Ethereum continues to chop horizontally, worsening bullish sentiment. ETH is below $2,800 but encouragingly above $2,300, so risk-off traders can stay on the sidelines. The coin is bearish and is within a descending channel as observed from higher timeframes.
In the short term, the reaction between $2,300 and $2,800 will shape the future trajectory. After the retracement from $4,100, ETH could creep higher and close above local resistance, especially if buyers are committed. Otherwise, if the crypto market crashes, Ethereum will fall below its August lows.
Traders are optimistic, but nothing is showing on the daily or weekly charts. Prices have been steady in recent weeks. The coin has been flat over the past day and week, although average volume over the previous trading day was low at just $15 billion.
The following Ethereum trending news events can impact price:
- Ethereum is hanging on a thin thread, and oversupply from authorities could cause the coin to fall. Yesterday, the Chinese government transferred 7,000 ETH to the exchange. They still manage over 542,000 ETH.
- As of October 9th, the Spot Ethereum ETF had zero net inflows. This is the third time since the product's launch that US investors have not been able to gain ETH exposure. Amidst this, value continues to flow from Grayscale's ETHE.
Ethereum price analysis
ETH/USD If you look at the price movements on the daily chart, there are no particular problems.
Technically, there is nothing to look forward to unless there is a sharp move in either direction.
As prices stabilize, sellers will have an advantage as long as prices remain below $2,800.
Local support is $2,300.
If the bulls break above the liquidation line (which is highly unlikely at the moment), ETH could soar to $3,000.
On the other hand, the chances of Ethereum falling below $2,300 are increasing.
Should the seller take over? The coin could easily melt below the August low.
