The Ethereum market has been positive during the month of September, but it has been extraordinarily choppy, to say the least.
The $2,750 level is an area where we have seen some action previously, and that opens up the possibility for a bit of hesitation and market memory to come into the picture to push this thing back down, with the $2,500 level being potential support and an area of interest.
On the other hand, if the market were to rally from here, we could see a move to the $3,000 level, possibly the $3,250 level. All things being equal, this is a market that continues to see a lot of noisy behavior. With this, the market is likely to continue to see a lot of volatility, especially as interest rates in America continue to climb. That can work against the value of Ethereum.
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If the market were to break down below the $2,450 level, things get ugly
Then we could see this market dropping down to $2,000. But that would probably be something that you would see happen in Bitcoin as well. In fact, Bitcoin tends to be the leader, and it has been recently, as per usual. This is a correlation that should remain, at least over the longer term.
All of this looks a lot like a market that is trying to find its way to $3,000, but we may have to have a little bit of a pullback to offer enough value for people to jump into Ethereum and take advantage of it being cheap. Overall, this is a market that remains very noisy, but I think it does have a significant amount of positivity underneath it, given enough time. I believe this is a market that has been a bit surprising, but at this point, it makes sense that we just follow the price action.
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