Ethereum Retreats as It Fluctuates Between $2,200 and $2,800

Ethereum (ETH) Current Statistics

The current price: $2,415.89
Market Capitalization: $290,770,662,214
Trading Volume: $20,790,404,572
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis October 2, 2024

Ethereum’s (ETH) price backtracks as its price fluctuates between $2,200 and $2,800. The largest altcoin was rejected after reaching a high of $2,732. Buyers have found it difficult to break through the $2,800 resistance level since August 8. Ether has been repelled four times at the resistance zone. Today, Ether dropped and found support above the $2,420 low.

The altcoin has returned to its original price range of $2,200 to 2,800. For the past 24 hours, the altcoin has been trading above the $2,400 support. Ether faces an additional drop if it loses its present support at $2,400. The market will reach a low of either $2,200 or $2,000. The bullish momentum will resume if the present $2,400 support holds.

ETH Technical Indicators Reading

Following the end of the bearish trend, the cryptocurrency price has fallen below the moving average lines. The bearish impetus has subsided as the altcoin has dropped to its price range. The moving average lines form a bullish crossover when the 21-day SMA crosses below the 50-day SMA. The fall has subsided as the cryptocurrency maintains its range-bound movement.

Conclusion

Ethereum declines as its price fluctuates between $2,200 and $2,800. The cryptocurrency price has wavered above the $2,400 support as purchasers recuperate above the present level. Doji candlesticks are emerging as Ether consolidates above its current support. The cryptocurrency signal is range-bound as Ether resumes its sideways trend.

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