Ethereum: Flatline Between $2,500–$2,600

The cryptoasset has remained range-bound during the month, with price fluctuating between $2,300-$2,600. In mid-late September, ETH ended the period trading at about $2,582, having reached levels around $2,600 and lows around $2,436. (octagonai)

Range-Bound and Without a Direction

Options markets signal that there is no expectation of a move from traders. The implied volatility remains close to 52-54%, while positioning is moderately constructive, as out-of-the-money calls have a slight edge over puts, pointing to slightly more positive sentiment than hedging against risks. (octagonai) (octagonai)

Key Support/Resistance Levels

Based on technical analysis, key support can be found at the level of $2,438, while the upper level of resistance is located in the range of $2,600–$2,750. The breakout of the resistance range is the key level for confirmation of new upside momentum and setting $3,000 as a next target. (octagonai) (octagonai)

Big Picture

ETH remains a core element of the smart contracts and DeFi ecosystem: it is a leader of the decentralized applications and has moved to the proof-of-stake protocol making the network security dependent on the staked ETH. This makes Ethereum the second most watched cryptoasset after BTC and determines the overall sentiment in the altcoin