Ethereum Drops 10%: Is $2,400 The Last Stand For Optimistic ETH Bulls?

Ethereum is flat at press time. Even though there is hope that bulls might flow back, lifting sentiment and prices, sellers are in charge. The immediate support is at $2,400, or last week’s low. This local buying zone is the last loading zone for optimistic buyers. If broken, there could be more losses for ETH in the short to medium term. As things stand, not even supporting fundamentals seem to be rejuvenating bulls. If this remains, impatient, short-term holders might choose to exit, cutting losses or booking early profits.

The sideways consolidation means there have been no meaningful gains in the past few trading days. This assessment shows from Ethereum’s performance. To put in the numbers, the coin is flat in the last 24 hours and down nearly 10% in the past trading week. Meanwhile, engagement is below average at just $12.4 billion.

Traders are closely monitoring the following trending Ethereum news:

• Vitalik Buterin has responded to critics who said the co-founder has sold millions of dollars worth of ETH for selfish gains. Buterin admitted to selling coins but only to support multiple promising projects and charities.
• Historically, September has been a tough month for crypto and Ethereum. Still, investors are optimistic about what lies ahead. The coin could float even higher if prices expand above immediate local resistance.

Ethereum Price Analysis

ETH/USD is stuck in a momentum-reducing consolidation, per events in the daily chart.

Even though the uptrend is shaky at spot rates, a recovery from around $2,400 would be a shot in the arm.

As things stand, aggressive sellers can consider shorts on every attempt higher below $2,800. The first bear target will be $2,100 and $1,800.

Conversely, if there is a welcomed push higher, unwinding losses of August 27, Ethereum might find the strength to break $2,800.

Before then, conservative traders can stay on the sidelines.