Ethereum Marks Three Consecutive Red Weekly Closes, Will Uptober Change Its Trajectory?

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’s 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’s 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’s Troubles, What’s 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’s 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’s 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 rig...