Ethereum Capped Below $2,400: Bears Take Charge Despite US SEC’s Endorsement

Ethereum is steady at press time, struggling for momentum. Though the expansion of BTC was highly expected to lift ETH, this time, the coin remains pinned within the September 11 trade range. Overall, sellers are in control, and it would take a lot of effort for buyers to take over, shaking off recent weakness. Technically, if prices are below $2,400, sellers will still be in control. For this reason, the trend will only shift if there are attempts to rewind losses. A break above $2,800, on the other hand, would signal the presence of buyers.

Before this, traders are monitoring how the coin performs, relative to the weak greenback. So far, Ethereum is down double digits, sliding nearly 35% from July highs. On the last day, Ethereum is stable, though it has yet to overcome the sellers of the past week who have the upper hand. Amid the sideways chop inside a generally bearish trend, the average trading volume is low, dropping to around $11 billion in the last day.

The following Ethereum news events are trending:

• Crypto solutions, including ETH and stablecoins like USDT issued on Ethereum, are considered optimal solutions for global payments. According to Brian Armstrong, the CEO of Coinbase, these assets would play a major role in speeding up the economy and removing needless friction.
• Reading from the United States SEC’s settlement with the crypto exchange, eToro, is appears that the regulator thinks ETH is not an unregistered security. The exchange has stopped the trading of crypto assets except for Bitcoin, Bitcoin Cash, and Ethereum.

Ethereum Price Analysis

ETH/USD is down at press time.

ETH might be undervalued as things stand, considering the general alignment of fundamental factors.

Sellers might continue shorting as long as prices trend below $2,400—or even $2,800—for the conservative one.

Since the downtrend remains, the first target would be $2,100.

This will only change once Ethereum bulls flow back, shaking off recent weakness and lifting the coin above $2,800.

Only then will Ethereum likely expand, even racing to $3,500 in a reinvigorating bull trend resumption.

Dips below $2,100 would crash hopes, possibly sparking a panic sell to $1,500.