Can Ethereum (ETH) Defy the Odds and Rise in September?

• Ethereum (ETH) continues to trade at $2.5K.
• Buterin currently holds about 240K ETH, worth $606 million.

As August ends today, Ethereum (ETH) is harrowing to hold up its upside momentum. ETH’s previous upward momentum has reversed and witnessed significant bearish momentum. This largest altcoin fails to break the oscillating price range and chooses to consolidate within $2.5K-2.6K.

Notably, ETH hit its seven-month low at the $2.1K range on August 5. As days progressed, it recovered from the dip and traded in the $2.7K range. Over the last 24 hours, ETH has briefly recovered by 0.57%. At the time of writing, the asset traded at $2,528 with a market cap of $304 billion. Meanwhile, the daily trading volume is slightly up by 4.19%, noting $14.56 billion, as per CMC data.

On the other hand, ETH founder Vitalik Buterin transferred 800 ETH, worth approximately $2 million, according to on-chain data. Earlier in August, Buterin sent a total of 3,000 ETH, valued at around $8 million, to another wallet, which raised concerns among the community. According to Arkham, he currently holds about 240.171K ETH, worth about $606 million.

What’s Coming Up for ETH?

Zooming in at the monthly price chart, Ethereum has dropped by 23.04%, which traded at a low of $2.2K range. Besides, the downside pressure continued over the past week with a decline of 8.12%. The asset’s price started trading in green and later slipped to the downside, which traded between $2,818 and $2,421.

The nearby positive breakout of ETH at $2,570 could pave the way for the asset to test its key resistance at the $2.6K range. However, if Ethereum fails to climb up, it may enter the consolidation period, which could drive the asset’s price to $2,420.

ETH price chart (Source: TradingView)

While inferring the technical chart of Ethereum, the daily relative strength index (RSI) is positioned at 40.22, entering the neutral zone in the market. Moreover, the daily frame of the asset suggests the bear hold as the short-term 9-day and long-term 21-day moving averages (9MA and 21MA) are noted above the current price momentum.

Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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