- Ethereum struggles to break the $3,000 resistance level despite new U.S. spot ETFs.
- ETH saw a 2% increase in the past 24 hours, moving from $2,538 to $2,662.
As new spot exchange-traded funds (ETFs) enter the U.S. market, Ethereum, the second-largest cryptocurrency by market cap, continues to grapple with substantial difficulties. Despite recent efforts to reach new price peaks, ETH has struggled to surpass the crucial $3,000 resistance level, contending with market fluctuations and waning dominance compared to Bitcoin.
In the past 24 hours, Ethereum showcased has modest 4.88% increase, rising from a low of $2,538 to a high of $2,662. This uptick follows Bitcoin’s 3% climb to approximately $62,000. At the time of writing, ETH is trading at $2,638, with a daily trading volume of $12.90 billion.
The current market performance shows Ethereum lagging behind, with its price below $2,600 at the end of August—a mere 15.80% gain from the start of the year. This slump has caused mixed dissatisfaction among Ethereum traders and enthusiasts, who have voiced their concerns directly to Vitalik Buterin, the blockchain’s founder.
Following that, Buterin has been criticized for focusing on philosophical topics rather than addressing Ethereum’s market challenges. In response, he posted a message along with a bull-themed image, referring to it as an “Ethereum bullpost.”
Ethereum’s Consolidation and Potential Breakout Scenarios
Over the past two weeks, Ethereum’s price has been range-bound between $2,680 and $2,529, indicating a consolidation phase.
Ethereum technical indicators suggest a potential breakout, with the 50-day EMA currently at $2,617, reflecting a bullish trend. Additionally, ETH’s Relative Strength Index (RSI) stands at 57, placing the asset in a neutral zone.
According to the Ethereum price prediction, a successful breach of the $2,700 resistance could pave the way for ETH to test the next major resistance at $2,950. Surpassing this level might propel ETH towards $3,000. If momentum continues, ETH could potentially rise to $3,250 and even approach $4,000.
Conversely, if Ethereum falls below $2,600, it may enter another extended period of consolidation. This could push the price below $2,300, dampening short-term bullish sentiment. Continued declines might follow, leading to further market challenges.
