Ethereum found support late last week, rejecting an attempt to go lower, and has since steadily recovered. Traders are hoping for a big close above $2,800, but the effort to shake off last week’s losses is commendable. Therefore, if the price moves higher and fixes the immediate support at $2,300, there is a good chance that Ethereum will break above $2,800. This move will be ideal for bullish traders, as the second most valuable coin has what it takes to break through $2,800, $3,000, and even $3,500. Until then, conservative, risk-off traders should watch from the sidelines, noting that the overall trend remains bearish.
Traders are confident. After the slight strength seen last week, traders are looking for more strength. A move above $2,800 and last week’s highs is perfect and sets the stage for further upside. So far, Ethereum is weak and in a bearish formation. Nevertheless, last week’s losses were managed after gains from the past day stabilized the coin. Still, ETH fell 5% in the past week, with average 24-hour trading volume reaching around $11 billion.
The following Ethereum trending news events are worth tracking.
Ethereum is holding steady and attempting a rebound. Despite this confidence, sentiment is bearish, with 69% of those polled expecting ETH to continue falling in the coming sessions. The popular Layer 2, Optimism, was recently updated to include ICrossChain ERC20 update functionality. This upgrade improves the user experience and simplifies the transfer of assets with neutral mints and burns.
Ethereum price analysis
ETH/USD is still within a bearish formation despite the recent rally.
Currently, ETH support is at $2,300.
If this level consolidates the uptrend, risk-on traders can target $2,800 in the short term and load on a push above this level.
A loss below this level will set Ethereum at $2,100 in the coming sessions.
On the other hand, ETH could rise to $3,000 if gains take the coin above $2,700 and reverse last week’s losses.
