The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

After a Roller Coaster Third Quarter, Here’s What’s Next for Ethereum (ETH)

by Konstantin Anissimov
October 9, 2020
in HodlX
HodlX Guest Post  Submit Your Post
 

Technicals and Fundamentals Behind Q3 Price Action

The third quarter began for Ether with a continuous upward name that was going steeply up until 1st August. The sharp spike was largely accounted for by the expectations of the Ethereum 2.0 testnet Madella launch, which happened on 4th August. The launch of the mainnet is scheduled for October – November this year.

From 1st August on to 12th August, Ether was trending sideways, consolidating above $378. After that, it spiked sharply to $431.5 and traded between $413 and $447 for four days, gradually slumping down toward $389. Ether was substantially driven down by the news of a glitch in Madella that put almost all of its nodes out of service. But the nodes were recovered soon and the testnet saved.

At the end of August, Ether began trending up, rising as high as $488 on 1st September. But the gains did not last for another day. From 2nd to 5th September, Ether plummeted to $307. It tried to recover but was held off by the 0.618 Fibonacci level at $389 on 12th September. Ether subsequently got lower to the 0.5 Fibonacci level at $358.5 in the next few days and consolidated above it. The second attempt at breaking above 0.618 was undertaken by Ether on 17th September but was denied by the level, which subsequently saw the ETH/USD quote going down in five day’s downswing to $319 below the 0.382 Fibonacci level.

Now that the 0.5 Fibonacci level became resistant, it became a new upside target for Ethereum. The only positive the buyers managed to achieve, however, was getting to that level, which is at $358.5, with no further upside price action afterwards. Thus Ether remained capped under the 0.5 Fibonacci level, which was a clear indication of a continued downtrend in the Ethereum market.

Surprisingly, the record cumulative Ethereum transaction fees (the so-called “gas”) that hit $350 million on 29th September from the beginning of the year, according to CoinMetrics report, and the highest ever median gas fee of $8.25 reached on 2nd September, did not lend Ethereum any tangible help in reversing the downtrend.

More Bear Market Ahead

With the clearly visible Ethereum’s downtrend that came to replace the uptrend that was in place from 18th July through to 1st September, more downside price action is the likeliest continuation of Ether trading for maybe more than a month. If the buyers want to turn the ongoing downtrend into a flat, they first need to solidify their positions above the 0.382 Fibonacci level, preventing any further downswing.

The launch of the Ethereum 2.0 network could be a piece of positivity for Ethereum on the fundamental front because it is expected to double its current throughput, which is, on average, 15 transactions per second. And that would be something Ethereum users need most these days due to the peak levels of congestion on Ethereum’s network, owing to the surge of the DeFi industry, which is massively exploiting Ethereum’s network. If Ethereum 2.0 goes online successfully and on schedule, it could positively reflect on Ethereum’s market positions.


Konstantin Anissimov, executive director at CEX.IO

 
Check Latest Headlines on HodlX


Follow Us on Twitter Facebook Telegram

Check out the Latest Industry Announcements
 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Sergey Nivens

Submit a Press Release

Industry Announcements

  • MultiBank Group To List MBG Token on Gate.io and MEXC During Official Token Generation Event
    July 18, 2025
  • GSR Leads $100 Million Private Placement Into Nasdaq-Listed MEI Pharma To Launch First Institutional Litecoin Treasury Strategy Alongside Charlie Lee
    July 18, 2025
  • KuCoin Launches xStocks, Delivering a One-Stop Access Point to Top Global Tokenized Equities
    July 18, 2025
  • PlayW3 Unleashes ‘Be the Boss,’ a New On-Chain Business Model That Turns Creators Into Owners – Over $320,000 Already Paid Out
    July 17, 2025
  • Streamex (BSGM) CEO Henry McPhie Highlights BSGM Merger and RWA Tokenization Strategy in Live TV Interview
    July 17, 2025
  • Numerai Announces $1 Million Strategic Buyback of NMR
    July 17, 2025
  • Bit Origin Secures $500 Million Equity and Debt Facilities To Launch Dogecoin Treasury
    July 17, 2025
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$117,929.60
$117,929.60
0.28%
Ethereum
$3,737.67
$3,737.67
5.13%
BNB
$747.06
$747.06
1%
Solana
$181.04
$181.04
2.6%
XRP
$3.49
$3.49
2.15%

Spotlight

  • Fold CEO Warns Altcoins To Remain Speculative, Says Bitcoin’s Market Dominance ‘Something That Can’t Be Reversed’
    July 13, 2025
  • Merrill Lynch Financial Advisor Banned From Industry After Allegedly Draining $2,580,000 From Former NFL Player’s Account: Report
    July 13, 2025
  • World’s Largest Gambling Company Discloses Hack Affecting 800,000 Users – IP Addresses, Emails and Online Activity Exposed
    July 13, 2025
  • Bitwise CIO Says ‘Unrelenting Demand’ for Bitcoin Could Boost BTC Closer to $200,000 by End of 2025
    July 13, 2025
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2025 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2025 The Daily Hodl