\nOverhead supply at the resistance trendline tends to push ETH price back to the correction track; Sell now or keep holding?\t\t\t\t<\/p>\n
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On September 11th, the Ethereum price chart showcased a high momentum breakdown<\/a> from the $1,577 support. Such a move would typically hint at the continuation of bearishness, but, with the recent upsurge of buying pressures across the crypto spectrum, the sellers found themselves caught off-guard. Unable to push the price downward substantially, a rapid reversal became evident on the daily price chart. This momentum has driven the ETH price upwards by approximately 6.5% over the past week, settling it at its current trading price of $1,631. Such instances, commonly termed \u2018bear traps\u2019, can be a precursor to amplified buying pressures, and assist buyers in a sustained recovery.<\/span><\/p>\n <\/p>\n Also Read: Friend Tech Outranks Tron and Ethereum in Daily Earnings<\/a><\/p>\n In the intraday trading scenario, the Ether price has experienced a modest 0.22% pullback, mildly dampening its prevailing relief rally. However, if the ongoing bullish sentiment<\/a> remains resilient, the coin price may see a potential increase of around 2%, positioning it to confront the impending overhead resistance trendline.\u00a0<\/span><\/p>\n This downsloping trendline is carrying the ongoing correction trend and has proven its mettle by repelling buyers\u2019 advances twice over the past two months. If traders encounter augmented selling pressures at this pivotal junction, we might witness the Ethereum price<\/a> retracing its steps, instigating a 10% decline to the $1,468 mark.<\/span><\/p>\n<\/blockquote>\n However, the aforementioned support level converged with a longstanding support trendline, which has underpinned altcoin\u2019s upward journey since June 2022. If this support boundary withstands potential selling pressures, it would serve as an enticing entry point for prospective investors eyeing market dips.<\/span><\/p>\n Over the past six months, when examining the Bitcoin price<\/a> ($26,544) in comparison to the Ethereum coin, it\u2019s evident that the ETH price experienced a sharper decline during the second week of September. This downturn also breached the last swing low support of $1630, violating the uptrend definition as per dow theory.<\/span><\/p>\n <\/p>\n In contrast, Bitcoin has more effectively maintained its recovery trajectory, with buyers keeping the price above the recent swing low of $24,840.<\/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>\nWill ETH Price Breaks Below $1600?<\/b><\/h2>\n
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BTC vs ETH Performance<\/b><\/h2>\n
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