Ethereum's $2,800 Test: Will October Bring Uptober or Downtober?

Ethereum has been trading in a tight range below $2,700 for the past week, indicating indecisiveness and exhaustion.

According to prominent crypto analyst Ted Pillows, the next key price level to watch is $2,800.

The bulls need to break above this level to maintain control of the move, while a failure could lead to a sharp price correction.

Ethereum is currently trading around $2,620, with the 100-day Simple Moving Average (SMA) hovering around $2,780 and the exponential moving average sitting at $2,560.

If the bears succeed in breaking through, the next price levels to watch are $2,547, $1,965, and $1,713.

Crypto analysts have historically considered October a bullish month, but last October saw the largest derivatives liquidations in history, forcing an early end to the 2024-2025 bull market.

With major cryptocurrencies trading sideways or inching down, the bulls still have time to make their presence felt, but Ethereum's market dominance and role in decentralized finance are currently looking vulnerable.