Opportunity on ETH price after the drop? – Ethereum on September 23

Entities that have more than 100 BTC continue to engage in accumulation behavior, but large wallets aren’t just interested in the king of crypto. Indeed, whales have recently turned to Ethereum. The price of ETH has returned to near $4,000, but this could be an opportunity for enthusiasts of the second-largest capitalization of the crypto market. Zoom in on ETH’s technical situation!

Ethereum price drops 6.7% in a week.

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After rising between April and August, the price of Ethereum is taking a break. Indeed, the share price fell by 6.7% in one week and by more than 10% in one month. Despite this recent decline, the share price remains up by more than 70% in three months and more than 100% in six months.

Bitcoin is attracting capital again as the ETH/BTC pair falls by 4.7% in a week and 10% in a month. Even though ETH has been on the back foot for a few weeks, buyers may not have said their last word.

Ethereum price could bounce back and regain its ATH

ETH has dropped nearly 20% since the recorded high of $4,950 on Binance. Despite this decline, the price maintains an upward momentum every week, and an opportunity could emerge on the second capitalization of cryptocurrencies:

Buyers could show themselves at the bullish moving averages (EMA 9/EMA 18) and around the support at $3,900. In theory, the level at $3,900 could now allow the price to rebound. To continue showing bullish momentum, ETH will need to recover and close above the last high at $4,950.

The RSI momentum indicator has been rising for several months. Therefore, the momentum is bullish every week.

ETH price fluctuates between $4,700 and $4,000

Zooming in on the day, we can see that the price is still in an upward momentum. ETH has been lateralizing for several weeks between $4,700 and $4,000.

With the underlying trend being bullish, the price could resume its ascent. But for this to happen, it will be necessary to get sellers to give in around $4,700. On the other hand, if the support at $4,000 is broken, the price could join the next support located at $3,500. For its part, the RSI is diverging. The momentum is therefore fragile as long as the RSI is trading below the bearish trendline.

Ethereum’s price is fluctuating $4,700 and $4,000. If the resistance at $4,700 is breached, ETH could move back towards $5,000. But beware, as signs of a slowdown have been recorded daily. At the same time, the capitalization of altcoins has shown resilience by marking an ATH.