On 19th Sept we published bearish sentiments on the ETH/USD when the prices were hovering at 3374 i.e our best sell zone, the market structure and price action was indicating that the fundamentals and technicals were on the same page that drove the pair below 61.8% fibo level 3371 - followed by a touch down at 38.2% fibo level 2747 (strong support zone). Ethereum (ETH) price action is stuck in a range between 2747 and 3371 for seven consecutive days. Bulls are trying to push price action further upward with the Relative Strength Index (RSI) and global market sentiment very much in their favor. Around 2747, there is the purple horizontal line that holds historical support from June 15. Around that same level, the monthly S1 support level for September is floating as well. ETH price action has been very responsive to that S1 support level. 

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

Ethereum price will target 3371 as the first point for some profit-taking with some short-term historical importance at this level. Bear in mind that this level has been chopped up quite a lot this month, so it will not be that well respected. But it could spread out profit-taking even toward 3700.

Should the bears in ETH price action be able to push buyers out of their positions, helped by a shift in market sentiment for example, expect a run back to the lower leg of the range trade at 2747. As the 55-day Simple Moving Average (SMA) is hovering just below there, expect sellers to face quite some headwind from this technical support that will likely limit further downside in the short-term.

ETH/USD

Sep 28 2021