RATE Group | Ethereum (ETH) Daily Price Forecast – September 6
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Ethereum (ETH) Daily Price Forecast – September 6

06 Sep Ethereum (ETH) Daily Price Forecast – September 6

Posted at 10:11h in Ethereum News by

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Ethereum's New 2 ETH Block Reward Cap

ETH/USD Medium-term Trend: Bearish

Resistance Levels: $250, $270, $290
Support Levels: $200, $180, $160

Yesterday, September 5, the price of Ethereum was in a sideways trend. The price was fluctuating between the levels of $320 and $260 before the advent of the bearish breakout. Now that price has broken the lower level of a price range which is $260, the cryptocurrency has fallen to its low at $212, the first low since the beginning of this year. The price pulled back when the price fell to the low of $212.

Traders are to look out for buy setups to initiate long trade as soon the bearish pressure is over. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price of Ethereum is below the 12-day EMA and the 26-day EMA which indicates that the bearish trend is ongoing. The Relative Strength Index period 14 is level 13 which indicates that the market is oversold suggesting bulls to take control of the market.

ETH/USD…

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