Ethereum Selling Off, Toyota Exploring: Are Bears Preparing For Sub-$2,000?

Ethereum is down at press time, mirroring the general performance of top altcoins. While there is hope that prices will recover in the sessions ahead, the turn of events in the past few trading days points to weakness. For now, active traders can consider shorts whenever prices rise but stay below $2,400 and $2,800. Looking at the daily chart, it is evident that bulls are struggling for momentum while aggressive bears double down, confirming losses of late August 2024.

The sequence of events of the last day means Ethereum is stable on the previous day, losing 2% in the last week. Additionally, prices are now within a bearish breakout formation. Since prices are tethered around $2,400 and the accompanying bear bar has rising trading volume, sellers stand a chance. In this case, ETH might sell off in the second half of the week.

Traders are closely monitoring the following trending Ethereum news:

• Despite Bitcoin outperforming Ethereum, the smart contracts platform is registering more users. Over the last three months, Ethereum posted more new wallet addresses than Bitcoin but trailed those recorded on USDT, the world’s largest stablecoin.
• Toyota, one of the world’s largest automobile manufacturers, may adopt Ethereum and use the tech in its mobility-oriented account (MOA) system. The endorsement is massive for the smart contracts platform.

Ethereum Price Analysis

ETH/USD is selling off when writing.

Even though there are optimists, expecting a sharp recovery in the coming days, the short-term swings in favor of sellers.

Since prices are weak, at around $2,400, traders can consider shorts on every attempt higher within the $2,400 and $2,800 zone.

The first target would be $2,100 or August lows.

However, sustained losses below this mark may open up opportunities for conservative traders to ride the trend, targeting $1,500.

If Ethereum finds support, any expansion above $2,800 will nullify this outlook.