Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is currently navigating choppy waters as its price holds relatively steady, according to analyst technical analyst Jake Wujastyk.
Wujastyk recently noted that Ethereum is trading within a descending triangle setup. The volume-weighted average price (VWAP) anchored from late June 2022 is acting as a strong support level for the cryptocurrency over the past eight months.
#Ethereum is trading in a descending triangle setup with the VWAP anchored from June 22nd, 2022 acting as hard support over the last 8 months. $ETHUSD pic.twitter.com/3lbSiCtN9a
— Jake Wujastyk (@Jake__Wujastyk) October 19, 2023
Bearish signals emerge for ETH
Ethereum’s price recently witnessed significant downward movement. The Bitcoin competitor has reached a seven-month low of $1,520, struggling to regain bullish momentum. A minor recovery was noted on Oct. 13, with the price rebounding to $1,550.
Indicators like the diminished Google search interest for “Ethereum” – at its lowest in three years – suggest a potential drop in investor confidence.
Additionally, Ethereum’s performance against the broader altcoin market has been underwhelming, lagging by 15% since July.
Against the backdrop of Ethereum’s lackluster performance, Bitcoin’s market dominance is on the rise, approaching the 50% mark.
Ethereum’s gas prices have hit an all-time low. The drop was driven by a 20% decrease in weekly transactions and active addresses and bolstered by the rise of layer-2 scaling solutions that have eased congestion on the main chain.
The Ethereum price shows mild stability
As of now, Ethereum is trading at $1,567., with a 24-hour range fluctuating between $1,545 and $1,570. Its market capitalization stands at approximately $188.2 billion, and the 24-hour trading volume is recorded at around $8.26 billion.
