The second-largest altcoin is back in the green following the largest cryptocurrency, Bitcoin. ETH Price has returned to levels above $3,600 while the BTC Price is currently trading above $58,000 while making headway to $60,000.
Ethereum Price Analysis:
During the first few days of October, the price of Ethereum had a strong positive trend. ETH/USD has risen more than 30% from its previous significant swing low of $2,750 to its current swing high of $3,650.
As of today, Ethereum has launched a new downward trend from the $3,600 resistance level. The $3,500 support level and the 100 hourly simple moving average were both breached by ETH. The bulls, on the other hand, remained active near $3,400. In terms of the US Dollar, it remained above the $3,400 support level. To launch a new rise in the near future, the price of ETH must clear $3,540. $3,000, $2,750, and $2,500 are the immediate support levels.
According to Santiment, the 15th largest blockchain, LTC, has surpassed the largest DeFi and NFT platform token, ETH, in terms of active wallets. The present high fees are putting a strain on Ethereum on-chain activities, according to Santiment researchers.
Ethereum’s market share is steadily falling, despite Bitcoin’s big price increase at press time. So, while Ethereum’s price action is presently modest, its future prospects appear to be promising.