ETH did not have a good month. While many enthusiasts were full of hope that September would start a new Bull Run, the reality turned out harsher. We had reports that many whales started moving their ETH stacks to exchanges in preparation for a large selloff. Right after the merge, it happened and the price lost 12% over just six hours after the event concluded.
Despite a seamless transition and an increase of throughput by at least 18%, investors were not impressed. The price barely recovered after the rocky post-merge period. It seems that only now, 20 days after, ETH is gaining solid ground.
The new support level is established
It seems that ETH has a new support level at $1,260. While it is not something that all-in investors are happy about, the stabilization of the price and the absence of high volatility mean that the asset is gaining ground which may be used to prepare for the next Bull Run which may happen sooner than we all expected.
Also read:Many news involving positive developments in the crypto industry were focused on direct competitors of Ethereum. Cardano and Algorand announced new partnerships with large corporations and rolled out their upgrades that improved utility or laid the foundation for future improvements. These news stories were balanced out by interesting announcements from Polygon which is the main point of interest for multiple companies including FIFA, Nike, Starbucks, and many others.
With no more debatable developments within the Ethereum community (the division around the question of reversible transactions is not something that affects prices), ETH managed to stabilize and even start moving in the upward direction. Since September 20, the asset has been slowly moving to new heights and firmly established the new monthly low of $1,219 which now seems like a likely bottom.
There are some reasons to believe that Ethereum will start recovering
ETH is the second-biggest cryptocurrency and, just like Bitcoin, seems to be too large to fall. The worst-case scenario laid out by Benjamin Cowen in August (ETH hitting $400) seems unlikely. The stabilization of the price may be an indicator that the asset will start recovering soon.
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