Ethereum

Ethereum Price Analysis: ETH Fails Critical Resistance, Charts New July Low Against Bitcoin

ETH/USD – Ether Struggles WIth July Resistance @ $2340

Key Support Levels: $2250, $2150 – $2130, $2070.

Key Resistance Levels: $2340, $2400, $2530.

Ethereum is surging on the back of BTC rising almost 30% this week. The cryptocurrency managed to break the 50-day MA over the weekend and continued higher from hitting resistance at a descending trend line on Monday.

Since then, ETH has struggled to break resistance at around $2340, provided by a bearish . 236 Fib Retracement level. This is July resistance. A candle that closes above it on the daily charts will signal a bull run ahead.

The 4-hour chart shows that ETH trades within a short-term ascending channel. As local support, it is using the lower angle in this price channel.

ethusd-jul28-min — ETH/USD Daily Chart. TradingView.

ethusd-4hr0jul28-min — ETH/USD 4-Hour Chart. TradingView.

ETH-USD Short Term Price Prediction

Looking ahead, the first strong resistance lies at $2340 (bearish . 236 Fib). This is followed by $2400, provided by the descending trend line. Added resistance lies at $2530 (200-day MA), $2600, and $2640 (1. 618 Fib Extension).

On the other side, the first support lies at $2250 (. 236 Fib & lower angle of price channel). This is followed by support between $2150 (50-day MA & . 382 Fib) – $2130 (200-day MA), and $2070 (.5 Fib).

The daily RSI is at or above the midline. This indicates bullish momentum. It is struggling to break 60 and must rise past here to show increasing bullish momentum.

ETH/BTC-ETH Falls Beneath Symmetrical Triangle.

Key Support Levels: 0. 056 BTC, 0. 0541 BTC, 0. 05 BTC.

Key Resistance levels: 0. 06 BTC, 0. 062 BTC, 0. 0631 BTC.

ETH has been struggling against BTC after setting a new July low of 0. 057 BTC today. The cryptocurrency was trading in a symmetrical triangle pattern, but it was rejected at its upper boundary at week’s beginning.

Since then, ETH has fallen against BTC and finally broke towards the downside of yesterday’s triangle. It fell below support today at 0. 058 BTC to set the new July low at 0. 057 BTC.

ethbtc-jul28-min — ETH/BTC Daily Chart. TradingView.

ETH-BTC Short Term Price Prediction

Moving forward, the first support is now at 0. 056 BTC. Then, follow by 0. 0541 BTC (April 2019 lows), 0. 05 BTC, and 0. 049 BTC (200-day MA).

The other side has 0. 06 BTC. Then, follow by 0. 062 BTC (50-day MA), 0. 0631 BTC (100-day MA), and 0. 065 BTC.

The daily RSI is sinking beneath 40 as the bearish momentum increases. This is not a signal that ETH should be buying.

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Cryptocurrency charts by TradingView.

Ethereum

Ethereum Layer 2 Arbitrum One Surpasses 1 Billion Transactions

Arbitrum One, the Ethereum Layer 2 optimistic rollup, has surpassed 1 billion transactions this week. This feat was accomplished by Arbitrum One within three years of its mainnet launch in August 2021.

As of October 1st, Arbiscan recorded a total of 1.003 billion transactions.

In comparison, Coinbase’s Layer 2 network, Base, has logged 755 million transactions so far, while OP Mainnet trails with 347 million.

Notably, Arbitrum One also leads in total value locked (TVL) among Layer 2 solutions, currently sitting at $14.3 billion, with Base at $7.32 billion and OP Mainnet at $6.57 billion, according to the data compiled by L2Beat.

Earlier last month, stablecoin issuer Paxos announced its plans to launch its products on Arbitrum One. The main objective behind the partnership is to further institutional integration onto the Arbitrum network and bring real-world assets on-chain.

Via Arbitrum, the company intends will tap into Ethereum’s deep liquidity at higher speeds and low cost and engage Arbitrum’s active DeFi ecosystem.

While weighing on choosing Arbitrum One as the first Layer 2 chain to integrate with Paxos, Walter Hessert, the company’s Head of Strategy, commented,

“We are excited to partner with Arbitrum to bring more real-world assets on-chain. Arbitrum is known for its speed, security and scalability, which is critical to driving long-term adoption of digital assets across industries. In the next three years, the adoption of stablecoins by both retail and institutional users will explode and Paxos will drive that paradigm shift.”

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Ethereum

Sui Bridge Launches on Mainnet, Connecting Ethereum and Sui

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Ethereum

Coinbase Sees Strong Q4 for Bitcoin, Fueled by US Rate Cuts, China Stimulus

Coinbase Institutional’s report highlights optimism for the crypto market, driven by expectations of U.S. rate cuts and China’s monetary stimulus, which could boost bitcoin’s performance in Q4 2024. While bitcoin remains strong, ethereum faces challenges with rising transaction fees and limited impact from U.S. spot exchange-traded funds (ETFs…
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