Ethereum Slips As Tron Dominates: Will ETH Drop To $2,100?

Ethereum is down when writing, sliding from last week’s highs as sellers step on. With the drop, the coin is angling to retest $2,400, the immediate local support. Despite recent losses, hope exists for the second most valuable coin. Every low might be an opportunity as long as prices are inside the September trade range. There will be more confidence if bulls maintain $2,400. Still, if there is an unexpected spike above $2,800, ETH can easily lift off, soaring above $3,000. How ETH performs directly depends on whether BTC recovers and the general crypto market sentiment improves.

With ETH down, sentiment is worsening, as seen in the analysis from CoinMarketCap.  Over 70% of traders are bearish on the second most valuable coin, and nearly 30% expect a recovery. There is a chance that contrarian action will occur. For now, sellers are in control, pushing the coin down 5% in the previous week. At the same time, the average trading volume is at around $23 billion—rising.

Traders are looking at the following Ethereum news:

• The drop in network activity now means Tron has generated nearly 2X fees than Ethereum in the past three months. During this period, the Justin Sun-led network generated $567 million in fees versus $253 million in Ethereum.
• In the past two weeks, Ethereum DEX volume has spiked by 17%, helping push gas fees higher. The more there is activity and movement, ETH might benefit.

Ethereum Price Analysis

ETH/USD is under immense selling pressure at press time.

Even though there are pockets of buying pressure, Ethereum could slip even lower.

As it is, the immediate resistance will be $2,800, while support remains at $2,400.

Every low above $2,400 offers opportunities for buyers to consider.

However, if sellers of early this week press on, Ethereum might crumble and drop to $2,100.

Further losses below August lows could open the second most valuable coin to $1,800.