\nThe rising demand pressure at $1500 could push the Ethereum price back on the recovery track, Best time to accumulate?\t\t\t\t<\/p>\n
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The first half of October has been notably bearish for ETH coin<\/a>, with the price plummeting 12% from a last recorded high of $1,745 down to a local support level of $1,531. Despite this descent, the appearance of a few green candles at this support level suggests that buyers are attempting to rally and set the stage for a potential recovery.<\/span><\/p>\n <\/p>\n Also Read: What Should Ethereum Investors Do Amid Bullish Call for $8000 ETH Price?<\/a><\/p>\n The short-term trend in Ethereum coin price<\/a> is currently sideways with its price wobbling between two horizontal levels of $1745 to $1530. With the recent downturn in the crypto market, the ETH price has dropped to the bottom support of the aforementioned range.\u00a0<\/span><\/p>\n On October 13th, the buyers tried to rebound from this support but could not push the price above the $1573 level. Today, with an insignificant intraday loss of 0.05%, the daily candle shows uncertainty among market participants.<\/span><\/p>\n<\/blockquote>\n Therefore, for traders to gain a better confirmation of a bullish reversal, the price should surpass the October 13th high of $1573. Under the influence of this range pattern formation, this bullish reversal should surge the prices 12.4% higher to rechallenge the $1745 mark.<\/span><\/p>\n <\/p>\n While the ETH price struggle to bounce back from the $1,530 mark suggests tepid bullish sentiment, a further slip below this support could find immediate support around the $1,500 level, which aligns with a longstanding trendline. This trendline forms the lower boundary of a rising channel pattern that has historically guided this altcoin\u2019s recovery phases for nearly 500 days. Should market participants continue to respect this pattern, the Ethereum coin could find a footing at $1,500, aiming for a more ambitious target above the last significant swing high of $2,138.<\/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 Buyers Regain the $1700 Mark<\/b><\/h2>\n
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Will ETH Price Break Below $1500 Mark<\/b><\/h2>\n
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