**๐ $ETH Update: Coiling Below $2,800 ๐**
Ethereum is trading around **$2,700**, up about 1% on the day. It's holding the breakout from September and pressing against a resistance zone it has been rejected from for two weeks.
**๐ Technicals**
โ Price is above the 20-day EMA (about $2,611) and well above the 50-day EMA and 200-day moving average
โ ETF inflows have kept institutional demand steady
โ Short positions are stacking up, so a breakout could trigger a squeeze
โ ๏ธ ETH has not managed a convincing daily close above $2,800 yet
**๐ฏ Key Levels**
๐ด Resistance: $2,750 โ $2,800 โ $3,000
๐ข Support: $2,617 โ $2,530 โ $2,445
**๐ฎ Scenarios**
๐ **Bullish:** A daily close above $2,800 on volume opens the road to $3,000.
โ๏ธ **Base case:** Choppy range between $2,600 and $2,750.
๐ป **Bearish:** A loss of $2,600 would weaken the structure and put $2,450โ$2,530 in play.
**๐ฅ Catalyst:** The Glamsterdam upgrade testnet is expected around Oct 6. Historically ETH has also leaned positive in October.
**๐ญ My take:** The structure is bullish, but $2,800 is the line that matters. Let it break and hold before getting aggressive.$ETH
Will ETH reclaim $3,000 this month? ๐
#ETH #Ethereum #ETHUSDT #Glamsterdam #BinanceSquare
Ethereum is trading around **$2,700**, up about 1% on the day. It's holding the breakout from September and pressing against a resistance zone it has been rejected from for two weeks.
**๐ Technicals**
โ Price is above the 20-day EMA (about $2,611) and well above the 50-day EMA and 200-day moving average
โ ETF inflows have kept institutional demand steady
โ Short positions are stacking up, so a breakout could trigger a squeeze
โ ๏ธ ETH has not managed a convincing daily close above $2,800 yet
**๐ฏ Key Levels**
๐ด Resistance: $2,750 โ $2,800 โ $3,000
๐ข Support: $2,617 โ $2,530 โ $2,445
**๐ฎ Scenarios**
๐ **Bullish:** A daily close above $2,800 on volume opens the road to $3,000.
โ๏ธ **Base case:** Choppy range between $2,600 and $2,750.
๐ป **Bearish:** A loss of $2,600 would weaken the structure and put $2,450โ$2,530 in play.
**๐ฅ Catalyst:** The Glamsterdam upgrade testnet is expected around Oct 6. Historically ETH has also leaned positive in October.
**๐ญ My take:** The structure is bullish, but $2,800 is the line that matters. Let it break and hold before getting aggressive.$ETH
Will ETH reclaim $3,000 this month? ๐
#ETH #Ethereum #ETHUSDT #Glamsterdam #BinanceSquare
