Ethereum Price Prediction as $3 Billion Trading Volume Sends ETH Past $1,600 – Time to Buy?

cryptonews.com:

Amidst turbulent market conditions, Ethereum has garnered attention as its trading volume surpassed $2.6 billion, propelling its price beyond the $1,600 mark. As of now, Ethereum is trading at $1,632, experiencing a slight dip of 0.20% in the past 24 hours. 

Holding its position as the second-ranked cryptocurrency on CoinMarketCap, Ethereum boasts a live market cap of $196 billion with a circulating supply of 120,224,407 ETH coins. 

However, not everything is smooth sailing. The much-anticipated Holesky testnet launch for Ethereum faced unforeseen challenges, leading to an imminent relaunch in the upcoming weeks. 

This dynamic landscape raises the question: is it the opportune moment to invest in Ethereum?

Ethereum's Holesky testnet launch faced a hiccup on September 15th, necessitating a relaunch. 

Here's a quick update on the matter:

This summary explains recent challenges and developments regarding Ethereum's Holesky testnet. Let's now examine the technical outlook of Ethereum.

Ethereum's current price trajectory indicates potential for an upward shift above the critical $1,650 mark against the US Dollar. A consolidation above this level, particularly between $1,650 and $1,670, could herald a bullish momentum.

Having built a foundation above $1,580, Ethereum progressed past the $1,620 resistance, aligning its trajectory with Bitcoin. 

Presently, it hovers above the 100-hourly Simple Moving Average and the 23.6% Fibonacci retracement from its recent swing, positioning itself favorably against the pivotal $1,650 resistance. 

Ascending beyond this could propel it towards $1,670, and, eventually, the significant $1,750 resistance. 

Conversely, failure to breach the $1,650 threshold may see it retract to supports at $1,630,