Ethereum is performing well, but is well below other top altcoins such as Solana and BNB. As it stands, the coin has been stable over the past day, but has fallen by 2% in trading over the past week. Technically, the seller is in control and can crush any attempt by the buyer to gain momentum. Traders can wait for a close above $2,600 to consider going long, but a better entry could open if the coin breaks above $2,800 and August highs. Before that, the bearish range from August 2nd to 6th defines the medium-term price trajectory.
Looking at the daily chart, the bulls are back, but prices are struggling to regain momentum. There are hints that ETH bulls may find further upward momentum. The bulls need to take a break and close above $2,600 by the end of the day to take control. This is especially true if leg ups are being made based on increased trading volume.
Amid the sideways price trend favoring sellers, the following Ethereum news events are worth noting.
- The Hong Kong Stock Exchange is innovating and plans to launch an index for digital assets including ETH. According to reports, the product will be launched in mid-November.
- The drop in gas prices means that Ethereum is no longer the largest protocol in terms of daily revenue generated. Instead, Tether and Circle, two of the largest issuers of stablecoins, charge more fees than Layer 1.
Ethereum price analysis
ETH/USD In terms of spot rate, it is the second most stable after Bitcoin.
Some analysts expect prices to surge, but bears are not buoyed.
As long as there is resistance at $2,600, traders can consider shorting with a short-term target of $2,300.
If sellers break through this reaction level and continue pushing, the second most valuable coin could crash to $2,100.
This formation is consistent with losses in early August, and this trend is likely to continue.
In that case, Ethereum could crash below $2,000.
This will only change if there is another good entry or bull when ETH breaks above $2,800 and the coin crosses $2,600 by the end of the day.
In that case, the coin could regain some much-needed momentum and climb above $3,000.
