Ethereum (ETH) Price Prediction and Technical Analysis September 2022: Will ETH Price Go Up?

Despite increased bearish action, the Ethereum price has held its value above its important support trendline of $2,500. This indicates a high possibility

The price of Ethereum (ETH) has remained largely stagnant over the past 24 hours, with a slight drop of 0.8% being recorded. This comes as the altcoin leader continues to trade within a descending channel pattern on the longer time frames.

After testing its resistance at the $2,500 level, ETH price is now poised to test its upper resistance trendline, the outcome of which could determine the next directional move for the altcoin.

ETH Coin Price Analysis: 1-Day Chart

The price of ETH coin has dropped by about 1.5% and 5% over the longer time frames. This altcoin has recorded a YTD return of +9.94% and is currently trading at the price of $2,505 with a market cap of $301.792 Billion.

After facing rejection at the resistance above the $2,500 level, the ETH crypto has recorded a minimal loss in its price value. This comes as the altcoin continues to trade within a descending channel pattern on the longer time frames.

Moreover, the Moving Average Convergence Divergence (MACD) showcases a constant flatline with its averages displaying a neutral trend. However, the SMA indicator is on the verge of recording a bearish convergence, indicating a weak bullish sentiment for the altcoin leader.

Ethereum (ETH) TVL Shows a 30% Decrease From Its Yearly High

In the first quarter of the year, ETH TVL experienced a bullish trend, rising from $75.50 Billion to $86.36 Billion in March. However, as the market stabilized, the TVL experienced a neutral flow for the next three months.

With the launch of the Ethereum ETF, ETH coin prices saw a massive uptrend, leading to a record-high TVL of $160.518 Billion on 6th June. Since then, the TVL has dropped by 30.48%, currently valued at $111.581 Billion.

Despite a bearish August, the TVL has recorded a stable action. Notably, a bullish outlook suggests that rising TVL in the upcoming time could serve as a catalyst for the price of the Ethereum token to experience a bullish rebound.

ETH Crypto Price Analysis: Will The Price of Ethereum Go Up?

If the ETH crypto manages to maintain its value above the resistance at the $2,500 level, it could pave the way for ETH crypto to test its upper level of $2,800 in the coming time. Additionally, if the bulls gain momentum at that point, the altcoin leader could prepare to reclaim its $3K mark.

However, if the market sentiments don’t favor the bulls, the Ethereum token could plunge toward its crucial support trendline of $2,175 this month.

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