Ethereum Drops From September Highs: ETH Rejected At $2,800—Again?

Ethereum is recoiling from around a critical resistance at $2,800. Even though bulls are struggling and yet to take over from determined bears, prices are likely to recover. Nonetheless, ETH must first break September and August highs at the back of rising volume before this happens. The local support is at $2,300—for now. Amid this weakness, the Ethereum ecosystem is expanding. There are now more layer-2s, with a proposal by Uniswap to build Unichain dominating headlines. Additionally, endorsement by BlackRock is a massive plus for the smart contracts platform.

The second most valuable coin continues to chop, as evident in the daily chart. The local support is $2,300, while buyers need to break $2,800 before the trend is defined. The consolidation means ETH is down 1% in 24 hours while up 9% in the past trading week. Meanwhile, engagement is relatively low, falling to around $16 billion in the last 24 hours.

Holders and traders are closely monitoring the following trending Ethereum news:

• Vitalik Buterin has detailed the next update for Ethereum—The Surge. The goal is to scale the mainnet and layer-2s, achieving over 100,000 TPS. Additionally, this update seeks to decentralize the base layer while making layer-2s more trustless and open.
• Robinhood is expanding its crypto offerings. In a recent report, the platform will offer Bitcoin and Ethereum futures, confirming earlier rumors. With this endorsement, more capital will flow to ETH, benefitting prices in the long term.

Ethereum Price Analysis

ETH/USD is flat at press time.

Risk-off traders can wait on the sidelines since the coin is still within the $2,300 —$2,800 range.

The immediate support is at $2,300, and if ETH remains above this level, the coin may edge higher in the coming sessions.

Technically, what’s needed is a firm close above $2,800 before traders commit.

If not, the sellers of Q3 2024 remain in charge and may drive the coin below September lows.