Ethereum Defying Sellers, 61% Of ETH Holders In The Money: When $2,800?

Ethereum is up at press time, but gains, compared to other altcoins, especially Bitcoin, are muted. The only positive is that the bounce is a net positive for the coin. If anything, it could be the basis of a leg up that would lift the coin above $2,400 and, ideally, the upper limit of the resistance zone at $2,800. If buyers are to take over, then gains of September 17 need to be confirmed. At the same time, there must be engagement, meaning trading volume must exceed the recent averages of less than $20 billion.

The inactivity and buyers’ inability to rapidly move prices is a concern. From the daily chart, Ethereum is bound within a sideways consolidation with clear resistance. However, after the uptick of September 17, Ethereum is flat on the last day. Moreover, the average trading volume is low, at just $16 billion over the last day.

Ethereum traders are tracking the following trending news:

• Even with the current lull, most ETH holders are making money. According to trackers, 61% of all holders are in the green. If prices continue edging higher, a bigger percentage will be incentivized to HODL, hoping for more price gains.
• World Liberty Financial, a DeFi protocol by the Trump family, is launching on Ethereum. The decision is a massive endorsement for the first smart contracts platform, drawing more attention to the network. A governance token, WLFI, will launch at an unknown date.

Ethereum Price Analysis

ETH/USD is firm at press time.

The only problem is that despite high hopes, the coin remains below $2,400.

All the same, the local support is below $2,100 and $2,200.

If Ethereum loses this zone, prices could dump harder, towards $1,800.

Conversely, any sharp breakout above the September 13 high and $2,400 could see ETH fly to $2,800.

If the breakout is with rising volume, ETH may reach $3,000 and even $3,500.