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<\/a> On August 17th, the Ethereum coin gave a high momentum breakout from the support trendline of the rising channel pattern<\/a>. Losing support which carried an uptrend for the past nine months reflects the second-largest cryptocurrency is poised for a prolonged correction. The falling price found bullish support at $1576 and reverted 5% higher. Can this upswing kickstart a new rally?<\/span><\/p>\n <\/p>\n Also Read: Ethereum Devs Share Holesky Updates; When ETH Price Rally?<\/a><\/p>\n In response to the broader market sell-off, the Ethereum coin experienced an aggressive downfall in the third week of August, leading it to $1576. Such sharp drops are usually followed by a minor pullback to recuperate the bearish momentum if the prevailing trend remains intact.<\/span><\/p>\n However, for the past four days, the ETH price<\/a> has been trading sideways indicating the selling momentum is still active denying the need for a pullback. This supply pressure could continue the downward trend in the near future.<\/span><\/p>\n<\/blockquote>\n A closure look in the 4-hour time frame chart shows the minor consolidation has shaped into an inverted pennant pattern. A bearish breakdown from the pattern\u2019s support trendline will release build-up selling momentum and will likely push the price to the $1450 mark.\u00a0<\/span><\/p>\n <\/p>\n A bearish pennant pattern formation projects a high possibility for the Ethereum coin to continue the downward approach. However, a less likely yet possible breakout from the pattern\u2019s resistance trendline will signal a potential pullback to retest the breached trendline of the channel pattern near $1800. The price sustainability below this trendline or breakout above it will determine the future projection for ETH.<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com <\/p>\n<\/p><\/div>\n 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.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n
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\n <\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\nEthereum Daily Chart: Key Points<\/b><\/h2>\n
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![\"ETH](\"https:\/\/s3.tradingview.com\/snapshots\/b\/bHfoZ3lM.png\")
Source- Tradingview<\/span><\/p>\n\n
Can ETH Price Rise Back to $1800?<\/b><\/h2>\n
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