Ethereum Slips, Even With Trump’s Endorsement, Is $2,100 Unavoidable?

Ethereum, more like Bitcoin, is also in red. While there is hope that ETH bulls will take over, changing the fortunes of holders, sellers are resilient. What’s needed for this trend to shift is a convincing, fundamentally driven uptrend lifting prices above $2,800. Only then will the coin build sufficient momentum for a leg up toward $3,500 or higher in a buy trend continuation formation. Before then, sellers are in the driving seat with the state of spot ETFs, for example, not helping determined bulls.

Considering the recent sell-off and the inability of bulls to revive demand, Ethereum is in red. To put in the numbers, it is down nearly 4% in the past day and week. Accompanying this drop is discouraging trading volume at $15 billion on the previous day.

Traders are closely monitoring the following trending Ethereum news:

• As Ethereum prices fall, its top lending markets, including Aave and Spark, continue to see forced liquidations. Following the unexpected contraction yesterday, the market saw the second-largest liquidation event ever.
• Yesterday, Donald Trump launched the World Liberty Financial lending platform on Aave, leveraging the Ethereum blockchain. This is a massive endorsement of the first smart contracts platform.

Ethereum Price Analysis

ETH/USD remains in a bearish formation.

The coin is inside a narrow range with caps at around $2,600 on the upside and $2,400 on the lower end.

Even so, since prices are inside the bear candlestick of August 27, sellers have the upper hand from an effort-versus-result perspective.

Every high below $2,800 will offer entries for aggressive sellers targeting $2,100.

In the short term, if sellers press on, breaking below the recent distribution, the odds of Ethereum sliding even faster to $2,100 will be high.

This development will be confirm losses of August 27 and September 1. In turn, it would set the base for another leg down toward $1,800 or lows.