Ethereum Falls to the $2,400 Low Amid Selling Pressure

Ethereum (ETH) Current Statistics

The current price: $2,448.39
Market Capitalization: $294,751,976,458
Trading Volume: $12,554,005,995
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis October 7, 2024

Ethereum’s (ETH) price has fallen below the moving average lines amid selling pressure. The bulls have halted the bearish momentum above the critical support at $2,300 and begun an upward rise. The moving average lines have stopped the upward movement.

The largest altcoin trades in a confined range above the $2,300 support and below the moving average lines. The altcoin is expected to rise to its next resistance level at 2,800 if buyers maintain the price above the moving average lines. However, Ether will fall if it turns from the moving average lines. The altcoin will tumble and retest the critical support of $2,300.

If the key support is breached, Ether will fall much further above the psychological price of $2,000.00.

ETH Technical Indicators Reading

Ether is trading in the bearish trend zone amid selling pressure. The moving average lines will now act as resistance against the price bars. Today, the moving average lines reject the price bars. The moving average lines are sloping horizontally following the cessation of selling pressure on August 5.

Conclusion

Ethereum is trading sideways, fluctuating between $2,300 support and the $2,800 amid selling pressure. On the upside, Ether’s price rise appears questionable as the altcoin faces more rejection at the moving average lines. The cryptocurrency’s price has retraced and is now above the $2,400 support. The cryptocurrency’s signal is bearish due to rejection at the moving averages.

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