Ethereum (ETH) cryptocurrency rate is correcting after a powerful dump, but control over the market remains by bears. Therefore, ETH/USD should drop to $ 310 by September 17th.
On September 2, the value of Ethereum reached its maximum in the last two years – $ 484 (on the Bitstamp exchange). Then the asset price plunged 36% in three days. After reaching the bottom at $ 310, ETH price began to grow gradually and increased by 6% over the last 24 hours.
As a result of the correction, the dynamics of changes in the value of ETH went beyond the bearish trend with a resistance zone of $ 351, which arose on September 2. Moreover, the contracting triangle that formed from September 6 to 9 was broken upward. These factors indicate the continued upward trend in the short term. If buyers break through the resistance at around $ 380, then the cryptocurrency may well rise in price to $ 400.
Ethereum began to rise in March from $ 100. The uptrend support zone is around $ 300, so the asset is likely to be dumped to this level. The current phase of the ETH price rise is a correction after a massive sell-off of an asset, not a reversal in the market. This fact is confirmed by the fact that during the dump, the coin rate did not even fall to the trend line. The whales want to convince traders to continue the bull run in order to get them to buy coins at $ 370-380.
Given the data on the chart, over the next week, ETH will fall in price to $ 310, while the potential bottom is located at $ 300. In the medium term, the virtual currency rate can drop to $ 220-250. In this range, there is a zone of resistance to the downtrend, which started in June 2019, which will now act as a support barrier due to the change in the global trend to bullish.
Analysis of historical data suggests that ETH has a chance to set a new record in value during the next parabolic cycle. Of course, the main driver of Tuzemun will be technological innovation aimed at improving the performance of the blockchain. If the problem with high transaction processing fees is not resolved, then no amount of DeFi will help Ethereum to fly to the moon.