Market Direction

Ethereum (ETH) price prediction today: Will ETH rally from $2,150 support?

Published: Sep 16, 2024

But our expectation is that $2,150 holds and that this can be a local bottom for ETH before we head in to Q4. We are expecting a more positive week this week as we're expecting J Powell to be dovish for markets. If this is the case, then this might be the catalyst needed for ETH to retest $2,557.

ETH's Funding Rate has turn negative in the last 16 hours whilst Open Interest has substantially increased.
This indicates that more traders are Shorting ETH here, and they may become vulnerable to a Short-squeeze, especially if bid returns to ETH here.

ETH funding rate:

Chart-displaying-Ethereums-OI-Weighted-Funding-Rate-and-price-movements-showing-fluctuations-between-2400-and-2300

For ETH, we're using a more zoomed out chart to highlight the significance of the $2,150 horizontal support. We're viewing ETH on the 3D chart.
If ETH were to lose the $2,150 horizontal support, this would likely open the door to a swift move down to $1,745. We're not expecting this level to be lost though, at least for now.
ETH has broken out of it's local downtrend line, but so far price wasn't able to retest the underside of the local resistance at $2,557, which we initially thought would be very achievable.
One positive is that the 3D RSI is close to breaking a downtrend that has been in place since the price cycle high in March, and close to oversold territory, indicating a bounce could be on the cards soon even if it takes more time to play out.

Ethereum price chart showing key resistance at $2,557, support at $1,745, and RSI at 37 with downtrend continuation.

Cryptonary's take

Hard to call ETH here. The current structure has points that suggest price could currently be close to a mid-cycle low, however, we have seen weakness for a long while now, where ETH has struggled to put in any meaningful bounces. Whilst we believe the $2,150 horizontal support can hold, we do have to be open to the idea that ETH could see $1,745 again.

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

What is Ethereum: Ethereum (ETH) is a groundbreaking decentralized platform that facilitates the creation and execution of smart contracts and decentralized applications (dApps) without the need for intermediaries. Launched by Vitalik Buterin in 2015, Ethereum's innovative blockchain technology enables a wide range of applications and has become a cornerstone of the decentralized finance (DeFi) space. Ethereum's ATH is $4,868. How to buy ETH:

Via Centralized Exchange (CEX):
1. Select a CEX like Binance, Coinbase, or Kraken.
2. Sign up and complete any verification processes.
3. Deposit funds into your account.
4. Go to the ETH trading section and purchase ETH.