Ethereum
Ethereum Faces ‘Sell-Off Risk’ If It Loses $2,300 Resistance – Analyst
Ethereum is at a pivotal moment after failing to break above the $2,500 mark on Monday. With the entire crypto market anticipating a potential rally, Ethereum investors carefully watch for any signs of strength within the network. However, growing concerns about a possible deeper correction loom over the market.
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Key metrics from IntoTheBlock indicate that if Ethereum breaks below the $2,300 level, a significant sell-off could follow, increasing pressure on the price. This has created a tense atmosphere among traders and investors as they wait for a clear confirmation that Ethereum can hold strong above this critical support level.
As the broader market experiences uncertainty, Ethereum’s performance in the coming days will likely determine its trajectory. Investors are hoping for bullish momentum, but many remain cautious, aware of the risks that a drop below $2,300 could trigger. The next few days will be critical in shaping Ethereum’s future price action.
Ethereum Price Testing Crucial Demand
Ethereum is at a crucial turning point as its price remains indecisive, hovering between two significant levels that could result in substantial gains or losses once the trend becomes clear. Currently trading in a tight range, ETH investors and analysts carefully observe key support and resistance areas.
Top analyst and investor Ali recently shared important data from IntoTheBlock on X, highlighting the critical nature of the $2,300 support level for Ethereum. According to the report, around 2.4 million addresses purchased approximately 52.6 million ETH around this level. This makes $2,300 a significant demand zone that, if breached, could trigger a wave of selling as investors look to protect their portfolios and minimize losses.
If Ethereum holds above this critical support, the sentiment around ETH could shift toward a more positive outlook. Traders and investors may gain confidence, leading to a potential rally. Ali’s analysis underlines the importance of the coming days in shaping Ethereum’s price action.
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Ethereum’s performance at the $2,300 level will likely determine its short-term future, either as a foundation for gains or a trigger for deeper corrections.
ETH Technical Analysis
Ethereum (ETH) is trading at $2,420, following a 3% rebound from the lower demand zone around $2,330. Despite the recent recovery, the price remains under 2% away from the 4-hour 200 moving average (MA) at $2,467 and about 3% away from the 200 exponential moving average (EMA) at $2,495. These moving averages are critical resistance levels for ETH in the short term.
Ethereum must break above the 200 MA and EMA and target resistance levels above $2,500 to push the price higher. A clear breakout above could open the door for further gains, with investors looking for signs of sustained momentum.
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However, if Ethereum fails to reclaim both indicators in the coming sessions, the risk of a deeper correction increases. In such a case, ETH could retrace to lower demand zones, potentially dropping toward $2,150. Traders and investors closely watch these levels as Ethereum’s next move will likely determine the near-term trend.
Featured image from Dall-E, chart from TradingView
Ethereum has largely exhibited a sideways movement between $2,500 and $2,350 in the past seven days. This sideways movement has yet to give rise to a clear path as to how the crypto performs moving forward, denting the sentiment of many bulls.
In an interesting analysis with the use of the TD Setup, crypto analyst Ali Martinez highlighted a critical price point for investors to watch on the ETH price trajectory. At the heart of this analysis is the $2,250 price point, a level that could be the line between a bullish recovery and a steep correction.
ETH Price Must Hold $2,250
The TD setup is very popular among crypto analysts and investors. Historically, Ethereum has shown a clear reaction after breaking above or below the TD setup. Its reliability in pinpointing key reversal points has made it a go-to tool for analysts like Ali Martinez.
Using an ETH/US Dollar price chart that he shared on social media platform X, Martinez noted that the TD Sequential has made or broken the cryptocurrency’s price action in the past while also highlighting notable examples. Each time the ETH price broke above the TD setup resistance trendline, a strong bull run has always followed. On the flip side, when ETH dipped below the setup’s support line, it corrected by an average of 53%.
The first significant breakout above the TD setup resistance triggered an 8,885% surge, which saw the ETH price reach an all-time high of $1,138 at the time. Conversely, the first time the ETH price broke below the TD setup, it corrected by 56.67%. The latest break above the TD setup occurred in March of this year, which saw the ETH price surge by about 113% as it crossed above $4,000 for the first time in two years.
Recent price dynamics puts the TD setup around $2,250. According to Ali Martinez, breaking below this price point could trigger a significant price drop. If a historical 53% average were to repeat itself, Ethereum could correct to as low as $1,100.
Current Market Snapshot
As of the time of writing, Ethereum is trading at approximately $2,410, roughly 7% above the critical $2,250 threshold identified by the TD setup. While the ETH price has managed to stay above this level for now, its proximity to this key price level makes it a critical level to watch.
The TD sequential indicator identifies potential points of exhaustion in an asset’s trend, whether bullish or bearish. Therefore, a break below $2,250 could mean the final reversal from a bullish Ethereum to a bearish sentiment.
Market sentiment towards Ethereum remains mixed at the moment. Sellers currently have the upper hand, but a break above $2,500 could set the path for a bullish momentum.
- Bison announced its insured Ethereum staking product in partnership with Munich Re and Staking Facilities
- Users can stake as low as 0.005 ETH and earn weekly rewards
Bison, a crypto trading and exchange-traded funds (ETF) platform by the Böerse Stuttgart Group, has unveiled a new staking service offering insured staking with Ethereum.
According to an update on October 8, the product is part of a partnership between Bison and Germany-based companies Munich Re and Staking Facilities. Munich Re is a global reinsurance company while Staking Facilities is a Web3 infrastructure provider that offers non-custodial staking.
Staking from 0.005 ETH
Bison offers 27 tradable assets on its platform, including Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA). The platform also provides access to more than 2,500 stocks and exchange-traded products (ETPs).
With the new feature, Bison users will be able to stake Ether from as low as 0.005 ETH, allowing more holders to support the network and earn staking rewards.
More than this, Bison now supports insured ETH staking, with a gradual roll-out that includes slashing protection and weekly payouts. In terms of slashing, the insurance means stakers have protection against validator losses that arise from improper actions.
Exciting news 🚀 Staking made in Germany – our bare metal infrastructure now powers the @bisonapp $ETH staking functionality 🙌
Support the #Ethereum network & earn #staking rewards for doing so:
🔵 Stake as little as 0.005 ETH
🔵 Receive weekly rewards
🔵 Slashing risk insured… https://t.co/kvlmIMFxPC— Staking Facilities (@StakingFac) October 8, 2024
Bison also benefits from compliant services, with all staked assets under custody by the Böerse Stuttgart Digital Custody. The regulated platform has a license from the Federal Financial Supervisory Authority, or BaFin.
Earlier this month, Böerse Stuttgart successfully completed a pilot on tokenized securities settlement involving major banks as part of the European Central Bank’s DLT tests.
In September, the company’s crypto subsidiary Börse Stuttgart Digital announced a partnership with DZ Bank to bring crypto trading and custody to its users.
Analysts at British multinational bank, Standard Chartered have predicted that the price of Ethereum (ETH) could potentially climb to $10,000 in response to the anticipated political changes set to take place following the upcoming United States (US) Presidential elections.
Standard Chartered Predicts Ethereum To $10,000
In a research note by the head of Standard Chartered crypto research, Geoffrey Kendrick, Ethereum could experience a dramatic rise to $10,000 if Donald Trump, the former US President wins the upcoming election.
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Delving into the potential impact of a Trump administration on the future of the digital asset industry, Kendrick predicts that both Ethereum and Solana (SOL) will outperform Bitcoin (BTC) significantly, reaching new all-time highs. The report posits that changes in a country’s political regime tend to have a significant influence on the trajectory of leading digital assets over time.
Based on this observation, Kendrick expects Solana to significantly outperform Ethereum under a Trump regime. While Ethereum will witness significant growth and possibly maintain its rank as the top altcoin with the largest market capitalization, a Trump win could change the market dynamics, potentially triggering even higher gains and adoption for its competitor, Solana.
On a different note, if the current US Vice President, Kamala Harris wins the upcoming elections, Kendrick’s report projects that Ethereum could surge to $7,000, marking a 30% or $3,000 drop from the projected $10,000 target under a Trump administration. However, under Harris’s leadership, Ethereum will solidify its position as the leading altcoin, potentially outperforming Bitcoin and Solana in gains.
It’s important to note that Standard Chartered has cut down its earlier forecast for Ethereum by nearly 50%, underscoring the volatility and unpredictability of the market. In an earlier report, the multinational bank had predicted that Ethereum could reach $14,000 by 2025, driven by the approval of Spot Ethereum ETFs.
Although Spot Ethereum ETFs have gained said approval and are now trading, Ethereum’s price remains significantly below $3,000. Nevertheless, the results of the US Presidential elections scheduled for November 5, could have a more bullish impact on Ethereum, potentially triggering a massive run to new highs.
ETH Faces Drop To $1,600 If Key Support Fails
While market experts deliver optimistic projections for Ethereum’s price, a prominent crypto analyst, Ali Martinez has taken a more bearish stance, predicting a significant decline for this altcoin if it fails to hold a crucial support level.
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In an X (formerly Twitter) post on Monday, Martinez disclosed that if Ethereum can stay above the $2,300 support threshold, its price could breakout to new all-time highs of $6,000. On the other hand, if the top altcoin fails to maintain this level, it could trigger a massive drop to the next support at $1,600.
As of writing, the price of Ethereum is trading at $2,432, and a decrease to $1,600 would represent a massive 34.21% plunge for the cryptocurrency.
Featured image created with Dall.E, chart from Tradingview.com
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