Ethereum Rejects Bears, ETH Finds Support At $2,300, Will The $2,800 Sell Wall Fall?

Dalmas Ngetich•Monday, October 7, 2024•2 min read

Ethereum found support in the second half of last week, rejecting attempts for lower lows before recovering steadily. Even though traders want a sharp close above $2,800, the effort to shake off the losses of last week is admirable. Accordingly, if prices float higher, anchoring their immediate support at $2,300, there is a high probability of Ethereum breaking $2,800. This move will be ideal for traders, bullish, as the second most valuable coin has what it takes to breach $2,800, $3,000, and even $3,500. Before then, conservative, risk-off traders should watch from the sidelines, cautious that the general trend is still bearish.

Traders are confident. After the pockets of strength seen last week, traders want more. Any expansion above $2,800 and last week’s highs will be perfect, setting the ground for even more gains. So far, Ethereum is weak and is in a bearish formation. Nonetheless, after gains in the past day stabilizing the coin, losses of last week have been managed. All the same, ETH is down 5% in the previous week, pushing the average trading volume to around $11 billion in 24 hours.

Ethereum Daily Chart for October 7

The following Ethereum trending news events are worth tracking:

Ethereum is firm, attempting to rebound. Amid this confidence, sentiment is bearish, with 69% of those who voted expecting ETH to continue slipping in the coming sessions.
Optimism, a popular layer-2, was recently updated, adding the ICrossChain ERC20 update feature. The upgrade enhances user experience and simplifies asset transfers via neutral minting and burning.