Ethereum Rises But Revenue Falling: What’s Next for ETH?
Ethereum is firm but grossly underperforming other top altcoins, including Solana and BNB. As it is, the coin is stable in the past day but down 2% in the previous week of trading. Technically, sellers are in control, crushing any attempt for buyers to build momentum. Even though traders can wait for a close above $2,600 to consider longs, better entries can open up once the coin breaches $2,800 and August highs. Before then, the August 2 to 6 bear range defines the medium-term price trajectory.
From the daily chart, bulls are back, but prices are struggling for momentum. There are hints that ETH bulls might find the momentum to break higher. If bulls are to take control, a break and close above $2,600 by the end of the day is necessary. This will be especially so if the leg up is based on rising trading volume.
Amid flat price action favoring sellers, the following Ethereum news events are worth watching:
- The Hong Kong Stock Exchange is innovating and plans to launch an index for digital assets, including ETH. Reports indicate that the product will launch in mid-November.
- Falling gas fees mean Ethereum is no longer the largest protocol in terms of daily revenue generated. Instead, Tether and Circle, two of the largest stablecoin issuers, generate more fees than the layer-1.
Ethereum Price Analysis
ETH/USD is firm at spot rates, following Bitcoin.
Even though some analysts expect prices to rise sharply, bears are not bulging.
As long as $2,600 is resistance, traders can consider shorts, targeting $2,300 in the short term.
If sellers press on, breaching this reaction level, the second most valuable coin may collapse to $2,100.
This formation will align with the losses of early August, and the trend will continue.
In that event, Ethereum may crash below $2,000.
This will only change if the coin floats above $2,600 by the end of the day with even better entries or bulls when ETH breaks $2,800.
In that case, the coin may find the much-needed momentum to float above $3,000.
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