ETH Sits on a $2,354.7 Floor: Will It Stop Another Fall?

ETH trades near $2,360, on its $2,354.7 floor. A floor is a price where falls have stopped before.

ETH was down about 12% over the past 30 days. The price now sits right on that floor, a level with a long record behind it. Could it stop the fall again?

A Floor That Has Turned ETH 10 Times

The $2,354.7 level has turned the price 10 times since early November 2024. The last of those turns came on 15 September.

A turn means a fall stopped at this level and the price went back up. The floor now sits right at the price. ETH is not approaching the level from above. It is trading on it.

The price sits right on its $2,354.7 floor. Source: Binance ETH/USDT daily prices, to the 27 October daily close, computed by www.altcoinbuzz.io.

Thinner Trading as ETH Sits on Its Floor

On 27 October, ETH was up about 1.1%. Trading volume, the total value bought and sold, was lighter than usual that day.

Trading on Binance on 27 October came to $482 million. That was about a quarter below its 20-day average. The figure covers one venue, Binance, rather than the whole market.

ETH Between Its $2,354.7 Floor and $2,444 Ceiling

A ceiling is a price where rises have stopped before. The nearest one for ETH is $2,444, about 4% above.

A daily close is the last price of the day. A daily close above $2,444 would clear that ceiling. The next ceiling would then be $2,563, about 9% above.

A daily close below $2,354.7 would break the floor. The next floor would then be $2,282, about 3% below.

A daily close below $2,354.7 or above $2,444 would settle the test. Source: Binance ETH/USDT daily prices, to the 27 October daily close, computed by www.altcoinbuzz.io.

ETH now trades between $2,354.7 below and $2,444 above. A daily close past either one would show which side gave way first.