Ethereum Forms A Triple Trop At $2,700: More Trouble For ETH Bulls?
Ethereum is printing lower lows above $2,300. There is a triple top, signaling possible weakness for ETH in the sessions ahead
Ethereum is falling, forming a triple top. With sellers in charge, confirming losses of October 21, the second most valuable coin is printing lower lows, slipping toward $2,600. Unless there is a bounce lifting ETH above $2,700 and ideally $2,800, the coin is under the grasp of determined sellers. The primary support is around $300, away at $2,300. Therefore, provided prices trend above this zone, Ethereum buyers have a chance, although sellers of Q3 2024 are still in control. For the trend to shift, there must be a high volume close above the triple tops defined by the local resistance. In that event, ETH would easily float to $3,000 and higher.
Looking at the candlestick arrangement in the daily chart, it is evident that ETH is struggling for momentum. The coin is down 1% in the past 24 hours and flat on the previous week. Meanwhile, the average trading volume over the previous day is at around $14 billion, down from last week’s averages.
The following Ethereum news developments are worth watching:
- In 2025, spot Bitcoin and Ethereum ETFs, the United States SEC says, will be an examination priority. The goal is to focus on existing crypto asset-related services and risks. After pressure, the regulator approved spot Bitcoin ETFs in January before following through with a similar product for Ethereum.
- Ethereum layer-2 gas fee is on the way up, months after the Dencun Upgrade. The expansion in blob fee to over $4 is due to the scramble for the Scroll airdrop, which started on October 22.
Ethereum Price Analysis
ETH/USD is bearish despite the high hopes among holders.
The reaction from the lower limit of the resistance zone at around $2,700 meant sellers are in control.
Still, after last week’s gains, bulls cannot be dismissed.
Bulls can closely monitor price action as long as Ethereum finds support at $2,300. A recovery from around this loading zone could see the coin resume the uptrend.
There are clear entries above $2,800, especially if the leg up is with rising trading volume.
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