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    Home » ETH » Ethereum Price Analysis: ETH Eyes $3,800 Following a 17% Weekly Surge

    Ethereum Price Analysis: ETH Eyes $3,800 Following a 17% Weekly Surge

    Author: Yaz Sheikh

    Last Updated Sep 2, 2021 @ 13:06

    Ethereum is now up a total of 17% this week as the cryptocurrency exploded past $3350 to reach higher than $3825 (1.272 Fib Extension).

    ETH/USD – Ether Explodes After Triangle Breakout

    Key Support Levels: $3640, $3510, $3400.
    Key Resistance Levels: $3825, $4000, $4060.

    Ethereum penetrated the consolidation pattern this week, which was in play since mid-August when the coin failed to break resistance at $3350. This resulted in it forming a symmetrical triangle pattern for the second half of August and gaining about 17% in a week.

    On Tuesday, ETH bounced from the 20-day MA and broke above the symmetrical triangle. It then continued to break the August resistance at $3350 (bearish .618 Fib) to climb above $3400.

    It went higher yesterday as it surged from $3400 to reach higher $3825 (1.272 Fib Extension). It has since dropped from the high and is trading around $3765.

    ethusd-sep2-min
    ETH/USD Daily Chart. Source: TradingView.

    ETH-USD Short Term Price Prediction

    Looking ahead, if the bulls break $3825 (1.272 Fib Extension), the first resistance lies at $4000. This is followed by $4060 (1.414 Fib Extension), $4200 (1.414 Fib Extension – orange), $4280 (1.618 Fib Extension – purple), and $4400.

    On the other side, the first support lies at $3640 (.236 Fib). This is followed by $3510 (.382 Fib), $3400 (.5 Fib), and $3300 (20-day MA).

    The RSI is now also rising as the bullish momentum increases.

    ETH/BTC – ETH Hits Three Month High

    Key Support Levels: 0.0733 BTC, 0.07 BTC, 0.0677 BTC.
    Key Resistance Levels: 0.0765 BTC, 0.0785 BTC, 0.08 BTC.

    ETH continues to outperform BTC as it broke the August highs at 0.0733 BTC yesterday. The cryptocurrency made it above a descending price channel on Monday as it climbed to 0.068 BTC.

    On Tuesday, ETH goes beyond 0.07 BTC as it surged past resistance at 0.072 BTC (bearish .618 Fib). Yesterday, ETH carried on climbing to break the August high as it continued to 0.0765 BTC (Bearish .786 Fib) and reach as high as 0.0785 BTC. It has since dropped to 0.0751 BTC.

    ethbtc-sep2-min
    ETH/BTC Daily Chart. Source: TradingView.

    ETH-BTC Short Term Price Prediction

    Moving forward, the first resistance now lies at 0.0765 BTC (bearish .786 Fib). This is followed by 0.0785 BTC, 0.08 BTC, and 0.082 BTC (May highs).

    On the other side, the first support lies at 0.0733 BTC (August highs). This is followed by 0.07 BTC (.618 Fib), 0.0677 BTC (.786 Fib), and 0.065 BTC (100-day & 50-day MA).

    The RSI spiked higher over the past few days but is still not yet extremely overbought, indicating the buyers still have room to push further.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Ethereum (ETH) Price
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    About The Author

    Yaz Sheikh
    More posts by this author

    Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potentials of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

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