Crypto
Ethereum fell below $2,500 on October 18
The cryptocurrency stayed above $2,300 but failed to reach $2,800 the next day.
Ethereum traded within a $2,400 to $2,500 band on October 18. The price remained above $2,300 throughout the day but could not breach the $2,500 ceiling.
M. M. ET the cryptocurrency moved lower. The dip pushed the price toward the lower end of the band. Traders observed a downward pressure during those hours.
On October 19 the asset stayed below $2,800. It never climbed above that level during the day. The ceiling remained untested.
Throughout the week of October 12-18 Ethereum never hit $3,100. Prices stayed well under that mark for the entire period. The upper bound of $3,100 was not approached.
Analysis
With the price unable to push past $2,500, bullish momentum was constrained. This pattern suggests that any upward move will need to overcome the current resistance. Traders may view the range as a signal that further gains require new catalysts.
M. ET points to short-term selling pressure. Such intra-day drops can trigger stop-loss orders and amplify volatility. Consequently, the dip reinforced the lower bound of the day's range.
The inability to breach $2,800 on October 19 and the absence of any $3,100 spikes during the preceding week keep higher price targets out of reach. Without crossing these levels, larger institutional interest might remain cautious. The price action therefore maintains a status quo that could influence future trading strategies.
What this was built from
Each claim above traces to a market below, at the price it was trading when this edition went to press.