Over the previous week, as the broader cryptocurrency market embarked on a recovery journey, the ETH price experienced a bullish reversal from the $1550 support on September 12th. This bullish pivot propelled the coin to register a 6.8% uptick, emboldening the buyers to confront the overhead resistance trendline. Crypto traders must closely watch the price behavior at this barrier as it may have a significant influence on the near future price of Ether coin.
Also Read: What’s ERC-7512? A New Standard Proposed By Ethereum Developers
Will the ETH Price Fall Back to $1450?
- A bullish breakout from the overhead trendline will set the coin price at 6%
- The Fear and Greed index at 57% reflects a neutral sentiment among traders/
- The intraday trading volume in Ether is $4.7 Billion, indicating a 15% loss.
Source- Tradingview
The current retracement phase characterizing the Ethereum price dynamics is encapsulated by a descending resistance trendline. Tracing back through the past sixty days, the coin price has turned down from this dynamic resistance on two separate instances by this mutable boundary, signifying a resurgence in selling pressure whenever this barrier is approached.
As of the latest data, ETH price is oscillating at $1655, exhibiting signs of a pullback in the vicinity of the aforementioned trendline. The long-wick rejection is a testament to sellers’ commitment to maintain their stronghold over this threshold, suggesting potential continuation of the prevalent bearish phase.
Should the ETH price plunge beneath the low of the September 18th candle, pinned at $1610, it may pave the way for bears to steer the asset beneath the $1550 floor, with a trajectory targeting the $1460 mark, translating to a prospective decline of 9.5%.
1 ETH to USD = $1636.688 -0.1% (24h) Buy / Sell
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Can Buyers Reclaim $1800?
While the bearish perspective for Ethereum appears valid, the resurgence in market optimism might fortify the bulls’ resolve to grapple with the overhanging trendline. An upside breakout of this resistance, cemented by a daily candle closing, could herald the termination of the corrective phase. Such a development would potentially furnish the bullish momentum to chart a course aiming for the $1745, followed by the $1878 milestone.
- Bollinger Band: The narrow range of Bollinger Band accentuates market uncertainty.
- Directional Movement Index: A bullish crossover between the DI+(blue) and DI-(orange) slope would increase the potential for an upside breakout.