Ethereum Losing Steam: ETH Bulls Have Potential, Why Is $2,400 Hard To Break?

Ethereum is down at press time following the contraction of September 11. Nonetheless, traders remain confident. Technically, candlestick formation favors aggressive sellers at press time. The coin is within a descending channel, finding heavy resistance from around the $2,400 and $2,800 zones. If there is a shift in momentum, then bulls must push higher, preferably with high engagement signaling interest. Before then, how prices evolve in the next few days will shape the short to medium-term formation.

Ethereum is down in sync with the state of price action across the board. This shows from how it is performing, looking at trackers. To put in the numbers, the coin is stable, adding 1% in the past day but shedding 2% in the previous week. At the same time, the average trading volume is low, hovering at around $15 billion at press time.

Traders are closely monitoring the following headline-making Ethereum news:

• One analyst thinks that, although the current sentiment is bearish, Ethereum has achieved its objective of creating a decentralized financial system. Through this blockchain, developers can innovate and launch solutions, solving everyday problems.
• Ethereum Name Domains have now been integrated with Venmo and PayPal, two of the world’s leading payment processors. Holders of ENS domains can now receive funds directly from the two giants.

Ethereum Price Analysis

ETH/USD is stuck in a consolidation.

Looking at price action in the daily chart, the second most valuable coin is inside a descending channel.

As things stand, sellers are in control.

Accordingly, every high below $2,400 would still offer sellers an entry, targeting $2,100 in the short term.

This outlook remains until there is a high volume close above $2,400, and preferably, $2,800.

If sellers win and Ethereum slips below $2,100, Ethereum could crash to $1,500.