• Ethereum Price Analysis: ETH Surges 8% Daily to Set New August Highs

  • ETH/USD — Ether finally breaks over the August resistance.

    $3350, $3200, and $3000 are the key support levels.

    The key resistance levels are $3540, $3600, and $3700.

    Since mid-August, when it established resistance at $3350, Ethereum has been caught in a consolidation period. The cryptocurrency was unable to surpass the bearish resistance. 618 Fib Retracement resulted in the formation of a symmetrical triangle.

    For the previous two weeks, ETH has been trading within this triangle pattern, with a low of $3000. It finally broke through the consolidation today, surging past the $3350 August barrier and passing $3400.

    Price Prediction for ETH/USD in the Short Term

    Looking ahead, the first point of resistance is now at $3540. (1.618 Fib Extension).Following that are $3600, $3700 (1.414 Fib Extension – blue), and $3790. (bearish .786 Fib).

    The first support, on the other hand, is at $3350. Following that are $3200 (20-day MA), $3000 (.236 Fib Retracement), $2890, and $2740. (50-day MA).

    The RSI recovered from the midpoint last week and is now heading higher as momentum begins to build.

    ETH/BTC – ETH Breaks Price Channel Descending

    Key support levels are 0.07 BTC, 0.0691 BTC, and 0.068 BTC. Key resistance levels are as follows: 0.072 BTC, 0.0733 BTC, and 0.0754 BTC.

    ETH is also performing well against BTC, with a return to the August highs of 0.0733 BTC on the horizon. Since mid-August, ETH has been unable to break above 0.07 BTC, establishing a declining price channel.

    ETH fell as low as 0.0651 BTC in the price channel, where it found support at the 100-day MA and a.5 Fib. ETH finally broke above the falling price channel yesterday, effectively ending the short-term downturn. Today, it broke through 0.07 BTC and approached the 0.072 BTC (bearish.618 Fib) barrier.

    Price Prediction for ETH/BTC in the Short Term

    Moving forward, the first level of resistance is located at 0.072 BTC (bearish .618 Fib). Following that are 0.0733 BTC, 0.0754 BTC (1.272 Fib Extension), 0.0765 BTC (bearish.786 Fib), and 0.08 BTC.

    On the other hand, the first support level is now at 0.07 BTC. Following that are 0.0691 BTC (July highs), 0.068 BTC (20-day MA), and 0.066 BTC.

    Similarly, the RSI rebounded from the midline today, indicating that buyers continue to control market momentum and that bullish momentum is increasing.

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