The Ethereum price is stable but down after September 8 steep losses saw the coin retest $3k.
At this rate, the path of least resistance remains southwards as bears step in, keen on rewinding gains of August 2021.
$4k Remains Elusive for ETH Bulls
At the time of writing, ETH is down 11 percent the last trading day and stable against the greenback week-to-date in the last week of trading.
Overly, the Ethereum price is on the receiving end, getting hammered by bears.
Any drawdown below September 7 lows could potentially open the floodgates that would see tank lower towards $2.4k in the short term.
Even so, expected props, supportive of bulls, would be fundamentals that may arrest bears. If facts lead, Ethereum is the most active DeFi and NFTs platform. Moreover, ETH is on the path of becoming digital gold as millions of ETH has already been burnt.
The “Crypto Law” Bill in Panama
However, a Crypto Law bill in Panama to make the currency a means of payment—like money—truly highlights the potent of crypto and Ethereum.
Hoy presentamos la Ley de Cripto. Buscamos hacer a Panamá un país compatible con el blockchain, los criptoactivos y el internet.
Esto tiene el potencial de crear miles de empleos, atraer inversión y transparentar el gobierno
— Gabriel Silva (@gabrielsilva8_7) September 6, 2021
Although ETH is designed to be “fuel” in the Ethereum platform, powering smart contracts, it can also serve as a transfer medium. As such, it allows users to send value trustlessly across the globe without intermediaries.
Albeit the high trading fees, the token continues to serve its purpose. It could well snugly fit into Panama’s proposal to make ETH and BTC money. Besides efficiency, the adoption of blockchain and crypto may open up more opportunities in job creation and attractive investment.
Ethereum Price Analysis
The Ethereum price is down 11 percent on the last day of trading. As it is, sellers are firmly in charge. The bearish engulfing pattern has already unwound gains of last week, marking this week’s highs as tops.
At the time of writing, ETH remains weak and pulverized, reading from the Ethereum price analysis in the daily chart.
The confirmation of selling pressure comes with the September 7 bear bar and the double-bar bearish engulfing pattern that potentially marks the end of the August-induced rally.
Since it is with high trading volumes, ETH prices might post even more profound losses in the second half of the week below $3k. The immediate bear target, if there is a break below $3k is July 2021 highs of around $2.4k.
Technical charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.