Ethereum Steady Above $2,300 Despite Rising Criticism

Ethereum is all over the place but remains bearish at press time. Although the coin is moving sideways when writing, the path of least resistance is downward from a top down preview. What’s needed is a conclusive close above $2,800 and $3,000. This formation will confirm gains of early October, possibly triggering a trend change. Whether this will print out in the short term remains to be seen, and only time will tell. As it is, there is an encouraging series of higher highs from the early August sell-off, pointing to demand. If this development becomes the anchor of a sharp expansion above $3,000, it could easily see the second most valuable coin soar to $3,500.

Overall, the coin is moving inside a tight range with caps at $2,800 and $2,300. This sideways chop shows how prices have been moving, sliding 8% in the past week. At the same time, the average trading volume is at over $12 billion.

Traders are keeping track of the following Ethereum news events:

• Considering the lull over the past few days, ETH is underperforming SOL and BTC. The ETH/SOL ratio broke higher over the weekend, reaching fresh all-time highs.
• There is an argument that Ethereum is no longer special and is dying. Critics point to the fragmentation in liquidity and the rise of faster alternatives like Solana, BNB Chain, and Polkadot.

Ethereum Price Analysis

ETH/USD is flat when writing.

There are higher highs from August lows, explaining why, despite the drawdown, the uptrend remains.

Risk-off traders may consider unloading on every attempt below $2,800, targeting $2,300.

Ethereum may crash to August lows if prices fall below $2,300 and the support trend line.

Conversely, if bulls from late August are in the picture, clearer opportunities may print above $2,800.

In that case, risk-off, conservative traders can target $3,000 and $3,500.

This will be especially true if the breakout is with rising trading volume.