Introduction:

Ethereum, the second-largest cryptocurrency, stands at a pivotal juncture amidst market uncertainty. Currently trading at $1,657.90 with a market cap of $196.03 billion, Ethereum’s fate in the coming weeks remains uncertain. It could see significant gains above $1,600 if market conditions remain favorable, or it might tumble below $1,300 in the event of a market downturn. In the broader crypto market, Bitcoin’s price is on the rise, nearing the $27,000 mark, while XRP maintains support at $0.50 despite regulatory challenges.

ETHEREUM:

Due to market uncertainty, Ethereum price could be a turning point.

The price of Ethereum, the second-largest cryptocurrency by market capitalization, may be at a turning point in the upcoming weeks and may either drastically increase or decrease. On Monday, Ethereum was trading at $1,657.90 and had a market capitalization of $196.03 billion.

Ethereum price can continue to increase above $1,600 if the market is still favorable. But in the next weeks, Ethereum price could fall below the $1,300 threshold if the market experiences a collapse. In a severe crisis, the price of Ethereum might possibly fall to $1,000 once more, especially if the Digital Currency Group (DCG) experiences insolvency.

These Ethereum predictions are based on conceivable events that might take place over the upcoming few weeks. Due to these uncertainties, an investment in Ethereum should probably be made in the long term at this time.

Technical Overview:

Moving Averages:

Exponential:

• MA 5: 1636.18 | Positive Crossover | Bullish
• MA 20: 1626.07| Positive Crossover | Bullish
• MA 50: 1629.55 | Positive Crossover | Bullish

Simple:

• MA 5: 1638.58 | Positive Crossover | Bullish
• MA 20: 1622.68| Positive Crossover | Bullish
• MA 50: 1620.24 | Positive Crossover | Bullish

RSI (Relative Strength Index): 55.54| Buy Zone |Positive

Stochastic Oscillator: 40.54 | Neutral Zone | Negative

Resistance And Support Levels: 

• R1: 1661.48 | R2: 1736.27
• S1: 1598.59 | S2: 1523.80

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 1685.28 | Take Profit: 1736.27 | Stop Loss: 1651.28.

Elsewhere In the Crypto Market

Following a dismal August, the price of bitcoin is steadily rising and approaching the $27,000 mark. With the Federal Reserve’s interest rate announcement on Wednesday, bitcoin price likely heads into volatile territory.

Despite a negative turn of events that saw the altcoin removed from the NYDFS green list, the price of XRP managed to remain above crucial support at $0.50.

Bitcoin up (1.51%) at 27,181.40, Ethereum up (1.76%) at 1,651.32, Litecoin up (3.17%) at 67.97, Solana up (2.70%) at 20.16, Doge coin up at (0.68%) at 0.62 as of writing time.

Key Economic Events & Data Release Today:

(EUR) CPI (YoY) (Aug) Forecast 5.3%, Previous 5.3% at 14:30.