Ethereum, which has shown significant growth in recent months, is currently showing a correction. Let's examine the current indicators and forecasts for September.
Current Situation in the Ethereum Market
After a recent rally where the price of Ethereum reached nearly $5,000, the current price is around $4,443. This is a pullback of over 10% from the highs. Despite the correction, Ethereum remains one of the better-performing cryptocurrencies this summer.
Market Indicators
The trading volume of Ethereum has dropped to 82K ETH, indicating a slowdown in the market. The reason is that open interest remains high at around 2.1 million contracts, but net longs are slightly negative at -3.53 million, while shorts are close to 3.46 million. This creates potential for sharp market movements.
Short-Term Ethereum Price Outlook
In September, Ethereum has two potential scenarios. If the bulls can hold the $4,400 level, there is a chance for another test of the $4,800-$5,000 range. On the other hand, a clean break below $4,400 could drag the price down toward $4,200 and, without support, revisit the $4,000 area.
September promises to be unpredictable. Ethereum's success depends on buyers' ability to maintain prices in the mid-$4,000s, and the market may experience significant fluctuations.
