Ethereum price extended its decline below the $2,450 level. ETH is now consolidating and might struggle to recover above the $2,425 level.

• Ethereum declined further and traded below the $2,400 zone.
• The price is trading below $2,420 and the 100-hourly Simple Moving Average.
• There is a connecting bearish trend line forming with resistance at $2,425 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair must stay above the $2,350 support to start a fresh increase in the near term.

Ethereum Price Holds Support

Ethereum price remained in a bearish zone and extended losses below the $2,550 level. ETH traded below the $2,450 support to enter a bearish zone like Bitcoin. There was also a move below the $2,400 level.

A low was formed near $2,352 and the price is now consolidating losses. There was a minor increase above the $2,365 level. The price is still below the 23.6% Fib retracement level of the downward move from the $2,655 swing high to the $2,352 low.

Ethereum price is now trading below $2,420 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,420 level. There is also a connecting bearish trend line forming with resistance at $2,425 on the hourly chart of ETH/USD.

The first major resistance is near the $2,500 level or the 50% Fib retracement level of the downward move from the $2,655 swing high to the $2,352 low. The next key resistance is near $2,535.

An upside break above the $2,535 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,650 resistance zone in the near term. The next hurdle sits near the $2,680 level or $2,665.

More Losses In ETH?

If Ethereum fails to clear the $2,420 resistance, it could continue to move down. Initial support on the downside is near the $2,350 level. The first major support sits near the $2,320 zone.

A clear move below the $2,320 support might push the price toward $2,250. Any more losses might send the price toward the $2,150 support level in the near term. The next key support sits at $2,120.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,350

Major Resistance Level – $2,420

Eric Balchunas published a list of the highest-performing ETFs of the 2020s, and two Bitcoin ETFs made the cut. BlackRock’s IBIT and Fidelity’s FBTC were both “stud level,” with over $10 billion in assets under management (AUM).

The beginning of October has seen new outflows for FBTC, but IBIT retained its streak of positive growth.

Bitcoin ETFs Rise to Become Top Performers

Eric Balchunas, the Senior ETF Analyst at Bloomberg, recently compiled a list of top-performing ETFs launched since 2020, at least in terms of AUM. Two of the Bitcoin ETFs launched this year, BlackRock’s IBIT and Fidelity’s FBTC, made the cut. Of these top performers, only the Bitcoin ETFs were launched after the 2022 bear market.

There’s been about 2,000 ETFs launched this decade, here’s the top 10 biggest by assets. All over $10 billion = stud level. Half the list is low-cost legacy active eg [JP Morgan], [Dimensional Fund Advisors], [Capital] Group. IBIT and FBTC stunning given how young they are,” Balchunas wrote on X (Twitter)

Read More: What Is a Bitcoin ETF?

IBIT has been performing particularly well lately. The SEC greenlit options trading for IBIT in late September, a significant milestone of approval. This new investment tool is likely to attract new liquidity and institutional investors. For example, IBIT enjoyed over $111 million in inflows on September 28.

Read More: An Introduction to Crypto Options Trading

FBTC, for its part, has not enjoyed similar breakthroughs lately. “Uptober” started off with a downward trend in the crypto market, and IBIT was the only Bitcoin ETF that maintained its streak of inflows.

FBTC, on the other hand, was the biggest loser, with $144.67 million in outflows. This comes only days after FBTC reported higher inflows than IBIT.

Ultimately, IBIT is showing no signs of stopping. The ETF reached $1 billion in trading volume on October 2, and the main possible concern on its horizon is BlackRock’s recent amendment filing. For now, IBIT is looking like the clear standout of the Bitcoin ETF market.

Bitcoin price is consolidating above the $60,000 support. BTC could aim for a fresh increase unless there is a close below the $60,000 support.

• Bitcoin is consolidating above the $60,000 support zone.
• The price is trading below $61,500 and the 100 hourly Simple moving average.
• There is a key bearish trend line with resistance at $61,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it stays above the $60,000 support zone.

Bitcoin Price Starts Consolidation

Bitcoin price extended its decline from the $62,350 resistance. BTC broke the $62,000 and $61,500 support levels to move into a short-term bearish zone. The price even dipped below $60,500.

A low was formed at $60,000 and the price is now consolidating losses. There was a minor increase above the $60,500 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $62,350 swing high to the $60,000 low.

Bitcoin is now trading below $61,500 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near the $61,250 level. The first key resistance is near the $61,500 level. There is also a key bearish trend line with resistance at $61,550 on the hourly chart of the BTC/USD pair.

The trend line is close to the 61.8% Fib retracement level of the downward move from the $62,350 swing high to the $60,000 low. A clear move above the $61,500 resistance might send the price higher. The next key resistance could be $62,500.

A close above the $62,500 resistance might spark more upsides. In the stated case, the price could rise and test the $63,200 resistance level. Any more gains might send the price toward the $65,000 resistance level.

More Losses In BTC?

If Bitcoin fails to rise above the $61,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,500 level.

The first major support is near the $60,000 level. The next support is now near the $59,200 zone. Any more losses might send the price toward the $58,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $60,500, followed by $60,000.

Major Resistance Levels – $61,500, and $62,500.