CandleFocus

Ethereum (ETH) Struggles to Break $2.5K Amid Bearish Dominance

Author: Content Editor
The price of Ethereum (ETH) has experienced volatility in recent days, leading to anxiety among traders. Analysts predict that the price of ETH may recover in October. Currently, ETH is trading at $2,426, with resistance and support levels being crucial factors. The daily price chart shows the struggle to maintain a price of $2.5K. The market has seen an ETH liquidation of $50.51 million and an increase in daily trading volume by over 43.90% to $15.89 billion. An Ethereum whale who received 150K ETH during an initial coin offering (ICO) has deposited an additional 5K ETH, valued at $12.2 million, to Kraken. The whale has sent a total of 45K ETH, worth $113.3 million, over the past 15 days and holds a total of 94,450 ETH, valued at around $230 million. On the monthly chart, ETH's price has spiked 6.40% to a high of $2,685 but has also experienced a 7.70% drop in the past week. There is a possibility of ETH collapsing to $2.2K if the current bearish momentum continues. However, a rebound could bring a retest and potentially push ETH towards $2,628. The daily Relative Strength Index (RSI) is at 48.16, indicating a neutral zone, and the short-term and long-term moving averages suggest a bearish momentum for ETH.

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