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ETH/USD Remains Under Pressure, Are Further Losses Looming?

September 30, 2021

The cryptocurrency market remains under pressure this trading week, and the risk of further declines is still not over. Ethereum ETH/USD has weakened from $4025 below $2700 since the beginning of September 2021, and the current price stands at $2800.

All major cryptocurrencies have weakened in September 2021 so far, Bitcoin went below $40000 for a moment, and traders should consider that the risk of further decline is not over. If the price of Bitcoin falls again below the $40000 support level, it would be a firm “sell” signal, and this would add further pressure to the whole cryptocurrency market.

Ethereum is also losing its value, and the latest negative news is that it received a lot of backlash from market participants after Bitfinex paid $23 million in transaction fees to deposit $100,000 on the Ethereum Blockchain. A fee attack might be a mistake that will certainly be refunded, but it is ironic to see such a high fee issue from Ethereum, given that the EIP-1559 upgrade was supposed to bring the issue of fee charges to a minimum.

Ethereum is trading again below the $3000 price level, indicating that the price could weaken even more. If the price breaks the strong support level that stands at $2500, it would be a very strong “sell” signal, the next target could be at $2300. 

Traders should use “stop-loss” and “take profit” orders when opening their positions because the risk is currently high. On the other side, if the price jumps above $3500, that could be a very good opportunity for the short-term traders, and the next target could be at $3800.

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