Ethereum Slumps Below $2,700 Under Severe Selling Pressure

Ethereum (ETH) Current Statistics

The current price: $2,502.08
Market Capitalization: $301,301,233,298.36
Trading Volume: $21,048,523,304.62
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis October 31, 2024

Ethereum’s (ETH) price has slipped below its moving average lines under severe selling pressure. The decline was caused by the bull’s inability to maintain its bullish momentum above the $2,700 high. On October 30, a long candlestick points to the resistance zone. The candlestick wick signals significant selling pressure at the high price level. Since August 8, bears have continuously resisted upward price movement.

Today, Ether is trading below its moving average lines. The drop has paused above the critical support level of $2,400. A long candlestick tail points to the $2,400 support. It signals strong buying pressure at the current support level. If it holds, Ether will recuperate above its present support. Meanwhile, Ether will trade above the $2,450 support level but below the moving averages.

The selling pressure has lessened, and buyers are recouping for a potential upward move. The largest altcoin is now valued at $2,515.

ETH Technical Indicators Reading

Ether is trading below the moving average lines following a drop on October 31. The decline has paused above the $2,400 support. The moving average lines have remained horizontal despite price fluctuations below and above them.

Conclusion

On the 4-hour chart, Ether is in a sideways trend under severe selling pressure. It trades between $2,400 and $2,700, with the latter being below the former. Since its drop on October 31, the altcoin has fluctuated above its current support level of $2,400. The upward trend will resume if the existing support holds. However, if the current support is breached, Ether will return to its low of $2,379.

The cryptocurrency signal is range-bound as Ether consolidates above its present 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.