Ethereum Stagnant Above $2,300, Foundation Keeps Dumping: Should Traders Be Worried?
Ethereum is steady but still below the $2,800 line, per the formation in the daily chart. What’s needed is for the coin to break higher, closing above this liquidation line for the uptrend to take shape. Before then, ETH is bearish and likely undervalued versus other coins, not only Bitcoin but also Solana and Tron. As it is, bulls are confident. There is a chance for prices to rip higher as long as ETH stays above the local support at $2,300. On the lower end, a key support level to monitor is $2,100.
At press time, ETH is stable, but even with the flat price action of the past day, it is up by nearly 7%. This is because prices rose sharply on October 14, reversing most losses of the past few days when it consolidated. Amid this, the average trading volume is up, expanding to over $22 billion. Any upswing above $2,800 today or by the end of the week would trigger massive liquidity, pushing ETH to new Q4 2024 highs.
Traders are tracking the following trending Ethereum news:
- In Q3 2024, Ethereum underperformed the traditional market. With rallying stock prices, NASDAQ rewarded its holders 24% more than ETH yielded. Accompanying dropping prices are the falling gas fees, which dropped to Q4 2020 levels.
- The Ethereum Foundation sold another 100 ETH yesterday. Since early September, they have been selling small batches of the coin, totaling 1,450 ETH as of mid-October.
Ethereum Price Analysis
ETH/USD bulls stand a chance.
All the same, gains of October 14 are yet to be confirmed.
Presently, sellers are still in charge.
However, considering the recovery across the board and prices are still inside the bull bar of October 14, risk-on traders can consider buying the dip.
The local support will be around $2,500.
Any break above $2,700 could trigger demand, lifting Ethereum towards $2,800.
Risk-off traders can wait for a clean close above $2,800 or below $2,100 before aligning with the emerging trend.
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