Ethereum (ETH) Price Analysis for September 19

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Bulls could not seize the ini­tia­tive for a long time as all of the top 10 coins have come back to the red zone.

Top coins by CoinMarketCap

ETH/USD

The rate of Ethereum (ETH) has declined by 4.50% over the last 24 hours.

ETH/USD chart by TradingView

How­ev­er, on the hourly chart, the sit­u­a­tion is dif­fer­ent. The price has made a false break­out of the local sup­port lev­el at $1,284, show­ing buy­ers’ pres­sure. If buy­ers can keep the rate above the $1,300 mark, there are chances for fur­ther growth.

ETH/USD chart by TradingView

On the dai­ly time frame, the price has bounced off the mir­ror lev­el at $1,287 against the increased vol­ume. How­ev­er, it is too ear­ly to think about a fast recov­ery as Ethereum (ETH) needs more time to accu­mu­late pow­er for a midterm rise. In this case, side­ways trad­ing in the range of $1,300-$1,400 remains the more like­ly scenario.

ETH/USD chart by TradingView

On the big­ger chart, there is also a false break­out of the men­tioned lev­el;  how­ev­er, the week has just start­ed and every­thing can change by Sat­ur­day. How­ev­er, if a slow rise to the $1,400 zone starts, bulls have the chance to seize the initiative.

Ethereum is trad­ing at $1,355 at press time.

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