Ethereum Struggles Despite Recovery! ETH Price To Retest $2.1K?

The post Ethereum Struggles Despite Recovery! ETH Price To Retest $2.1K? appeared first on Coinpedia Fintech News

Despite increased bearish action, the Ethereum price has held its value above its important support trendline of $2,500. This indicates a high possibility of a bullish reversal in the price of ETH tokens during the coming time.

Following this, investors are curious with queries like, “Will ETH price go up?” and “When will Ethereum reclaim $3K?” to restructure their investment plan for the upcoming weeks.

In this article, we have uncovered the mysteries by giving detailed market sentiment, price action, and potential price targets of Ethereum (ETH) for September.

For longer-term investment or to find out when “Will ETH Price Hit 5K?”, scroll through CoinPedia’s Ethereum price prediction article.

ETH Coin Price Losing Momentum

With a drop of approximately 1%, the Ethereum price has faced rejection at its important resistance zone above the $2,500 level. Notably, the altcoin leader has been trading within a descending channel pattern since mid-July. Moreover, it is on the verge of testing its resistance trendline, the outcome of which is uncertain.

TradingView: ETH/USDT

In the longer time frames, the Ethereum crypto has dropped approximately 5% and 15.62%. With a YTD return of +9.94%, this altcoin is currently trading with a price tag of $2,505 and has a market capitalization of $301.792 Billion.

The Moving Average Convergence Divergence (MACD) records a constant flatline with its averages displaying a neutral trend. Further, the SMA indicator is on the verge of recording a bearish convergence. This suggests a weak bullish sentiment for the altcoin leader.

Ethereum (ETH) TVL Records 30% Drop From Its Yearly High

With a bullish Q1, the Ethereum TVL recorded a significant rise in its $75.50 Billion to $86.36 Billion during March. However, as the market stabilized, the TVL experienced a neutral flow for the next three months.

Source: DefiLlama

Following the launch of Ethereum ETF, ETH coin prices experienced a massive uptrend. This resulted in its TVL recording a high of $160.518 Billion on 6th June. since then, it has plunged 30.48% and is currently valued at $111.581 Billion.

In spite of recording a bearish August, the TVL has recorded a stable action. On a bullish note, the rising TVL during the upcoming time could act as a catalyst for the price of the Ethereum token to experience a bullish rebound.

Will The Ethereum Price Go Up?

Maintaining the value above the resistance level of $2,500 could set the stage for ETH crypto to test its upper level of $2,800 in the coming time. Furthermore, if the bulls continue to gain momentum at that point, the altcoin leader may prepare to reclaim its $3K mark.

However, if the market sentiments don’t favor the bulls, the Ethereum token could plunge toward its crucial support trendline of $2,175 this month.