Ether continues to range trade but is seeing small bid
Ether continues to range trade but is seeing small bid amid heightened Fed rate cut expectations.
Ether continues to range trade
Ether bullish case:
Ether continues to trade within a tight sideways trading range but is trying to recover from its lower boundary towards its recent $4,484.04-to-$4,498.16 resistance area.
For it to resume its medium-term uptrend, a rise above the 31 August high at $4,498.16 would need to be seen. In this scenario the 27 August high at $4,661.57 would possibly be next in line.
Further up lie the mid-August high at $4,789.73 and the 24 August record high at $4,954.16.
This bullish technical scenario may ensue as long as the 1 September low at $4,214.82 holds on a daily chart closing basis.
Ether bearish case:
Were Ether to slip through its early September low at $4,214.82, the major $4,105.53-to-$3,941.08 support area may be revisited. It consists of the March, May and December 2024 as well as the July 2025 highs and as such should act as strong support.
If not, the 21 July high at $3,858.25 may be revisited as well.
Only a major bearish reversal and fall through the next lower early August low at $3,356.65 would increase the odds of a medium-term top forming, though.
In this scenario the area between the February-to-June highs at $2,879.45-to-$2,733.27 may be revisited.
Ether daily candlestick chart
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