\nETH Price witnessing demand pressure at $1600 could offer buyers an opportunity to counterattack\t\t\t\t<\/p>\n
<!–<\/p>\n
![\"ETH](\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/09\/08215907\/6Q5XxzyR-e1694190571952.png\")
<\/div>\n–><\/p>\n
Published 21 seconds ago <\/p>\n
The ongoing price correction in Ethereum price<\/a> has showcased a significant demand pressure around the $1600 mark. While falling prices were a concern, it has surprisingly turned sideways for the last 3 weeks, using the support of an ascending trendline. However, is this support enough to set a new recovery in ETH price?<\/span><\/p>\n <\/p>\n Also Read: Ethereum Whales Added Over $400 Million In ETH, Will Price Action follow?<\/a><\/p>\n Diving into the daily time frame chart, it\u2019s evident that the Ethereum price is being pulled in two directions by converging trend lines. On one hand, there\u2019s a stubborn resistance trend line that has deflected the price downwards on two separate occasions. On the other, a trusty support trendline has come to buyers\u2019 rescue multiple times, ensuring the coin doesn\u2019t free-fall.<\/span><\/p>\n At the moment, the ETH price is trading at $1631. While there has been an intraday loss of 1%, it\u2019s knocking on the door of the lower trendline once again. Interestingly, today\u2019s daily candle shows signs of price rejection at the lower end.\u00a0<\/span><\/p>\n<\/blockquote>\n This suggests that buyers are still in the game, possibly gearing up for another upward push. If this buying momentum continues, we could see a potential surge of about 4%, with Ether aiming for the upper trend line, approximately around $1680.<\/span><\/p>\n However, for a more concrete sign of a bullish recovery, it\u2019s imperative for the coin to break past the aforementioned upper trendline.\u00a0<\/span><\/p>\n <\/p>\n The Ethereum price will remain sideways until the two above-mentioned trendlines are intact. Taking a pessimistic approach, if the ETH price ends up breaking below the lower trend line \u2013 and with a daily candle close beneath it \u2013 the market supply pressure will intensify. Such a move could pave the way for an extended correction phase and plunge the price to the $1,500 support level, marking a drop of around 8-10%.<\/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>\nSupport Trendline Bolsters Buyers for Bollinger\u00a0\u00a0<\/b><\/h2>\n
\n
![\"ETH](\"https:\/\/s3.tradingview.com\/snapshots\/6\/6Q5XxzyR.png\")
Source- <\/span>Tradingview<\/span><\/p>\n\n
Is ETH Price Heading to $1500?<\/b><\/h2>\n
\n
\n <\/a>
\n
\n![\"coingape\"](\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/08\/14164721\/x-logo.png\"){kind=logo}
\n<\/a>
\n <\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n![\"\"](\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=200&d=mm&r=g\")