Ethereum Pauses at $2,300 While Buyers Recoup

Ethereum (ETH) Current Statistics

The current price: $2,404.81
Market Capitalization: $289.44B
Trading Volume: $15.01B
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis October 10, 2024

Ethereum’s (ETH) price trades above the critical support level of $2,300 while buyers recoup. The selling pressure has been halted twice above $2,300 as bears try to sink the largest altcoin. Since October 3, the price movement has been limited to the $2,300 support and below the moving average lines. Today, Ether is trending upward toward the moving average lines.

A break above the moving average lines will send the altcoin to its previous high of $2,800. Ether will continue to move sideways below the moving average lines if the bullish scenario is invalidated. Furthermore, Ether may opt to tumble if the critical support at $2,300 is broken. The altcoin will drop to a low of $2,200 or $2,000. The altcoin is now valued at $2,404.

ETH Technical Indicators Reading

On both charts, the price bars are below the moving average lines, but the cryptocurrency is unlikely to decline further. In addition, the moving average lines show a bearish crossover, indicating a negative signal. Meanwhile, the sideways trend has kept the moving average lines horizontal.

Conclusion

Since the October 3 price drop, Ethereum has moved sideways between $2,300 and $2,500 while buyers recoup. The bulls have resolutely guarded the $2,300 support. A break below the crucial support level will send the largest altcoin to the low of $2,000. Meanwhile, the crypto signal remains range-bound, with bulls holding the decline above the $2,300 support.           

 Make money without lifting your fingers: Start using a world-class auto trading solution

                   
Note: Learn2.Trade is not a financial advisor.  Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your results.