$ETH Price Hinges on Overcoming Key Resistance Zone
The Ethereum price has made significant gains since its double-bottom pattern formation in June at $1,510.
A breakout occurred in late August, pushing the token to $2,535. The chart now features a golden cross between the 50-day and 200-day EMA bands, which could support a longer-term rally if follow-up demand materializes.
$ETH is currently struggling with the $2,383-$2,495 range, acting as supply. If it can sustain above this zone and turn it into demand, September may become particularly interesting, with $2,791 and $3,381 standing as the next major targets.
A sell-off could send $ETH back toward the 200-day EMA around $2,150. The exchange balance data also reveals an unusual trend, with a decline of approximately 18% in ETH holdings on exchanges since June, while BTC balances have increased about 0.25% over the same period.