- ETH had a stellar performance in August
- Indicators show a neutral momentum for the coin in September
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.
Also Read: Ethereum to $60K, Bitcoin to $1M? Tom Lee Outlines Next Crypto Supercycle
Will September also be a Stellar Month for Ethereum?
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%.
Also Read: Ethereum Holds $4,200 Support as ETH Could Test $3,800–$3,900 Zone
Cautious Optimism for the Coin
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.
Also Read: Ethereum Hits Historic Milestone with $165 Billion in Stablecoins
