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Ethereum price broke down from the support trendline of the channel pattern during the aggressive sell-off in mid-August. This coin is at risk of prolonged correction after losing the support it had for nine months. Prices halted at 200 EMA slope around $1620, reflecting buyers’ push to maintain higher prices. Does this support bolster the downtrend that started earlier?
Daily Ethereum Chart: Key Points
If the ETH price does not rebound from the 200 weekly exponential moving average, Ethereum may continue to experience a long correction. Upon a breakdown below the 200 EMA, a 10% drop is likely in the near term.
It indicates a 30% loss in the intraday volume of Ether trading at $4.8 billion.
Bears failed to respond to ETH sellers’ high momentum breakdown of the channel pattern, indicating a lack of conviction. As a result of active accumulation, long-wick rejection candles were seen at 200-day EMA on the weekly chart.
Technical tools such as the 200-day EMA can distinguish between bullish and bearish sentiments in the market. The slope of this EMA has historically been a major support or resistance point for the market.
With the bearish momentum in the market, Ether would need a close above the previously mentioned support to confirm the continuation of the downtrend.
As a result of the post-break fall, the price plummeted to $1500 and then $1366 before bouncing back.
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