ETH / USD remains within the upper level of its medium-term range as it hovers below important resistance levels that peaked on August 23.
As the month of September prepares to begin, ETH / USD appears to have the ability to enter the month within the upper level of its price range over the medium term. On August 3, ETH / USD was trading in sight of the 2400.00 level, having seen lows on July 20 near the 1700.00 mark. Ethereum has enjoyed solid upward momentum in the last month as positive purchases have been shown repeatedly.
Interestingly, the ETH / USD low, having reached its medium-term high just a week ago, slid to near 3050.00 on Aug 25 and 26. The lack of a spectacular sale may attract more buy bets as Ethereum continues to show an amount of value and medium fairly steady and capable. Certainly things can go south in an instant, ETH / USD is a major cryptocurrencies and if the market turns suddenly volatile, a steep decline is never out of the question. Having suffered a trend To substantial bearish from May to near the end of July, ETH / USD cannot be treated as a one-way upward ticket.
However, the current momentum of ETH / USD opens the door for possible speculative positions that look at the current price of the cryptocurrency and believe that it may have more room to the upside. The high of almost 3,400.00 on August 26 touched prices that had not been experienced since mid-May. Yes, ETH / USD is still well below its highs of almost 4400.00 that were reached on May 12. However, ETH / USD is almost double its value after hitting a low water mark in late July.
Ethereum and the other major cryptocurrencies remain speculative assets and this is not going to change anytime soon. ETH / USD’s ability to nearly double in value within a month of tradingIt also means that the cryptocurrency can once again be described as within a lush buying period, the use of the word bubble is avoided as ETH / USD remains below its May highs. However, Ethereum is closer to its all-time highs than its July lows. ETH / USD’s ability to stay within its current price neighborhood in the coming days must be watched carefully. If the 3000.00 level is able to hold, speculators might be tempted to place buy bets on the direction.
ETH / USD Forecast for September:
The speculative price range for ETH / USD is from 2013.00 to 4024.00.
ETH / USD is close to a major juncture and if it is able to sustain above the 3100.00-3000.00 levels you could find that buyers continue to be lured by its one-month bullish trend. After having peaked at nearly 3400.00 just a week ago, if this level begins to be tested and prices suddenly begin to challenge the 3500.00 ratio, the traders They may become even more emboldened and buy into what they perceive as a positive impulse. Unbelievably, if support levels can rise, be solid, and not break out with great speed, it can be suspected that ETH / USD could make a serious move towards the top of 4000.00 again.
However, if the ETH / USD buying streak starts to see its power eroded and the coordinates of 3100.00 to 3000.00 start to be tested, bearish speculators may start looking at the 2800.00 level as a target. For a long period of time during the bearish saga that ran from late May to late July, the 2700.00 value was important, but crucial above all as resistance. If 2700.00 turns out to be suddenly vulnerable and the value of ETH / USD falls below this mark, bearish traders may see this as an indication that more selling is going to break out on Ethereum.