Despite optimism around Ethereum's potential in October, it may struggle to reach $3,000. Recent analysis points to three major challenges.
Ethereum's Coinbase Premium Gap shows US investors are selling, with a recent reading of -1.41 indicating selling pressure. This data suggests the market isn't inclined to support a significant price increase soon.
Additionally, Glassnode data reveals a sharp rise in ETH moving to exchanges, with inflows tripling in five days. This highlights investor concerns about Ethereum's short-term performance.
Technical analysis of Ethereum's 4-hour chart shows it trading at $2,468 within an ascending triangle. This pattern often signals volatility, with ETH more likely to drop below the triangle. If buying pressure doesn't improve across regions, Ethereum's first target becomes $2,209 rather than $2,600.
