Ethereum (ETH) cryptocurrency rate began to rise again and overcame an important resistance zone. Therefore, ETH/USD should rise to $ 4,100 by September 23rd.
The bearish trend ended on Ethereum market on September 13, and ETH/USD went up. The cryptocurrency gained 18% in three days. The bulls broke through the resistance barrier around $ 3,485, which coincides with 23.6% Fib taking into account the pump, from $ 1,707 to $ 4,036. Moreover, ETH value started to move above the exponential moving average indicator EMA Ribbon again.
Taking into account the current dynamics of changes in the value of ETH, it can be assumed that the rate of the coin will increase to $ 4,000 within the next week. If buyers take this barrier, then ETH price will rise to at least $ 4,100. The $ 3,485 resistance barrier has become a powerful support zone. Therefore, the bears have little chance of dropping Ethereum rate below this mark on the first try.
ETH rate traditionally falls in September. This year, the asset price fell by 25%, in 2020 – by 36%, in 2019 – by 32%, and in 2018 – by 45%. Each fall following the dump, the downtrend persisted and the value of the coin did not reach its original peak. If this situation repeats for the fourth time in a row, then the bearish trend will dominate until the beginning of December. In this case, the price of the coin will decline to at least the previous bottom – $ 1,700.
Wave theory suggests that Ethereum market may now be in a third downward wave. During the dump, buyers unsuccessfully tried to break through the support around $ 1,700 four times. Therefore, it seems that the price of the cryptocurrency will not fall below this value.
It is still too early to make a forecast for an increase in the value of the coin in the medium term. A positive scenario is possible if the coin rate exceeds $ 4,000. Otherwise, we should expect a downward movement towards $ 1,700. In addition, a contracting triangle is forming on the chart, the lines of which will cross on October 6. Consequently, within the next three weeks, the level of volatility may begin to decrease. If this happens, then the price of ETH will fluctuate in the range from $ 3,700 to $ 3,300. The pattern is bearish, so the figure should be broken down to about $ 2,500.
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