Ethereum (ETH) Price Analysis for September 8

Buyers are trying to seize the initiative, however, most of the coins remain in the red zone.

ETH/USD

The price of Ethereum (ETH) has declined by 0.17% over the last 24 hours.

On the hourly chart, the price of Ethereum (ETH) has made a false breakout of the local support of $1,622.5. If bulls can hold the initiative and keep the rate above that mark, there is a chance to see a local rise to the $1,640-$1,650 area soon. Such a scenario is relevant until tomorrow.

On the daily time frame, buyers could not keep yesterday’s rise going as the bar is about to close below the previous bar low.

If the decline continues to the vital area of $1,600 and fixes below it, the accumulated energy might be enough for a further drop to the nearest support level of $1,543.

A less clear picture can be seen on the weekly chart as the price remains trading within the previous candle. But if the bar keeps falling to the support level, one can expect a blast to the $1,500 zone. Such a scenario is relevant until the end of the month.

Ethereum is trading at $1,627 at press time.

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