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📉 ETH Cycle Sentiment Tanks 

Word On The Street: Despite a 15% rally over the past two weeks, ETH has struggled to maintain upward momentum, consolidating between $2,700 and $2,600 this week.

The details:

• In a filing on Sept. 24, the SEC announced a delay in its decision to approve options trading for spot Ethereum ETFs.

• Following the SEC’s announcement, the odds of Ethereum reaching a new all-time high (ATH) in 2024 have shifted significantly on Polymarket.

• The likelihood of ETH missing a new ATH in 2024 has risen to 85%, up from 71% a week ago.

Why it matters: After hitting a recent high of $2,702 on Monday, Ethereum’s price has moved sideways over the last 48 hours, indicating a period of consolidation between buyers and sellers.

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Traders Corner is the premium section of The Blockstreet Journal. We provide one free report out of appreciation ❤️ 

Reports from our analysts today:

• Ethereum Technical Analysis

• SUI Technical Analysis

• WorldCoin Technical Analysis

TRADERS CORNER
💸 Ethereum Technical Analysis

Ethereum is trading at approximately $2,621.92, slightly above the middle VWAP band at $2,616.84. This suggests neutral to slightly bullish momentum as the price is hovering around the VWAP, without showing a strong directional bias.

Trend Analysis:

The chart indicates a consolidation phase after Ethereum experienced a drop toward the lower VWAP band. The price is now rebounding but remains within a narrow trading range between the middle and upper VWAP bands. The recent increase in green volume bars indicates some buying interest, though not enough to confirm a strong upward move yet. The narrowing of the VWAP bands reflects a decrease in volatility, which suggests that Ethereum may continue to trade sideways unless there is a significant shift in market sentiment.

Support and Resistance:

- Resistance: The upper VWAP deviation band at $2,658.83 serves as the immediate resistance. If Ethereum breaks above this level, the next resistance could be at $2,670.00, a psychological barrier that might see further selling pressure.

- Support: The first support is at the middle VWAP band near $2,616.84. If Ethereum fails to hold this level, the lower VWAP band around $2,602.85 could act as a stronger support zone.

Potential Scenarios:

Bullish: If Ethereum maintains its position above the middle VWAP band and bullish momentum increases, it could push toward the upper VWAP band at $2,658.83. A sustained break above this level would indicate a possible continuation of the uptrend, with the price potentially targeting the $2,670.00 resistance level.

Bearish: If Ethereum loses its position near the middle VWAP band and selling pressure increases, the price could fall to test the lower VWAP band at $2,602.85. A break below this level could signal further downside, with the next potential target around $2,590.00.

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