Ethereum Weak, 70% Of ETH Holders Are Bearish: Back To $2,100?
Ethereum is down at press time but within the $2,400 and $2,800 resistance zone, stuck inside the generally firm September range
Ethereum is weak at spot rates, aligning with Bitcoin, looking at the candlestick arrangement in the daily chart. Although traders are upbeat, expecting prices to race higher in the coming days, the failure of bulls to breach $2,800 is a concern. In the short term, the local support is $2,400 but will change if there is a flash drop below this loading zone. For now, fundamentals will play a big role. The influx of capital to DeFi and spot Ethereum ETFs might spark confidence, lifting demand and confirming gains of September 2024.
The second most valuable coin is bearish from a top-down preview. Even though there are hints of strength, the short-term favors bulls. As mentioned earlier, this requires ETH to breach $2,800, reversing losses of the past day. If this happens, engagement will also increase, pushing gains above $16 billion.
Traders are closely monitoring the following Ethereum news:
- As ETH struggles for momentum, the more traders are convinced the coin lacks what it takes to swing higher. Sentiment analysis shows that over 70% of traders expect prices to drop.
- The Ethereum Foundation, known for exiting at swing tops, is unloading. Yesterday, they sold 100 ETH. In 2024 alone, they have sold over 3,760 ETH. Their decision to actively sell is a source of concern among holders.
Ethereum Price Analysis
ETH/USD is under pressure at press time.
The local resistance is at around $2,800, while support is at $2,400.
Because Ethereum is inside the September range and immediate support, traders can consider longs. The first target would be $3,000.
Conversely, if the weakness of the past three days spills over, forcing ETH below $2,400, the second most valuable coin may retest August lows.
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