Ethereum (ETH), the second-largest cryptocurrency in the industry by market cap, had a modest gain of 1.72% in August. On August 22, ETH scored an all-time high, closing at almost $4,845. The coin is now trading at $4,286.94 (1.69%). ETH has a market capitalization of $517.8 billion and a volume of $32.06 billion.
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Early September has been less kind to the altcoin. Experts are split in their analysis of whether the coin will perform better or worse in September. August marked a comparatively stable time for ETH.
In the chart given by Trading View, the coin is testing resistance (blue) at $4,376.95, and the support line (yellow) is at $4,247.30. The Moving Average indicator in the chart below shows a bullish scenario. Even then, the Moving Average Convergence Divergence indicator shows that the signal line (orange) is above the MACD line (blue). This indicates that the coin is going through a bearish crossover.
The data provided by CoinCodex shows that in September, the potential ROI might be at 21.76%. After a 1.70% in the past month, Ethereum is predicted to rise to $ 4,781.08 in September. The expected trading range can span from $ 4,347.95 to $ 5,225.56. This means a positive outlook, with a potential return of 21.76%.
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The RSI indicator shows that there’s normal buying activity for the coin, the median being at 49.16 and 51.6. This indicates that the coin is going through a neutral momentum. This can also mean that there’ll be no overheating or weakness for ETH in the coming days.
Ethereum built a stable foundation in August. Still, outperforming those in this month’s gains can totally be up to technical signals and macroeconomic events. Right now, cautious optimism is the best, while keeping a close eye on the momentum.
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