#Ethereum (ETH) climbed above $2,300 after an increase of just under 1.50%, registering a notable recovery along with BTC. While it may have reclaimed $2,300, ETH is bogged down by a stubborn resistance at $2,400, preventing any move past this level. A downward-sloping 20-day SMA is also indicative of the bearish sentiment around ETH. Despite the bearish pressure, ETH’s support of $2,300 has remained stable despite being tested on numerous occasions in September. Looking at the price chart, we see ETH pushed above $2,400 on Friday, rising to $2,442 after an increase of 3.34%.
However, with sellers active at this level and the 20-day SMA coming into play, ETH fell back on Saturday, dropping to $2,420 after a drop of 0.91%. Selling pressure intensified on Sunday as sellers pushed ETH below $2,400. ETH eventually registered a decline of 4.21% to settle at $2,318. The current week began with ETH continuing to drop, as it registered a drop of 0.95% to slip below $2,300 and settle at $2,296. However, sellers lost steam as demand picked up, allowing ETH to recover on Tuesday. As a result, ETH registered an increase of just over 2% and settled at $2,343. Buyers also attempted a move above $2,400 but were thwarted, managing to reach a high of $2,393 before dropping back. The current session sees ETH down marginally as buyers and sellers look to take control of the session.
ETH must push above $2,400 for sentiment around the asset to change. However, it has been unable to do so despite several attempts. Buyers, on their part, must defend the $2,300 level to defend a further slide. Should this level be breached ETH could drop as low as $2,100.
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Ethereum (ETH) climbed above $2,300 after an increase of just under 1.50%,
ETH
2,434.83
+5.14%
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