Ethereum Inches Closer To $2,700 Despite Reddit Offloading ETH in Q3 2024

Ethereum printed higher highs yesterday but was unable to break $2,700. Even though there is hope among holders that the second most valuable coin has what it takes to reclaim the $2,800 level, bulls are yet to show. For this reason, despite the optimism, only time can tell. For now, the key levels to watch going forward have to be the upper limit of this range, at $2,800, while the support ranges between $2,300 and $2,400. As long as prices trend inside this zone, there is a possibility of Ethereum building on gains from August lows, shaking off weaknesses.

Although the general trend is bearish, shaped by price action for the better part of Q3 2024, ETH bulls are showing strength. Over the last day, the coin is up nearly 1%, extending weekly gains to approximately 5%. However, there has been a worrying drop in engagement to around $21 billion over the last day at press time.

Ethereum Daily Chart for October 31

Traders are actively monitoring the following Ethereum news:

  • Sentiment is balanced and skewed in favor of bears, but it is better than it was a few days ago. According to CMC data, 59% of traders are bearish, while there is a slight increase in bulls to over 40%. If prices break out from the stubborn range, the resulting FOMO could change the coin’s outlook, propping up bulls.
  • In Q3 2024, Reddit sold most of its crypto holdings, including BTC and ETH. This stash was used for financial reserves.  When launching its IPO, the social media company said it purchased digital assets using excess cash.

Ethereum Price Analysis

ETH/USD is firm when writing.

Since the coin is still inside a $400 range, capped at $2,300 and $2,700, conservative traders can only watch.

As it is, there is a series of higher highs after the plunge in early August. As such, there is a bullish divergence printing.

Aggressive, risk-on traders may ride the improving sentiment by buying the dip as long as Ethereum is above $2,300.

However, clearer entries exist above $2,800.

When buyers take over, the breakout could see ETH violently break $3,000.

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ABOUT THE AUTHOR See More
Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
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