Ethereum Price Prediction: ETH Drops to $1,640 – SEC Delays Depressing Price?

Updated: 01 September 2023

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Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Ethereum (ETH) has succumbed to selling pressure at the $1744 mark, causing the previously strong bullish momentum to retreat.

This comes as a consequence of another setback in the optimism surrounding the approval of the Bitcoin ETF.

The SEC has decided to extend the deadline by an additional 45 days to evaluate six ETF requests, explaining that they require more time for a proper review.

The recent bearish price change in ETH has completely wiped out the bullish progress that came about after the Grayscale court ruling earlier this week.

It seems like the positive momentum has been overshadowed by this sudden downturn. At 5:50 a.m. EST, the price of ETH is trading at $1644 indicating a 3.5% decrease in value over the past 24 hours.

However, its daily trading volume indicates a 79% increase to $11 billion.

ETH Price Bears Force Price Below Descending Triangle

ETH/USD Chart Analysis. Source: Tradingview.com — ETHUSD Chart Analysis. Source: Tradingview.com

ETH’s price is trading within a bullish pennant pattern, signaling the potential for an upward move.

However, the bears seem to have dropped the price, as indicated by the red daily candlestick, after retesting the lower boundary of the descending triangle within the pennant at $1744

The Relative Strength Index (RSI) supports the bearish outlook, trading downwards from its 50-mark neutral position.

The RSI stands at 37, indicating intense selling pressure for ETH. A potential target could be around the 30 level.

On the other hand, the price-moving averages present a different perspective. The 50-day and 200-day moving averages are currently positioned above the current price at $1801 and $1744, respectively.

Furthermore, the 50-day SMA shows indications of crossing the 200-day SMA. However, this is yet to be established, as it will likely rebound on the 200-day SMA.

The ETH price exhibits a generally bullish outlook, supported by the bullish pennant pattern. Key levels to watch are $1973 and $2405.

However, the rejection at $1744 will force the bulls to retreat, with crucial support expected around $1531. This support level could be a platform for bullish momentum to regather and push the price higher past the daily SMAs, reaching the $2150 resistance point.

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$SONIK Gathers over $900k Funding and Unique Staking Feature Before Presale End

$SONIK has amassed an impressive $908,671 in funding, as the presale is set to conclude in just four days.

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Sonik Coin (SONIK)100x Investment

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