Etheruem, BTC and other altcoins are under pressure due to uncertainty about the US Federal Reserve rate hike. If the expected increase in bps to 0.75% is chosen, this could change. For the past few weeks, the bears have been defending $1,732 as the 20-week EMA. This indicates that Ether sentiment is still bearish, and traders are selling on rallies. In the past 24 hours, the asset price has increased by nearly 5% and the volume has fallen 14.6%. At the moment, ETH dominates at 17.75%.
At the time this article was written, ETH was trading for $1,365.5.
Chart for Ethereum (ETH).
ETH rallied to $1,789 after making a bullish Engulfing pattern at $1.422 on 29 Aug. The prices were then faced with stiff resistance at $1750 (23.6% Fibonacci retracement level) and experienced a sharp correction. The weekly low of $1,281.1 was reached by the asset which fell nearly 17.2%. ETH has taken support, and reversed its decline from the $1,275 key level. If prices remain above the support, then the bulls will resume their up-move. A break or close below the support can lead to further decline.
Support 2Support 1AssetResistance 1Resistance 2$1,000$1,275ETH$1,750$2,000
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