Support zone: $79,300 – $79,100 Resistance zone: $79,900 – $80,100
Reaction expectation: Price is hovering near the upper end of the range if it breaks above $79,900, upside may continue; if rejected, a pullback toward support is likely.
Ethereum $ETH is correcting lower toward support at $2,400 on Friday as volatility rises in the broader cryptocurrency market. The largest smart contract token faced rejection after rising to $2,546 earlier, hinting at profit-taking and investors adopting a cautious stance amid macroeconomic uncertainty.
Still, Ethereum’s outlook remains grounded in risk-on sentiment, as reflected in the Fear & Greed Index, which sits at 74 in the Greed territory on Friday, up from 65 the previous day.
Decentralized Finance $DEFI protocols reportedly spent $638 million to buy back their native tokens in August, up 17% from a year earlier. On the surface, the buyback trend suggests the cryptocurrency industry is maturing fast, adopting one of Wall Street’s oldest tools to bolster valuations and distribute revenue.
The headline becomes less impressive once the number is opened up. Hyperliquid and Pump.fun account for nearly 90% of DeFi buyback volume, meaning the apparent industry-wide trend is heavily concentrated in two protocols rather than spread across the sector.
Uniswap $UNI has purchased Pons (PONS) tokens in an undisclosed deal on Friday, citing long-term alignment with the memecoin launchpad token and its rival on the Robinhood chain. The nature of the deal, whether it's an acquisition or allocation, remains unknown, but Uniswap now holds a stake in Pons.
Ethereum $ETH extends gains above $2,400 on Thursday as investors return to the market, following renewed tensions between the United States (US) and Iran in the Middle East, which had triggered doldrums in the broader cryptocurrency market since last week.
The largest smart contract token’s uptick builds on support at $2,400 and steady positive market sentiment, as reflected in the Fear & Greed Index. The index sits at 65 in the Greed territory, up only marginally from 63 the previous day. Sustained positive market sentiment could keep investors interested in buying risk assets, raising the odds of an extended recovery.