Ethereum Struggling Below $2,800: Is This Due To The Untimely Launch of Spot ETFs?
Ethereum is firm but needs to close above the $2,400 and $2,800 resistance zone for trend definition pushing ETH to over $3,500
Ethereum is down at press time and within a narrow range. Technically, the downtrend remains. The coin is within a descending channel and will require bulls to press on firmly, ideally above $2,800. Macroeconomic factors may be risk-on after the rate cut, but ETH is slow to respond. Meanwhile, there have been massive outflows from spot Ethereum ETFs coupled with an inflationary coin, wiping and heaping pressure on buyers. Unless buyers take over and reclaim $3,000, bears will have the upper hand in the short to medium term.
Traders are confident of what lies ahead. The problem is that this optimism is not showing on the daily chart. Presently, the second most valuable coin is steady in the past day but due to progress last week, it is up 8%. The lull over the last day shows an engagement that shrunk to around $14 billion.
The following Ethereum news developments are trending:
- After weeks of worrying outflows, spot Ethereum ETFs registered net inflows of $62.4 million yesterday. The inflow is massive and could help prop up the coin that’s under siege.
- Bitwise CIO Matt Hougan thinks the launch of Spot Ethereum ETFs came in too early. If issuers or the United States SEC had waited one more year, inflows would have been more substantial. Although he expects the product to succeed, there are general concerns due to its slow start.
Ethereum Price Analysis
ETH/USD is weak at spot rates.
The coin is above $2,400 and inside the September 17 to 23 trade range, a net positive.
As long as the support holds, traders can consider longs, targeting $2,800.
All the same, traders should be cautious.
The path of least resistance from a top-down preview is downward.
Ethereum is within a descending channel.
Once prices spike above $2,800, it would mark the start of a leg-up that may propel ETH to $3,500.
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