During the intense sell-off in the third week of August, copper #Ethereum  showed a bearish break from the support trendline of the channel pattern. Losing ground has brought about a nine-month bullish recovery, reflecting the altcoin is at risk of an extended correction.

Since the last price increase of $2028, the #ETH market value has dropped 18.8% and is currently trading support near $1600-$1570. Will buyers add enough bullish momentum for a counterattack?

Ethereum Daily Chart: Key Points

Crypto traders are seeing high supply pressure at $1600 hovering close to the 200-week EMA.
Ethereum's fear and greed index at 34% reflects the negative sentiment of traders.
The day's trading volume in Ether was $4.7 billion, indicating a loss of 10%.

The weekly timeframe shows that the falling ETH has found suitable support near the $1600-$1577 supply zone. This level is supported by the 200-day EMA and the 50% Fibonacci retracement, suggesting an area of ​​high interest that could push the price higher.

At the time of writing, Ethereum price was trading at $1647 and showing a lower price rejection candle at the $1600 mark, as a sign of possible recovery. An upside breakout from local resistance at $1700 would reinforce the upside potential with a 6-7% gain and retest the violated trendline of the channel pattern.

If the coin price shows sustainability at the said trendline, it is likely to decline with renewed bearish momentum and possibly break the 200 EMA at $1600. This breakdown would signal a continuation of the downtrend and could push the altcoin towards the $1,450 mark.

The $1,450 support level is currently closely touching the long-term uptrend carrying support trendline indicating a significant level of support that holders need to keep an eye on.

Is Ethereum's bullish trajectory still intact?

As we mentioned in our previous Ethereum article, the second largest cryptocurrency may be following the third wave of the Elliott wave theory. In theory, the third wave is often the longest and most dynamic, offering great investment opportunities. Given the general view of ETH remaining bullish, a bearish opportunity at the 200-week EMA or trendline support could be a great opportunity to accumulate.

The information above is for reference. Everyone reads and takes responsibility for their portfolio.

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