Will Ethereum Reclaim $1800 Mark?

Will Ethereum Reclaim $1800 Mark?

A fake breakdown from $1577 accelerated the bullish momentum in ETH price. Will it sustain?

Published 15 seconds ago

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?

Bear Trap Sets a Recovery Above $1700

  • The failed breakdown of $1577 could bolster buyers to counterattack
  • A bullish breakout from the overhead resistance will give a better confirmation of recovery. 
  • The intraday trading volume in Ether is $4.2 Billion, indicating a 20% gain.

ETH Price PredictionSource- Tradingview

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.

Will ETH Price Carry a Recovery to $2000

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.

  • Supertrend: A red film representation in the daily chart indicates a persistent bearish outlook in the short term.
  • Relative Strength Index (RSI): Even as the price action makes a lower low, the RSI exhibits a higher low, suggesting an increasing bullish momentum beneath the surface.

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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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