Ethereum (ETH) Forecast for September 4: Expert Analysis and Insights
Buyers have been unable to sustain the recent uptrend, as indicated by CoinMarketCap data.
The price of Ethereum (ETH) has experienced a 4.63% decline over the past 24 hours.
Analyzing the hourly chart reveals that ETH is currently positioned within a local channel, with support at $2,306 and resistance at $2,449. Given that most of the daily Average True Range (ATR) has been traversed, the likelihood of significant price movements in the near future is minimal.
A broader perspective shows that the leading altcoin’s value has continued to decrease following yesterday’s bearish close.
Should the candle conclude significantly above its lowest point, traders might observe a rebound towards the $2,500 level in the short term.
Looking at the medium-term outlook, no signs of a reversal have emerged yet. As long as the price remains below the critical threshold of $2,500, a sustained downtrend remains plausible.
At the time of writing, Ethereum is exchanging hands at $2,401.
In summary, Ethereum’s price trajectory remains uncertain, with potential for both further declines and short-term recoveries. Traders are advised to closely monitor key support and resistance levels for potential trading opportunities.
