\nThe combined support of $1500 and support trendline may accelerate the buying pressure in the market. Should you buy?\t\t\t\t<\/p>\n
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The October opening weeks have proven harsh for Ethereum, as the cryptocurrency saw its value drop from $1,765 to a present-day trading figure of $1,538. This 10.7% descent effectively nullified all of the obtained gains from the previous month, dragging it back to the crucial $1,500 support level<\/a>. However, will this support serve as a springboard for the coin price to return to its recovery path?<\/span><\/p>\n <\/p>\n Also Read: Mastercard and Australia\u2019s RBA Triumph in Wrapped CBDC Trial<\/a><\/p>\n Currently, the Ethereum price<\/a> shows an intraday gain of 0.3%, forming a Doji-type candlestick at the $1,530 support. Such a neutral pattern after a pronounced downturn often signals the exhaustion of bearish momentum.\u00a0<\/span><\/p>\n Furthermore, the daily chart presents an ascending trendline hovering around the $1,500 level, adding an extra layer of support for bullish traders. This trendline is part of a larger rising wedge pattern that has been driving the ETH price recovery for over a year.\u00a0<\/span><\/p>\n Should buyers manage to maintain prices above this dual-support zone, we could see a bullish leap back to the $1,745 level. Theoretically, a bullish reversal within the rising wedge could fuel a rally toward the overhead trendline, suggesting that this altcoin; \u2018s next recovery cycle might break the $2,200 ceiling.<\/span><\/p>\n <\/p>\n The growing supply pressure in the altcoin market has forced Ethereum coin into an aggressive V-top reversal, sending the coin tumbling to a 7-month low of $1,522. This movement indicates that sellers have the upper hand for the time being. Interestingly, the Bitcoin price<\/a> has shown resilience in the same period, witnessing only a shallow correction and maintaining its position above its last swing-low support of $2,500. This contrasting behavior between Ethereum and Bitcoin points to the diverging market sentiments for the two leading cryptocurrencies.<\/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 Rebound from $1500<\/b><\/h2>\n
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Source- Tradingview<\/span><\/p>\nETH vs BTC Performance<\/span><\/h2>\n
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Source: Coingape| Ethereum Vs Bitcoin\u00a0 Price<\/b><\/p>\n\n
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