Ethereum Struggling Despite Confident Bulls Aiming For $2,800: Will Grayscale Succeed?

Dalmas Ngetich•Thursday, October 17, 2024•1 min read

Ethereum is in green but has been moving inside a tight range, looking at the formation in the daily chart. Despite the high hopes, bulls must confirm their presence by closing above the immediate liquidation zone at $2,800. There are several catalysts that might move prices, including the rapidly growing Ethereum ecosystem marked by a spike in the number of layer-2s launching. Although some analysts think these off-chain solutions are extractive, their role in scaling the legacy chain is evident. Unless there is a sharp turn in trend, reversing Q2 and 3 losses, sellers will still have the upper hand.

After the refreshing surge on October 14, bulls have failed to follow through. At present, support is at $2,300, while resistance is at $2,800. Even though ETH might benefit from rising Bitcoin, sellers are strong, and on-chain, layer-1 developments are not as exciting as far as incentives to validators are concerned. For now, the average trading volume of the last day is decent at over $16 billion.

Ethereum Daily Chart for October 17

The following trending Ethereum news could shape price action:

Larry Fink of BlackRock thinks Ethereum will continue to play a crucial role. The asset manager is already tokenizing treasuries on the largest smart contracts platform.
After finding success in spot Bitcoin and Ethereum ETFs, Grayscale is now seeking to convert its blended fund into an ETF.