Ethereum Technical Analysis Report | 20th-September-2022

Uncertainty about the next US Federal Reserve rate hike is keeping Etheruem and other altcoins as well as BTC under pressure. This could change if the expected increase of 0.75% bps is selected. The bears have been defending the 20-week EMA that is $1,732 for the past few weeks. This suggests that Ether sentiment remains bearish and traders are selling on rallies. The asset price has risen by almost 5% while the volume has fallen by 14.6% in the last 24 hours. ETH dominance at present is about 17.75%.

At the time of writing, ETH was trading at $1,365.5.

Ethereum Price Chart | 20th September 2022
Ethereum (ETH) Chart

ETH after making a ‘Bullish Engulfing’ pattern at $1,422 on 29th Aug rallied up to $1,789. Post this move, the prices faced stiff resistance at $1,750 (23.6% Fibonacci Retracement Level) and witnessed a sharp correction. The asset fell almost by 17.2% making the weekly low $1,281.1. ETH has taken support and has reversed from the key level of $1,275. If the prices hold and sustains above this support then we can expect the bulls to resume the up-move whereas a break and close below the support will lead to further downfall.

  Support 2Support 1AssetResistance 1Resistance 2

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