Ethereum is rebounding from near the critical resistance level at $2,800. Prices are likely to recover, even if the bulls are struggling and have not yet been replaced by determined bears. Nevertheless, before this can happen, ETH will first need to break out of the September and August highs on the back of increased volume. Currently, local support is $2,300. Even amid this weakness, the Ethereum ecosystem is expanding. Now, there are more Layer 2s, and Uniswap's proposal to build Unichain dominates the headlines. Furthermore, approval by BlackRock is a huge plus for smart contract platforms.
The second most valuable coin continues to be chopped. This is evident on the daily chart. Local support is at $2,300, but buyers will need to break above $2,800 before the trend is confirmed. This consolidation means that ETH has fallen by 1% in the past 24 hours, while gaining 9% in the past trading week. Meanwhile, engagement has been relatively low, dropping to about $16 billion in the past 24 hours.
Holders and traders are closely monitoring the following Ethereum trending news:
- Vitalik Buterin detailed Ethereum's next update, The Surge. Our goal is to scale our mainnet and layer 2 to over 100,000 TPS. Additionally, this update aims to decentralize the base layer while making Layer 2 more trustless and open.
- Robinhood is expanding its cryptocurrency offerings. Recent reports indicate that the platform will offer Bitcoin and Ethereum futures, confirming previous rumors. This approval will allow more funds to flow into ETH, benefiting the price in the long run.
Ethereum price analysis
ETH/USD It is flat when pressed.
Risk-off traders can stay on the sidelines as the coin is still within the $2,300 to $2,800 range.
The immediate support is at $2,300, and if ETH remains above this level, the coin could inch higher in the coming sessions.
All that is technically required is a solid close above $2,800 before traders commit.
Otherwise, Q3 2024 sellers may continue to be in control and the coin could fall below the September lows.
