{"id":504773,"date":"2022-10-04T17:00:31","date_gmt":"2022-10-04T17:00:31","guid":{"rendered":"https:\/\/uniquehot.com\/?p=504773"},"modified":"2022-10-04T09:44:49","modified_gmt":"2022-10-04T09:44:49","slug":"ethereum-marks-three-consecutive-red-weekly-closes-will-uptober-change-its-trajectory","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-marks-three-consecutive-red-weekly-closes-will-uptober-change-its-trajectory\/","title":{"rendered":"Ethereum Marks Three Consecutive Red Weekly Closes, Will Uptober Change Its Trajectory?"},"content":{"rendered":"

Ethereum has been one of the cryptocurrencies that have received major support from the crypto community regardless of how the price performs in the market. Since the Ethereum Merge was completed, though, the digital asset has not performed as well as expected. ETH\u2019s price has continuously bled out, which has led to its price relegating to the low $1,000s. As the new month begins, speculations abound on whether the cryptocurrency has what it takes to recover.<\/p>\n

Three Red Weekly Closes<\/h2>\n

Along with the rest of the crypto market, Ethereum\u2019s price has suffered bitterly at the hands of the bulls. Once again, the curse of September reared its ugly head, and digital assets across the space saw more red than green during this time period. Ethereum itself had closed out the month with three consecutive red weekly closes, which has greatly impacted its performance in the market.<\/p>\n

Related Reading: LUNC Price Gains 50% Despite Kwon\u2019s Troubles, What\u2019s Driving It?<\/a><\/strong><\/em><\/div>\n

Over the last few weeks, the resistance to the digital asset has been mounting, and the bears have made a solid stand just above the $1,400 level. This is evidenced by ETH\u2019s inability to beat this point, even with some rise in momentum.<\/p>\n

\"Ethereum<\/p>\n

ETH sees three consecutive red weekly closes | Source: ETHUSD on TradingView.com<\/a><\/pre>\n

Interestingly, Ethereum\u2019s chart looks eerily similar to the same trend that was recorded back in September of 2021. This had been in the middle of the bull market right before ETH had hit its all-time high above $4,900. The digital asset had recorded three consecutive red closes, followed by a green close. What followed would be two months of weekly green closes that saw the cryptocurrency surge by more than 48%.<\/p>\n

If this trend holds and Ethereum is able to successfully break through the $1,400 resistance point this week, then ETH\u2019s price could rally to $1,800 over the next two months before eventually losing steam.<\/p>\n

Can Ethereum Hold Up?<\/h2>\n

The weakness of ETH following the Merge has done a number on not only the digital asset but on investor sentiment. The majority of investors still opt to hold their coins for the long term. However, the sell-offs continue to wax stronger at this time.<\/p>\n

Related Reading: Exchanges Close Q3 With Massive Bitcoin Outflows, Why A Rally Is On The Horizon<\/a><\/strong><\/em><\/div>\n

Mainly, all eyes are on the Ethereum staking contract<\/a>, where more and more of the supply are being sent each day. The contract currently sits at more than 14.1 million ETH are already staked, accounting for about 12% of the total supply. And since there is presently no way to withdraw these ETH, they are temporarily taken out of circulation, causing a significant drop in supply.<\/p>\n

Nevertheless, the majority of ETH investors are still in profit despite the current low prices. This 53% of investors who have mostly held their coins for longer than a year remains in the green. However, profit-taking continues with exchange inflows<\/a> reaching $4.49 billion for the last 7 days compared to outflows of $4.44 billion.<\/p>\n

Featured image from El Cronista, chart from TradingView.com<\/pre>\n

Follow <\/i><\/b>Best Owie on Twitter<\/i><\/b><\/a> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Ethereum has been one of the cryptocurrencies that have received major support from the crypto community regardless of how the price performs in the market. Since the Ethereum Merge was completed, though, the digital asset has not performed as well as expected. ETH\u2019s price has continuously bled out, which has led to its price relegating to the low $1,000s. As the new month begins, speculations abound on whether the cryptocurrency has what it takes to recover. Three Red Weekly Closes Along with the rest of the crypto market, Ethereum\u2019s price has suffered bitterly at the hands of the bulls. Once again, the curse of September reared its ugly head, and digital assets across the space saw more red than green during this time period. Ethereum itself had closed out the month with three consecutive red weekly closes, which has greatly impacted its performance in the market. Related Reading: LUNC Price Gains 50% Despite Kwon\u2019s Troubles, What\u2019s Driving It? Over the last few weeks, the resistance to the digital asset has been mounting, and the bears have made a solid stand just above the $1,400 level. This is evidenced by ETH\u2019s inability to beat this point, even with some rise in momentum. ETH sees three consecutive red weekly closes | Source: ETHUSD on TradingView.com Interestingly, Ethereum\u2019s chart looks eerily similar to the same trend that was recorded back in September of 2021. This had been in the middle of the bull market right before ETH had hit its all-time high above $4,900. The digital asset had recorded three consecutive red closes, followed by a green close. What followed would be two months of weekly green closes that saw the cryptocurrency surge by more than 48%. If this trend holds and Ethereum is able to successfully break through the $1,400 resistance point this week, then ETH\u2019s price could rally to $1,800 over the next two months before eventually losing steam. Can Ethereum Hold Up? The weakness of ETH following the Merge has done a number on not only the digital asset but on investor sentiment. The majority of investors still opt to hold their coins for the long term. However, the sell-offs continue to wax stronger at this time. Related Reading: Exchanges Close Q3 With Massive Bitcoin Outflows, Why A Rally Is On The Horizon Mainly, all eyes are on the Ethereum staking contract, where more and more of the supply are being sent each day. The contract currently sits at more than 14.1 million ETH are already staked, accounting for about 12% of the total supply. And since there is presently no way to withdraw these ETH, they are temporarily taken out of circulation, causing a significant drop in supply. Nevertheless, the majority of ETH investors are still in profit despite the current low prices. This 53% of investors who have mostly held their coins for longer than a year remains in the green. However, profit-taking continues with exchange inflows reaching $4.49 billion for the last 7 days compared to outflows of $4.44 billion. Featured image from El Cronista, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026<\/p>\n","protected":false},"author":541,"featured_media":504781,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,87080,16163,83939,1946,87079,8686,78803],"class_list":["post-504773","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-eth-market","tag-eth-price","tag-eth-staking","tag-ethereum","tag-ethereum-contract","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nEthereum Marks Three Consecutive Red Weekly Closes, Will Uptober Change Its Trajectory?<\/title>\n<meta name=\"description\" content=\"Ethereum has been one of the cryptocurrencies that have received major support from the 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/uniquehot.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Marks Three Consecutive Red Weekly Closes, Will Uptober Change Its Trajectory?","url":"http:\/\/uniquehot.com\/news\/ethereum\/ethereum-marks-three-consecutive-red-weekly-closes-will-uptober-change-its-trajectory\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/ethereum\/ethereum-marks-three-consecutive-red-weekly-closes-will-uptober-change-its-trajectory\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/10\/Ethereum.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/10\/Ethereum.jpeg?fit=1140%2C570"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","eth market","eth price","eth staking","ethereum","ethereum contract","ethusd","ethusdt"],"dateCreated":"2022-10-04T17:00:31Z","datePublished":"2022-10-04T17:00:31Z","dateModified":"2022-10-04T17:00:31Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Marks Three Consecutive Red Weekly Closes, Will Uptober Change Its Trajectory?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/ethereum-marks-three-consecutive-red-weekly-closes-will-uptober-change-its-trajectory\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/ethereum-marks-three-consecutive-red-weekly-closes-will-uptober-change-its-trajectory\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/Ethereum.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/Ethereum.jpeg?fit=1140%2C570\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"eth market\",\"eth price\",\"eth staking\",\"ethereum\",\"ethereum contract\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2022-10-04T17:00:31Z\",\"datePublished\":\"2022-10-04T17:00:31Z\",\"dateModified\":\"2022-10-04T17:00:31Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/10\/Ethereum.jpeg?fit=1140%2C570","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/504773"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=504773"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/504773\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/504781"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=504773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=504773"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=504773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}