Ethereum
ETH/USD Forecast Today – 09/05: Testing Support (Chart)
- Ethereum saw a slightly negative trading session on Wednesday, as we continue to hold around the crucial $3,000 level.
- The $3,000 level is of course a big, round and psychologically significant number, and it will be an area that many people will pay attention to.
- However, a lot of different things are happening at the same time, so I think it’s probably only a matter of time before we have to make a bigger decision.
Remember, the market is primarily driven by the idea of what bitcoin is doing, and right now bitcoin Looks like he’s having trouble. If the Bitcoin market begins to collapse, the Ethereum market will certainly follow the same path. At this point, we could see the market move down towards the 200-day EMA, which is closer to the $2,600 level. This should provide considerable support, but if we were to breakdown there, things are going badly.
On the other hand, if Bitcoin turns around and shows signs of strength again, then Ethereum should also follow in this scenario. If we can overcome the 50 day EMA, then it is likely that Bitcoin could really start to take off higher, perhaps reaching the $3,600 level. Keep in mind that Bitcoin has the advantage of having an ETF that a lot of people would pay attention to on Wall Street, so what you’re hoping for is a little “ripple effect” from that market to this one .
Ethereum also has a major influence on crypto in general, so even if you don’t trade on this particular market, it will have a major influence on other smaller coins you deal with, many of which are at the top anyway of the Ethereum ecosystem. In general, this could be a base pattern that we are forming, but at the moment we need a little follow-up in order to be aggressive on the upside. I have no interest in shorting this market, at least not yet, but at this point it seems a little slow to say the least.
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