Ethereum

Ethereum Price Analysis: These Are the Next Critical Levels You Need to Watch For After the Crash

ETH/USD – Ether Falls Beneath 20-day MA

Key Support Levels: $3350, $3185, $3000.

Key Resistance Levels: $3600, $3790, $3875.

Ethereum suffered a very sharp price crash over the past 24 hours. Yesterday, the coin lost as much as 23% from a high of $3946 to reach as low as $3025. However, the market recovered slightly by the end of the day to close at the 20-day MA.

Today, ETH slipped a little, which put the price beneath the 20-day MA. Yesterday’s price drop was quite extreme, and it is unlikely that a quick recovery would take place to take ETH back toward $4000.

ethusd-sep8-min — ETH/USD Daily Chart. TradingView.

ETH-USD Short Term Price Prediction

Looking ahead, if the sellers continue to push lower, the first support lies at $3350 (August resistance). This is followed by $3185 (. 786 Fib), $3000 (50-day MA), and $2890.

On the other side, the first resistance lies at the 20-day MA. Above this, resistance lies at $3600, $3790 (bearish . 786 Fib), $3875 (1. 272 Fib Extension), and $4060 (1. 414 Fib Extension – blue).

As indecision is evident now within the market, the RSI has fallen to the midline. If the RSI falls below the midline, bears will gain momentum and push ETH lower.

ETH/BTC: Bulls Try To Defend. 382 Fib

Key Support Levels: 0. 0733 BTC, 0. 072 BTC, 0. 07 BTC.

Key Resistance levels: 0. 0765 BTC, 0. 0785 BTC, 0. 08 BTC.

ETH saw a sharp fall yesterday against BTC, with the coin falling as low as 0. 07 BTC. Since it was rolled over from 0., the coin had been falling. 079 BTC resistance over the weekend.

After hitting yesterday’s low, buyers quickly rallied and pushed the market higher to close at 0. 0733 BTC (. 382 Fib), where it currently sits.

ethbtc-sep8-min — ETH/BTC Daily Chart. TradingView.

ETH-BTC Short Term Price Prediction

Moving forward if sellers keep below 0. 0733 BTC, the first support lies at 0. 072 BTC. Then, follow by 0. 07 BTC (20-day MA & . 618 Fib), 0. 0691 BTC, 0. 0678 BTC (. 786 Fib & 50-day MA).

On the other hand, the first resistance lies in 0. 0765 BTC (beraish . 786 Fib). The resistance is at 0. 0785 BTC, 0. 08 BTC, and 0. 082 BTC (1. 272 Fib Extension).

The RSI is trending lower, but it is still in buyers’ favor since it is above the midline. If the RSI is able to stay above the midline, ETH could be able to run against BTC.

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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

The Sui Foundation has introduced the Sui Bridge on mainnet, enabling secure asset transfers between the Ethereum and Sui networks. This bridge focuses on simplifying the movement of assets across chains, starting with ether (ETH) and wrapped ether (WETH). Sui Rolls Out Bridge for Asset Transfers Between Ethereum and Sui According to the foundation’s blog [……
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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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