Ethereum Price Prediction, Is price trending towards 1500 Dollars

Ethereum price break from support trendline hints at near-term decline

Over the last sixty days, Ethereum's price primarily stayed within the range of $1,750 as the high point and $1,530 as the low point. Nevertheless, recent cryptocurrency market turbulence caused Ethereum to drop abruptly from its weekly resistance at $1,750. During this decline, sellers breached a newly forming support trendline, hinting at the potential for further depreciation towards the $1,500 level.

Is ETH Price Heading to $1500?

Recently, due to cryptocurrency market turbulence, Ethereum's price dropped sharply from its weekly resistance at $1,750, marking a 5.50% decline in two weeks, bringing it to $1,590. During this decline, sellers broke through a rising support trendline, suggesting the possibility of a further drop to $1,500. If today's candle closes below this crucial trendline, it might intensify selling pressure, potentially pushing Ethereum down by another 6% towards the $1,500 level.

Technical View:

According to Coingabbar Price Analysis, Ethereum struggled to surpass the $1,660 resistance against the US dollar, resulting in a downward move. If the $1,550 support is breached, there's a risk of further losses. On the weekly chart, Ethereum is currently in a correction phase that began in mid-April, forming a long-anticipated wedge pattern. Given this correction, there's a possibility that Ethereum's price could approach the lower trendline of the wedge pattern around $1,500. This potential dip might coincide with the established support trendline of a rising wedge formation.

KEY LEVELS :

RESISTANCE LEVEL : $1,610-$1,650

SUPPORT LEVEL : $1,550-$1,500

Is ETH's price likely to reach $1500, according to a significant indicator? Is Ethereum facing a decline in its value? Can we expect Ethereum's price to continue its upward trajectory? Is the cryptocurrency market expected to be bullish in October? Please share your opinions in the comment section below. 

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.