Ethereum Approaching $2,800: ETH Holders Cautious, Is $10,000 Inevitable?

Ethereum is inching higher, outperforming the greenback over the weekend. At spot rates, the coin is past the accumulation and approaching $2,800. For the uptrend to begin, not only must ETH hold firm and absorb any attempt by sellers, but the breakout must be with above-average trading volume. The expansion is despite some analysts arguing that Ethereum is falling out and modern chains will soon replace it. This position is critical considering the rise of layer-2s and the resulting fragmentation.

As sentiment improves, the second most valuable coin is also posting gains. Over the last day, ETH is up 3%, pushing gains over the previous week to over 8%. It marked a strong week for the otherwise bearish coin moving sideways. If bulls push on, engagement will likely also increase above the $17 billion of the past day.

The following Ethereum news events are trending:

• Even with ETH relatively firm, sentiment remains bearish. According to CMC streams, over 60% of holders are bearish. All the same, there is no discounting the possibility of a contrarian formation printing out in the coming sessions.
• In the weekly chart, one analyst thinks prices will breach all-time highs and 2X to over $10,000. Specifically, he cites events in the weekly chart where the uptrend remains shaped by the leg up in 2021.

Ethereum Price Analysis

ETH/USD is bullish when writing.

Though buyers are yet to break $2,800, it seems like the momentum is building up.

Traders are building on from the October 14 bar, and any breakout would align with this engulfing candlestick.

Support will be at $2,300.

If bulls are successful and volatility increases, Ethereum can easily glide to $3,000 and back to July highs of $3,500.

Any unexpected dump below $2,300 cancels out the gains of last week.