Ethereum has stabilized but is still below the $2,800 line based on the formation on the daily chart. All that is needed is for the coin to close above this liquidation line to form an uptrend. Until then, ETH remains bearish and may be undervalued not only against Bitcoin but also against other coins such as Solana and Tron. Thus, the bull is confident. As long as ETH remains above the local support at $2,300, the price is likely to move higher. On the lower end, the key support level to watch is $2,100.
At the time of this writing, ETH is stable, but up nearly 7% even considering the previous day's sideways price movement. This is because the price spiked on October 14th, reversing most of the losses from the previous few days during the consolidation. Under these circumstances, the average trading volume has increased and expanded to more than $22 billion. A rally above $2,800 today or by the end of this week would trigger massive liquidity and push ETH to new highs for Q4 2024.
Traders are tracking the following Ethereum trending news.
- In Q3 2024, Ethereum underperformed traditional markets. Due to the rise in the stock price, Nasdaq rewarded holders with 24% more than the ETH yield. As prices fell, gas prices also fell, falling to levels seen in the fourth quarter of 2020.
- The Ethereum Foundation sold another 100 ETH yesterday. Since early September, they have been selling small batches of coins, totaling 1,450 ETH as of mid-October.
Ethereum price analysis
ETH/USD The bull has a chance.
Still, the October 14th profit has not yet been confirmed.
The seller is still in charge.
However, given the general recovery and prices still within the October 14th bull market, risk-on traders can consider buying the dip.
Local support will be approximately $2,500.
A break above $2,700 could trigger demand and push Ethereum towards $2,800.
Risk-off traders can wait for a clean close above $2,800 or below $2,100 before aligning with the new trend.
