On Sept. 9, 2024, ethereum’s price hovers at $2,309 as it struggles to break free from a strong downtrend, observed across multiple timeframes.
Ethereum’s price hovered around $2,309 on Monday evening, Sept. 9, as the second-largest crypto showed signs of struggling to break free from a strong downtrend observed across multiple timeframes.
The market appeared uncertain, with oscillators showing mixed signals and moving averages (MAs) indicating a bearish outlook. While there were signs of accumulation near current support levels, the broader market environment called for caution from traders.
Ethereum’s 1-hour chart showed a range-bound market, with prices fluctuating between $2,240 and $2,340. Support was firmly held at $2,240, while resistance loomed at $2,338. Recent volume spikes indicated a lack of follow-through buying pressure after the drop to $2,240, signaling indecision among traders. As the market remained in consolidation, ether’s next move would likely hinge on a breakout from this range.
On the 4-hour chart, ether showed a mild recovery after hitting a low of $2,149. Minor support had formed at $2,240, while resistance remained at $2,338 and $2,450. The drop from $2,500 to $2,200 saw a significant sell-off, but post-selloff volume decreased, indicating weak bullish momentum. Traders could consider waiting for a decisive move above $2,350 or preparing for a further decline if the price breaks below $2,300.
Daily chart analysis painted a clearer picture of ether’s prolonged downtrend. The market had seen consistent lower highs and lower lows, with support found around $2,149 and resistance near $2,823. The significant volume during the recent sell-off highlighted potential capitulation, but the lack of a strong reversal pattern suggested the market was still vulnerable. A cautious entry near $2,200-$2,300 may be viable, but risk management was crucial.
The oscillators provided mixed signals for ether. The relative strength index (RSI) at 37 was neutral, while the commodity channel index (CCI) and momentum suggested a buy signal, indicating potential upward pressure. However, the moving average convergence divergence (MACD) at -121.2 signaled continued bearish momentum, while the majority of MAs — both exponential and simple — remained in sell territory, reinforcing the overall downtrend.
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