Will Ethereum Coin Lose $1500 Mark this Week?

Will Ethereum Coin Lose $1500 Mark this Week?

Increasing selling pressure plunged the ETH price below $1570 support as a signal to prolong correction

Published 13 seconds ago

In recent times, the altcoin space has witnessed increased selling pressure, resulting in a cascading wave of corrections across most tokens. Ethereum, the second-largest cryptocurrency by market capitalization, hasn’t been spared either. Over the last four days, it’s faced a continuous slip, drifting from a high of $1,558 to a pit at $1,577, marking a 5.2% descent. This plunge not only wiped off recent gains but also pushed Ethereum beneath a pivotal support level, signaling the potential for even deeper corrections ahead.

Also Read: Top Analyst Predicts Ethereum Price Prediction Before Bitcoin Halving

$1570 Support Breakdown Hints Further Downfall

  • A bearish breakdown below $1570 will set the ETH price for a 7% drop
  • A potential negative crossover between 100-and-200-day could accelerate selling pressure in the market
  • The intraday trading volume in Ether is $7.3 Billion, indicating an 181% gain.

ETH Price PredictionSource- Tradingview

For a notable span of three weeks, the Ethereum price confidently rode above the $1,600 psychological mark. This was primarily buoyed by ascending support trendlines which served as its safety nets. Every time the price took a dive toward this region, it was met with a brisk buying spree, to carry a relief rally.

However, with a domino effect stemming from the recent altcoin shed, Ether coin’s value was jolted down by 1.1% on September 10th. This sent it crashing through the aforementioned support trendline. Adding to the bearish motive, the coin price plunged 2.8% providing a suitable follow-up to the trendline breakdown.

If this bearish drive holds its course, this altcoin might crumble below the August 17th low of $1,576, a definitive testament to the downtrend’s grip. Should this bearish trajectory linger, ETH price may witness a steeper drop, eyeing a target of $1,450 – a decline of approximately 8.5%.

$1570 Support Breakdown Hints Further Downfall

A cursory glance at Ethereum’s price behavior over the preceding three weeks reveals this entire consolidation phase has been bounded with the August 17th daily candle. This candlestick high and low – at $1,809 and $1,576 respectively – have now morphed into formidable resistance and support barriers. Yet, given the prevailing bearish winds, any descent below the $1,570 threshold could spell an avalanche of selling pressure, further suppressing the ETH price.

  • Bollinger Band: The lower boundary of Bollinger Band is challenged to indicate the current selling pressure is aggressive.
  • Average Directional IBOndex: The ADX slope at 43% reflects that the sellers may soon exhaust from the over-extended downtrend.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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