Ethereum price had a strong performance in August as it jumped to a record high amid the ongoing exchange-traded fund (ETF) inflows and the strong ecosystem growth. ETH jumped to a high of $4,955, up sharply from the year-to-date low of below $1,400. So, will it continue soaring in September? Ethereum price technical analysis The daily timeframe chart shows that the ETH price has rebounded in the past few months. It has jumped from a multi-year low of $1,385 in April to nearly $5,000 in August. Ethereum price has remained above the 50-day and 100-day Exponential Moving Averages (EMA), which have provided it with substantial support in the past few months. The stock recently jumped above the crucial resistance level at $4,098, the upper side of the cup-and-handle pattern whose depth is about 65%. The stock then retested that support recently, confirming the bullish trend. The coin has moved to the strong pivot reverse point of the Murrey Math Lines tool. Therefore, the most likely scenario is where it will eventually rebound and hit the extreme overshoot point of the Murrey Math Lines tool at $5,625, which is about 26% above the current level. Ethereum price chart | Source: TradingView Potential catalysts for ETH price Ethereum price has numerous catalysts that will push it higher in September. First, like the silver price is doing, it will likely react to the upcoming Federal Reserve interest rate decision scheduled on September 16. Economists expect the bank to cut interest rates by 0.25% at this meeting, bringing them to a range of between 4.0% and 4.25%. The dovish outlook is largely due to the deterioration of the labor market over the past few months, with the unemployment rate expected to rise to 4.3% in August. Ethereum price will also rally because of the ongoing ETF inflows, which have accelerated in the past few months. Data shows that these funds added over $3.8 billion in assets last month, bringing the cumulative inflows to over $13.5 billion. The funds added $5.4 billion in July, $1.16 billion in June, and $564 million in the previous month. Further, companies have continued to accumulate Ethereum in the past few months. They now hold over 3.61 million coins , with BitMine, SharpLink, The Ether Machine, and Bit Digital being the most aggressive. Tom Lee’s BitMine now holds coins worth over $7.6 billion, while SharpLink holds over $3.5 billion.This accumulation may keep going upwards in the coming months, boosting its price. All this is happening as data points to falling Ethereum balances on the exchange. Ethereum price will also benefit from the potential altcoin season as investors cheer the upcoming altcoin ETF approvals, since the SEC has set aside October as the deadline for most ETF applications. Further, ETH price will benefit from the ongoing stablecoin growth. The supply of all stablecoins in the ecosystem has jumped by 12% in the last 30 days to over $153 billion. The total transaction volume soared by 50% to $923 billion, while the stablecoin addresses jumped by 6% to 2.9 million The post Ethereum price prediction for September: Is it a buy or sell? appeared first on Invezz
