The second largest digital currency is back in the green after the largest cryptocurrency, Bitcoin. ETH price is back above $3,600 levels while BTC price is currently trading above $58,000 as it advances to $60,000.
Ethereum price analysis:
During the first few days of October, the price of Ethereum had a strong positive trend. ETH/USD is up more than 30% from its previous swing low at $2,750, to its current high at $3,650.
As of today, Ethereum launched a new downtrend from the $3,600 resistance level. The $3,500 support level and the 100 hourly simple moving average were breached by ETH. On the other hand, the bulls remained active near $3,400. Regarding the US dollar, it remained above the $3,400 support level. To launch a new high in the near future, the price of ETH must cross $3,540. $3000, $2750 and $2500 are the immediate support levels.
According to Santiment, LTC, the 15 largest blockchain, has overtaken the largest DeFi and NFT platform token, ETH, in terms of active wallets. The current high fees are putting pressure on Ethereum’s on-chain activity, according to Santiment researchers.
The market share of Ethereum is steadily declining, despite the significant increase in the price of Bitcoin at press time. So, while Ethereum’s price action is modest at the moment, its future prospects appear promising.