\nThe increased demand pressure at $1600 could set a significant upsurge for ETH price; Best time to enter?\t\t\t\t<\/p>\n
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During the intense sell-off in August\u2019s third week, the Ethereum coin showed a bearish breakdown from the support trendline of the channel pattern<\/a>. Losing the footing which carried a bullish recovery for nine months, reflects this altcoin is a risk of an extended correction. From the last upswing of $2028, the ETH market value dropped by 18.8%, and currently trading support near $1600-$1570. Will the buyer replenish enough bullish momentum for a counterattack?<\/span><\/p>\n <\/p>\n Also Read: ETH 2.0 Deposits Hit ATH As Perpetual Futures Open Interest Dips<\/a><\/p>\n The weekly time frame shows the falling ETH coin has found suitable support near the $1600-$1577 demand zone. This level backed by a 200-day EMA and a 50% Fibonacci retracement level<\/a> indicates a high area of interest that can rebound the price higher.<\/span><\/p>\n By the press time, the Ethereum price<\/a>\u00a0trades at $1647 and shows lower price rejection candles at the $1600 mark, as a sign of potential bounce. A bullish breakout from a local resistance of $1700, will bolster the potential upswing by a 6-7% rise and retest the breached trendline of channel pattern.\u00a0<\/span><\/p>\n If the coin price shows sustainability at the aforementioned trendline, it would likely fall with recuperated bearish momentum and possibly break 200 EMA at $1600. This breakdown will signal the resumption of the downward trend and may push the altcoin to the $1450 mark.<\/span><\/p>\n<\/blockquote>\n The $1450 support currently in close contact with a support trendline carrying a long-term uptrend indicates the significant support for holders to keep an eye on.<\/span><\/p>\n <\/p>\n As we mentioned in a previous Ethereum article<\/a>, this second-largest cryptocurrency could be riding the 3rd wave of Elliott wave theory. In theory, the 3rd wave is usually the longest and most dynamic offering a great investment opportunity. With the overall perspective for ETH remaining bullish, a dip opportunity at a 200-weekly EMA or support trendline can be a great opportunity to accumulate.<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n 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 <\/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>\nEthereum Daily Chart: Key Points<\/b><\/h2>\n
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![\"ETH](\"https:\/\/s3.tradingview.com\/snapshots\/m\/M1q8t5Ex.png\")
Source- Tradingview<\/span><\/p>\n\n
Is the Bullish Trajectory of Ethereum Coin Still Intact?<\/b><\/h2>\n
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