ETHUSDT Attracts Some Sellers Below Mid-2,550 USDT !
2024-10-02

Hello everyone, what do you think about ETHUSDT today?

Currently, ETHUSDT is still in a downtrend after the pair formed a double top pattern and started to decline further with confluence signals and the price remaining below the 34 EMA.

One of the main factors contributing to the recent price decline is the significant outflow from Ethereum-based ETFs, indicating less institutional interest. This outflow, combined with a more cautious market sentiment, has put pressure on ETH's ability to break higher.

Another factor affecting ETH is the anticipation surrounding the FOMC meetings and potential interest rate decisions, which is creating uncertainty across financial markets. Additionally, the upcoming Ethereum halving event is drawing attention but has yet to trigger the expected bullish momentum

From a technical perspective, Ethereum is currently trading around $2,488, facing important resistance levels. If support around $2,440 fails to hold, the price could see further downside to retest lower levels like $2,300.

What about you, do you think we should sell ETHUSDT?