Key Levels to Watch as ETH Price Revisits Multi-Month Support

In the face of escalating selling pressure throughout the altcoin sector, the ETH price trajectory experienced a pronounced decline, pulling back sharply from its resistance near the $1745 mark. This dip which occurred over a mere fortnight recorded a 10.5% loss and wiped out the entire gain of September. Could this mounting bearish pressure drive Ether below the $1500 threshold?

Also Read: 10 Largest Ethereum Wallets Hold With Diamond Hands Despite ETH Exchange Inflows

Will ETH Price Rebound from $1500?

• The ETH price could witness high demand pressure at $1500
• The Ethereum fear and greed index at 42% reflects neutral to bearish sentiment in the market.
• The intraday trading volume in Ether is $5.3 Billion, indicating a 0.8% gain.

Source- Tradingview

Currently, the Ethereum price is trading at $1,556, reflecting a 0.73% dip within the day. Should this downward momentum continue, this altcoin could further descend by approximately 3%, targeting the confluence of the $1,500 level and a longstanding support trendline that delineates a rising wedge pattern. 

This particular support has its origins dating back to June 2022 and has consistently served as a pivotal accumulation point during a major market retracement. Hence, as the ETH price approaches this crucial juncture, it’s plausible to expect a resurgence in buying interest around the $1,500 mark. 

If the coin price manages to firmly anchor above this level, the bullish traders might seize this opportunity to catalyze a recovery. In alignment with the structure of the rising wedge pattern, a bullish pivot from this support is anticipated to propel the ETH price toward the pattern’s upper trendline. 

In an optimistic scenario, the altcoin might undergo a substantial rally, potentially breaching the year-high $2,238.

[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

A comparison analysis of the past couple of months reveals that the Ethereum coin has lagged behind the leading cryptocurrency Bitcoin in terms of performance. Since mid-September, Bitcoin price embarked on a new relief rally, whereas the ETH price demonstrated a more horizontal price movement. In addition, this altcoin has witnessed a steep correction with the recent downturn.

• Relative Strength Index: The daily RSI slope breakdown below 40% indicates aggressive bearish momentum in the market.
• Exponentially Moving Average: A bearish alignment between the daily EMAs(20, 50, 100, and 200) reflects an overall bearish trend.