The Ethereum price trajectory has been notably bearish since the onset of September, plunging from a peak of $1745 down to a recent low of $1530 — a drop of approximately 12.5%. Amid this decline, the coin sellers breached the $1577 support, suggesting a potential extended correction for this altcoin. But with the largest cryptocurrency Bitcoin staging a comeback from its $25,000 dip, ETH price too found some respite, bouncing back above its recently breached support. Does this unexpected rebound hint at a potential bullish recovery?
Also Read: ETH Price Recovery Shaky Above $1,600 As Unique Addresses Hit 1M, Capitulation Signal?
On September 11, the Ethereum coin decisively broke below the $1577 support, leading many to anticipate an increase in selling pressure. Contrary to expectations, a sudden influx of buyers drove the price back above the $1577 level, indicating a false breakdown in the daily chart.
Benefiting from sustained buying interest, ETH price is now trading at $1623, marking a slight intraday loss of 1.23%. This current momentum could propel the coin’s value an additional 2% upwards before it encounters a descending resistance trendline — a trend that has dictated Ethereum’s movement for the past couple of months.
If Ethereum faces strong selling pressure at this resistance, we might see its value retreat to the $1500 level.
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While the broader market sentiment appears bearish, emphasizing an oversupply concern for the second-largest cryptocurrency, any further upward movement that breaches the resistance trendline could nullify the bearish narrative. A notable breakout above this resistance could see ETH price target the $1,877 mark and possibly even rally towards $2,000.
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