Demand Pressure at Key $1500 Support Hints ETH Price Rally of 15%

The October opening weeks have proven harsh for Ethereum, as the cryptocurrency saw its value drop from $1,765 to a present-day trading figure of $1,538. This 10.7% descent effectively nullified all of the obtained gains from the previous month, dragging it back to the crucial $1,500 support level. However, will this support serve as a springboard for the coin price to return to its recovery path?

Also Read: Mastercard and Australia’s RBA Triumph in Wrapped CBDC Trial

Will ETH Price Rebound from $1500

• The dual support of $1500 and support trendline hints at a 15% upswing
• Reversal from $1500 could lead to the formation of a bullish reversal pattern called double bottom
• The intraday trading volume in Ether is $4.89 Billion, indicating a 3.2% loss.

Source- Tradingview

Currently, the Ethereum price shows an intraday gain of 0.3%, forming a Doji-type candlestick at the $1,530 support. Such a neutral pattern after a pronounced downturn often signals the exhaustion of bearish momentum. 

Furthermore, the daily chart presents an ascending trendline hovering around the $1,500 level, adding an extra layer of support for bullish traders. This trendline is part of a larger rising wedge pattern that has been driving the ETH price recovery for over a year. 

Should buyers manage to maintain prices above this dual-support zone, we could see a bullish leap back to the $1,745 level. Theoretically, a bullish reversal within the rising wedge could fuel a rally toward the overhead trendline, suggesting that this altcoin; ‘s next recovery cycle might break the $2,200 ceiling.

[converter id=”eth-ethereum” url=”https://coingape.com/price/converter/eth-to-usd/?amount=1″]

ETH vs BTC Performance

Source: Coingape| Ethereum Vs Bitcoin  Price

The growing supply pressure in the altcoin market has forced Ethereum coin into an aggressive V-top reversal, sending the coin tumbling to a 7-month low of $1,522. This movement indicates that sellers have the upper hand for the time being. Interestingly, the Bitcoin price has shown resilience in the same period, witnessing only a shallow correction and maintaining its position above its last swing-low support of $2,500. This contrasting behavior between Ethereum and Bitcoin points to the diverging market sentiments for the two leading cryptocurrencies.

• Bollinger band. The downtick in the lower band of the Bollinger band indicator reflects the bearish sentiment is aggressive.
• Moving Average Convergence Divergence: The bearish crossover state between the MACD(blue) and signal(orange) slope reflects the aggressive bearish tone in the market.