and if the cryptocurrency continues to hold the support level, it is expected to turn bullish.
The ETH price has recently bounced above the $355 support level and it will now rally towards the $400 mark per the analyst. The resistance lies near $405, and ETH price is expected to test this resistance next. Market volatility is very high as the cryptocurrency market continues to rise in the first post-COVID-19 recovery phase.
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