Ethereum Capped Below $2,800, Will Vitalik Buterin Win the Nobel Prize?
Ethereum is struggling for momentum and remains in a bearish formation. Unless buyers break above $2,800, ETH could post more losses
Ethereum remains in a bearish formation and is generally weak, looking at the formation in the daily chart. Even though there are hints of strength, especially from a fundamental, network-related angle, the path of least resistance is southwards. Unless there is a convincing close above $2,800 in the coming days, sellers are in control. Any close below $2,300 sets the ball rolling for even more losses targeting $2,100 or August lows. A solid close above the $3,000 psychological level is required for a proper trend definition. Any break above $3,500 will be massive, marking a complete turnaround for the second most valuable coin.
Bulls might be optimistic, but the coin is not yet out of the woods. Ethereum is down 30% from July highs and struggling for momentum. If the uptrend remains, there must be a solid confirmation lifting prices from the current chop. As it is, ETH is flat in the past day and week. At the same time, the average trading volume is low, at around $14 billion.
Traders are watching the following Ethereum news events:
- Google has officially integrated the Ethereum Name Service (ENS) into its search engine. This integration is a massive endorsement of the decentralized DNS service provider, and it could see more people working on the first smart contracts platform.
- Tyler Cowen, an economist, thinks Vitalik Buterin, the co-founder of Ethereum, deserves the Nobel Prize for his innovation. Accordingly, Cowen has nominated Buterin, celebrating his achievements since the platform launched.
Ethereum Price Analysis
ETH/USD is bearish when writing.
As prices move sideways, as is evident in the daily chart, traders are on the sidelines.
The path of least resistance is southwards. However, this will change if prices first break above $2,800 and $3,000.
Aggressive traders can consider shorts as long as Ethereum is inside the October 1 and 2 bear ranges.
The first target will be $2,100, especially if there is a strong, high volume close below $2,300—or last week’s lows.
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