ETH Price Heading to $1500; Can Sellers Maintain Control Through September's End?

On September 11th, the Ethereum price chart showcased a high momentum breakdown from the $1,577 support. Such a move would typically hint at the continuation of bearishness, but, with the recent upsurge of buying pressures across the crypto spectrum, the sellers found themselves caught off-guard. Unable to push the price downward substantially, a rapid reversal became evident on the daily price chart. This momentum has driven the ETH price upwards by approximately 6.5% over the past week, settling it at its current trading price of $1,631. Such instances, commonly termed ‘bear traps’, can be a precursor to amplified buying pressures, and assist buyers in a sustained recovery.