Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has recently lagged behind other top tokens, posting losses on both a 24-hour and weekly basis. Despite this downturn, some analysts believe that if Ethereum can overcome critical resistance levels in the near future, it may follow seasonal trends typically seen in “Uptober,” potentially leading to a price recovery. Ethereum Struggles To Break $2,800 Resistance Technical analyst Daan Crypto Trades recently pointed out that Ethereum has yet to make a higher high, a feat achieved by Bitcoin (BTC) last week. In order to reverse its current trend, the analyst explains that ETH needs to break through the $2,800 level, which coincides with the daily 200 exponential moving average (EMA). Currently, Ethereum’s price has retraced over 1% in both the last 24 hours and the past week, currently trading at $2,611. This decline contrasts with the gains recorded over the past two weeks (14%) and the past month (4%). Related Reading: XRP Price Ready For 4x Jump To $2.6 As Major Bullish Pattern Breaks Occurs Despite marking a higher low of $2,640 at the end of the previous week following a nearly 20% drop on September 6, where prices fell to $2,150, ETH remains far from its yearly high of nearly $4,000 achieved in the first quarter of this year and its all-time high of $4,878 from November 2021. In contrast, Bitcoin recently reached a two-month high of $66,500, moving closer to its all-time high of $73,700 set in March, highlighting the stark difference in performance between Bitcoin and Ethereum during this period However, much like Daan Crypto Trades, other analysts maintain a bullish outlook for Ethereum if important support levels are held by the bulls and if the price can break through key resistances. Analysts Forecast New All-Time High In Early 2025 Market expert Guru Vedas has recently noted that ETH appears to have hit a curve support on its two-hour chart, with support levels between $2,550 and $2,600. He suggests that a recovery could be imminent from this support base. Another analyst, known as “Man of Bitcoin,” echoed this sentiment, asserting that ETH could continue to rise as long as it remains above $2,560. He identified key support levels for a larger wave, ranging from $2,539 to $2,351, which are critical for any near-term recovery. Related Reading: US Spot Bitcoin ETFs Become Second-Largest Holder Of BTC Behind Satoshi Adding to the optimism, analyst Ted Pillows highlighted that Ethereum is forming a similar fractal pattern to one observed during its previous bull cycle, which saw prices surge from $1,600 to $4,000. The analyst predicts that the ETH price could reach between $4,000 and $4,400 by the end of this year, with a potential new all-time high anticipated in the first quarter of 2025 above $4,800. Featured image from DALL-E, chart from TradingView.com
Following the Solana 1,000% run-up in 2023 and its re-entry into the crypto top 10 by market cap, it has been pitched against Ethereum once again. This was further propelled by the fact that Solana saw its blockchain activity surpass Ethereum’s, and even bringing in more revenue at a time. However, one place where Ethereum […]
Ethereum price is eyeing a fresh increase like Bitcoin. ETH must surpass $2,665 to continue higher and trade to a new high in the near term. Ethereum is aiming for a fresh increase above the $2,665 level. The price is trading above $2,620 and the 100-hourly Simple Moving Average. There was a break above a connecting bearish trend line with resistance at $2,625 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above the $2,600 support to start a fresh increase in the near term. Ethereum Price Eyes More Upsides Ethereum price found support near the $2,550 level and started a fresh increase like Bitcoin. ETH was able to clear the $2,600 resistance level, but upsides were less compared to BTC. The price climbed above the 50% Fib retracement level of the downward move from the $2,700 swing high to the $2,554 low. Besides, there was a break above a connecting bearish trend line with resistance at $2,625 on the hourly chart of ETH/USD. Ethereum price is now trading above $2,620 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,665 level. It is near the 76.4% Fib retracement level of the downward move from the $2,700 swing high to the $2,554 low. The first major resistance is near the $2,700 level. The next key resistance is near $2,720. An upside break above the $2,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,780 resistance zone in the near term. The next hurdle sits near the $2,850 level or $2,880. Another Drop In ETH? If Ethereum fails to clear the $2,665 resistance, it could start another decline. Initial support on the downside is near the $2,600 level and the 100-hourly Simple Moving Average. The first major support sits near the $2,550 zone. A clear move below the $2,550 support might push the price toward $2,525. Any more losses might send the price toward the $2,480 support level in the near term. The next key support sits at $2,440. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,600 Major Resistance Level – $2,665
Ethereum has largely mirrored Bitcoin in terms of price action and has yet to break out on its own accord in the past few months. According to price data, Ethereum is up by 13% in the past seven days, outpacing Bitcoin’s increase of 5.8% in the same time frame. Behind this interesting increase in Ethereum are some large Ethereum holders who seem to be increasing their holdings. Notably, on-chain data from multiple analytics platform points to an uptick in activity from Ethereum whales in the past few days. Particularly, Glassnode data suggests large holders of Ethereum have added at least 70,000 ETH into their wallets since the beginning of last week. Ethereum Whales Spend Big On ETH The interesting Ethereum whale activity noted above is revealed through on-chain analytics platform Glassnode. As shown in the chart below, the number of Ethereum wallets holding 10,000 ETH or more has experienced a rise in the last 24 hours, increasing to 925 wallets. This marks a gain of about seven new whale wallets that have accumulated a huge number of ETH tokens, up from the 918 wallets recorded on September 18. Related Reading: Bitcoin Prediction: Crypto Pundit Reveals Why $100,000 Is The Nominal Price Level For 2025 Supporting this trend, additional data from IntoTheBlock (ITB) indicates a surge in activity from addresses holding substantial amounts of Ethereum. ITB tracks these movements through a specific metric that monitors the number and value of transactions exceeding $100,000. According to this metric, Ethereum whale activity has reached over $29 billion in the past seven days. While this figure accounts for both inflows and outflows from whale wallets, the sheer scale of these transactions is notable. Historically, such high levels of activity from large holders tend to be a bullish indicator for cryptocurrencies. This heightened activity is further reflected in the inflows of ETH into large holder wallets. On September 23, these inflows soared to 515,520 ETH, representing an impressive 440% spike compared to the 95,820 ETH recorded during the previous 24-hour period. Time To Buy ETH? At the time of writing, Ethereum is trading at $2,626. As noted earlier, this is on the back of a 13% increase in the past seven days, prompting Ethereum’s overperformance over Bitcoin for the first time since the beginning of the year. The leading altcoin has mirrored Bitcoin’s movements so consistently that some analysts have questioned its potential for decoupling anytime soon. Related Reading: XRP Remains Bullish: Crypto Experts Unveil Predictions For The Price Ethereum’s importance in the crypto industry means there’s never a bad time to accumulate more ETH. Ethereum just broke over $2,600 for the first time in September, which is the first step in a sustained move to the upside. The next key target is to break above $2,700 before the end of the month, which could pave the way for a push towards $3,000 in October. Featured image created with Dall.E, chart from Tradingview.com
Ethereum price extended its increase above the $2,650 resistance. ETH is now correcting gains and might find bids near the $2,600 support. Ethereum is currently correcting gains from the $2,700 resistance. The price is trading above $2,600 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $2,600 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above the $2,550 support to continue higher in the near term. Ethereum Price Holds Support Ethereum price remained well-supported and extended its increase, beating Bitcoin. ETH was able to clear the $2,550 and $2,650 resistance levels. The bulls even pushed the price above the $2,680 resistance. It tested the $2,700 zone. A high was formed at $2,701 and the price is now correcting gains. There was a drop below the $2,650 level. The price declined below the 23.6% Fib retracement level of the upward move from the $2,528 swing low to the $2,701 high. Ethereum price is now trading above $2,600 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2,600 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the upward move from the $2,528 swing low to the $2,701 high. On the upside, the price seems to be facing hurdles near the $2,650 level. The first major resistance is near the $2,680 level. The next key resistance is near $2,700. An upside break above the $2,700 resistance might call for more gains. In the stated case, Ether could rise toward the $2,780 resistance zone in the near term. The next hurdle sits near the $2,840 level or $2,880. More Losses In ETH? If Ethereum fails to clear the $2,650 resistance, it could continue to move down. Initial support on the downside is near $2,615. The first major support sits near the $2,600 zone and the trend line zone. A clear move below the $2,600 support might push the price toward $2,550. Any more losses might send the price toward the $2,525 support level in the near term. The next key support sits at $2,450. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,600 Major Resistance Level – $2,650
Ethereum price started a fresh upward move above the $2,420 resistance. ETH traded close to $2,500 and is now consolidating gains. Ethereum started another increase from the $2,320 resistance. The price is trading above $2,400 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support at $2,385 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear the $2,480 resistance to continue higher in the near term. Ethereum Price Surges Over 8% Ethereum price remained well-supported and extended its increase, beating Bitcoin. ETH was able to clear the $2,350 and $2,420 resistance levels. There was a sharp move, and the price gained nearly 10%. It traded close to the $2,500 resistance zone. A high was formed at $2,493 and the price is now consolidating gains. There was a minor decline below the $2,460 level. The price tested the 23.6% Fib retracement level of the upward move from the $2,277 swing low to the $2,493 high. Ethereum price is now trading above $2,440 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,385 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the upward move from the $2,277 swing low to the $2,493 high. On the upside, the price seems to be facing hurdles near the $2,480 level. The first major resistance is near the $2,500 level. The next key resistance is near $2,550. An upside break above the $2,550 resistance might call for more gains. In the stated case, Ether could rise toward the $2,650 resistance zone in the near term. The next hurdle sits near the $2,750 level or $2,800. Are Dips Limited In ETH? If Ethereum fails to clear the $2,480 resistance, it could start a downside correction. Initial support on the downside is near $2,440. The first major support sits near the $2,385 zone and the trend line zone. A clear move below the $2,385 support might push the price toward $2,320. Any more losses might send the price toward the $2,250 support level in the near term. The next key support sits at $2,200. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $2,385 Major Resistance Level – $2,500
Ethereum holders are definitely being tested by some tough times, with recent price action failing to create a bullish perspective for the digital asset. One of the major disappointments has been the performance of spot Ethereum exchange-traded funds (ETFs), which were launched in the U.S. with great fanfare. These ETFs were seen by numerous market participants as the key that could unlock significant upward movement for Ethereum. Since their introduction, they have not delivered the expected results, leaving investors frustrated. Matt Hougan, Chief Investment Officer of Bitwise, a popular crypto index fund manager, continues to maintain a positive ETH outlook. According to him, Ethereum is still at the forefront of blockchain applications that are seeing breakthrough success. This Is Not The End For Ethereum The lack of positive momentum in the Ethereum market has been enough to shake the confidence of seasoned investors. The combination of uncertain macroeconomic factors, rising competition from Solana and other blockchains, and the unmet expectations surrounding the Ethereum ETFs has contributed to the pessimistic outlook for the digital asset. Related Reading: Crypto Analyst Says Bitcoin All-Time High Only A Month Away After Breaking $60,000 Among the optimists is Matt Hougan, who shared his views in a recent memo. Hougan has maintained a bullish outlook on Ethereum, standing firm in his belief that the current challenges are only temporary and that the asset still has the potential to rebound. Hougan argues that although Ethereum has fallen behind Bitcoin and Solana’s year-to-date growth of 38% and 31%, respectively, the cryptocurrency’s long-term prospects remain strong. In his memo, Hougan highlighted ETH’s continued dominance as the leading blockchain for decentralized applications (dApps), stating that it retains the lion’s share of activity among developers building on blockchain technology. He went as far as to liken Ethereum to the “Microsoft of blockchains.” To support his claim, Hougan pointed to notable examples of Ethereum’s adoption by major companies. One such example is BlackRock’s tokenized money market fund, which launched in March 2024 and now has more than $500 million in assets under management. Another example is Nike’s Web3 gear platform called .Swoosh. Ethereum has the most active developers and users. As such, Hougan believes the blockchain will be first on the radar of the next large traditional company wanting to do a blockchain product. Related Reading: October To Remember: Descending Broadening Wedge Says Bitcoin Is Going To $90,000 What’s Next For ETH? According to Hougan, Ethereum is a contrarian bet for the rest of the year. What this basically means is that he expects Ethereum to go against the ongoing market sentiment and surprise many investors with a bullish run by the end of the year. At the time of writing, ETH is trading at $2,440 and is up by 5.2% in the past 24 hours. This recent uptick brings Ethereum close to testing a key resistance level at $2,450 once again. Featured image created with Dall.E, chart from Tradingview.com
Recent Ethereum price action saw ETH reaching another low of $2,150 on September 6, raising concerns of a more severe drop towards the $2,000 price level. Although these concerns were eased with a subsequent bounce to $2,460 on September 13, Ethereum remains largely in a downtrend, with a triple-bottom price formation now shaping up. Interestingly, this triple bottom formation is not new for Ethereum. As technical analysis points out, the current price action seems to repeat a similar playout in mid-2021. Ethereum Fractal Suggests Rally In Q4 According to a technical analysis by crypto analyst CryptoBullet on social media platform X, Ethereum is shaping up to form a triple bottom price formation on the 1D candlestick time frame. While the third bottom has yet to be fully completed, the analyst draws attention to a similar pattern that unfolded between June and August 2021. Related Reading: Analyst Identifies $0.75 As Most Crucial Target For XRP Price In The Campaign For $1 During those three months, Ethereum’s price fluctuated up and down to create three distinct lows just above the $1,675 mark. After the third low was established, Ethereum experienced a significant bullish rally that propelled it to break through and establish its current all-time high. This upward movement became even more pronounced after a fractal pattern emerged in August 2021, signaling a strong momentum shift. Recent market dynamics have prompted Ethereum to create two bottoms of around $2,150 in August and September. Interestingly, a recent rejection at the $2,450 resistance has seen Ethereum pushing on a decline. This has prompted analyst CryptoBullet to highlight the possibility of a third low in October, thereby completing the triple bottom formation. Price formations in cryptocurrency markets are known to repeat over time, often following patterns that can help traders anticipate future movements. While no two market conditions are exactly the same, studying past price movements provides valuable insights into what may happen in the future. A similar playout of the 2021 price action puts on a similar surge for Ethereum in Q4 2024. Notably, the analyst envisioned a rally towards the $3,700 price level. What’s Next For ETH? At the time of writing, Ethereum is trading at $2,320 and continues to exhibit a weak short-term outlook. If Ethereum fails to clear the $2,340 resistance, it could start another decline towards $2,150. Related Reading: Shiba Inu Competitor FLOKI Forms Falling Wedge That Could Trigger 54% Breakout This weak performance and outlook are even more pronounced compared with Bitcoin. As such, Ethereum/Bitcoin is now at its lowest level since April 2021, a staggering 41-month low. Most of this lackluster action has also been exacerbated by selloffs from a few large holders. For instance, Ethereum co-founder Vitalik Buterin recently came under scrutiny for selling $2.2 million worth of Ethereum. Featured image created with Dall.E, chart from Tradingview.com
Much like Bitcoin (BTC), the price of Ethereum (ETH) has been trading significantly sideways lately. Due to this downtrend, a legendary crypto analyst has offered some insights into Ethereum’s price movements, predicting that in the next three months, the pioneer altcoin could see its price hit a bottom. Ethereum To Hit Price Bottom By December Benjamin Cowen, the founder of ITC Crypto and a prominent crypto analyst, has published a YouTube video discussing Ethereum’s price movements, highlighting a potential correlation between ETH’s price declines with the rising United States (US) unemployment rates. Related Reading: Ethereum Forms Falling Wedge Pattern That Could Send Price To $3,000 Historically, the rate of unemployment within the US tends to peak in the month of December, and Ethereum has experienced a price bottom during the same month in both 2016, and 2019. With the unemployment rate currently rising in the US, Cowen suggests that a continuation of this economic trend could lead to a peak in December 2024, potentially coinciding with a price bottom for Ethereum. For the past few months, the price of Ethereum has been on an unusual downward trend, crashing by over 20% earlier this year and dipping below $3,000. The cryptocurrency had mirrored Bitcoin’s price declines, bleeding red almost immediately after the broader market turned bearish. Despite the launch of Spot Ethereum Exchange Traded Funds (ETFs), ETH has failed to gain enough momentum to propel its price to previous highs. Considering the cryptocurrency’s extensive decline trend, Cowen predicts that Ethereum could witness a 50% decline soon. Although the analyst did concede that the projected decline might not be as severe as a 50% drop, he remains convinced that some degree of decline, even if mild, is probable. As a result, Cowen has set a new target for Etheruem’s price by December, predicting that the pioneer cryptocurrency could see its price dropping to $1,200 from its current value. While drawing parallels between Etheruem’s price actions in 2019 and 2024, Cowen further suggested in an X (formerly Twitter) post that ETH might temporarily fall below its recently formed a wedge pattern before finding a price bottom. The analyst believes that after Ethereum hits its price bottom, the cryptocurrency could be on the road to a significant price recovery. As of writing, CoinMarketCap’s data reveals that Ethereum’s price is trading at $2,354, reflecting a slight uptick of 1.26% in the last 24 hours. Selling Pressures Increase For ETH Amidst price declines and broader market volatility, Ethereum has also been experiencing an increase in selling pressures. On September 10, Lookonchain reported that MetaAlpha, a hedging and trading service company, had executed another major transaction in a deposit of 10,000 ETH tokens valued at $23.45 million. Related Reading: Crypto Analyst Predicts Dogecoin Will Rise 3,600% To $3.7, Here’s When Over the past four days, the company has moved a total of $33,589 ETH, worth about $77.55 million, to the Binance crypto exchange in the past four days. Meanwhile, the Ethereum Foundation, a non-profit organization supporting the Ethereum ecosystem recently sold another 100 ETH tokens, bringing its total ETH sales since January to 2,616 ETH. Featured image created with Dall.E, chart from Tradingview.com
Mainstream Bitcoin ETFs are having a bad time lately, as $706 million of outflows were recorded. This makes it one of the largest sets of withdrawals since May, showing growing unease among investors. Related Reading: Unfazed By Falling Economy: Bitcoin Major Bull Run Looms — Analyst This has been driven by the fall in BTC […]
Liquidity of Ether on US exchanges has plunged as much as 40% since the first spot Ether exchange-traded funds entered the market on July 23, 2024. Related Reading: Cardano Bull Sees ADA Jumping 1,000% In An ‘Insane’ Rally That is a move rather expectedly coming for traders and analysts that had previously viewed the ETFs as a means to improve market liquidity and therefore stabilize prices. Instead, what has taken place is rather different: the average market depth of 5% for ETH pairs has fallen to around $14 million. Meanwhile, offshore exchanges are posting a similar decline at about $10 million in liquidity. Ether Liquidity Down Following the launch of nine ETFs in July, Ether’s liquidity plummeted 20% on US markets and 19% on offshore locations. The decline in liquidity is one thing that raises concerns and, more importantly, it signals greater sensitivity to large orders. With shallow market depth, it follows that even minor trades can result in dramatic changes in prices. Jacob Joseph, a research analyst at CCData, said that liquidity is still better than at the beginning of the year but has really dropped almost 45% since its peak in June. Poor market conditions and seasonal effects are mainly responsible as summer months will have fewer trading activities. Market Dynamics And ETF Performance Their introduction was expected to increase liquidity, much as it had done in the case of the Bitcoin ETFs introduced earlier this year. However, the Ether market hasn’t responded as well. In the period since their introduction, Ether ETFs have suffered from over $500 million in cumulative outflows. That has contributed to a general decline in liquidity, making markets even more volatile. Surprisingly, ETFs have had their own performances. For instance, Grayscale’s ETHE ETF witnessed an outflow as high as $10.7 million, while BlackRock’s ETHA ETF saw an inflow as low as $4.7 million. Such mixed results hint that Ether markets are yet to come out of their troubled times, with investments reflecting investors’ reluctance to commit capital in unsure times. Related Reading: Aptos (APT) Dips 15% As New Innovations Fail To Spark Momentum Implications For Traders And Investors A drop in liquidity is a challenge for traders and investors alike, actually. In states of low liquidity, the slippage is much higher, and the price for the execution is costlier. The big problem lies in the fact that the institutional investors like their markets stable and with good liquidity. If these large players stop full operations, that could create some kind of vicious cycle when the liquidity will be even lower and prices go further down. For now, Ether trades hands at about $2,258, down over 4% in the past 24 hours. The wider cryptocurrency market is also under stress: All major altcoins, including Solana and Ripple, are in the red, posting losses in a range between 2% to 4%. Going forward, market participants will be in a position where expected benefits of the ETF introductions have not materialized for Ether. With potential interest rate cuts by the Federal Reserve, market attention in the future might shift to how these changes are going to affect liquidity and trading activity in the months ahead. Featured image from Getty Images, chart from TradingView
Ethereum (ETH) is currently facing significant selling pressure and fear after a 23% decline, bringing its price down to yearly lows at $2,200. One major concern for investors is the ongoing underperformance of ETH compared to Bitcoin, a trend that has persisted since September 2022. Since then, Ethereum has fallen 44% against Bitcoin. Related Reading: Ethereum (ETH) Triangle Formation Hints At A Double Bottom: Breakout and New ATH? This dramatic drop has left investors and traders questioning the reasons behind Ethereum’s struggle. A recent report from CryptoQuant offers some clarity, pointing to several factors that may be affecting ETH performance. As market participants continue to monitor ETH’s movements, many are left wondering whether the asset can regain momentum or if further downside is to be expected in the coming weeks. Ethereum Exposed: CryptoQuant Report Sheds Light The recent report from CryptoQuant offers clarity on factors currently affecting Ethereum (ETH). Declining on-chain activity, shrinking institutional interest, and the underwhelming performance of Ethereum ETFs compared to Bitcoin are among the key contributors to Ethereum’s struggles, with the ETH/BTC pair now sitting at 0.0425, its lowest level since April 2021. Ethereum’s underperformance seems to be tied to weaker network activity dynamics compared to Bitcoin. For instance, Ethereum’s total transaction fees have continued to decline, mostly attributed to the lower fees after the Dencun upgrade. The relative transaction count has also fallen dramatically, dropping from a record high of 27 in June 2021 to 11, one of the lowest levels since July 2020. Moreover, Ethereum’s supply dynamics are not supportive of a price increase. Since early April, the total supply of ETH has steadily grown following the Dencun upgrade. The current supply is at 120.323 million ETH, the highest level since May 2023. Related Reading: Ethereum Enters Oversold Territory, Can The Pump Send It To $6,000? Additionally, traders and investors have shown a clear preference for Bitcoin over Ethereum, as the relative spot trading volume of ETH to Bitcoin has dropped from 1.6 to 0.76 in the past week. Ethereum’s price has historically risen relative to Bitcoin when its trading volume outperforms Bitcoin’s. Given these factors, Ethereum may continue to underperform compared to Bitcoin in the near future. ETH Price Action Ethereum (ETH) is currently trading at $2,262 after a significant 23% drop from its local highs. Volatility and uncertainty continue to drive the market as ETH tests local demand near its yearly lows of around $2,200. The cryptocurrency remains far below its 4-hour 200 moving average (MA) at $2,565, a critical indicator that typically signals market strength. For bulls to regain control, it is essential for the price to break above this moving average and challenge the local highs at $2,600. Related Reading: Bitcoin Fear And Greed Index Falls To ‘Extreme Fear’ As BTC Dips Below $54,000 However, if Ethereum fails to hold support at its yearly low of $2,200, the price will likely enter a deeper correction phase, potentially signaling the start of a bear market. This level is crucial for ETH’s short-term recovery, as losing it could trigger further selling pressure. Bulls need to retake these key levels to prevent ETH from slipping into prolonged bearish territory. Featured image from Dall-E, chart from TradingView
Recent developments show that Ethereum has entered oversold territory. This is undoubtedly a bullish development for the second-largest crypto by market cap, as it looks set for a price rally that could send it as high as $6,000. ETH Ready For Liftoff Having Entered Oversold Territory Crypto analyst Titan of Crypto suggested in an X (formerly Twitter) post that Ethereum is ready for liftoff, having entered oversold territory. He noted that historically, ETH sees a rally or a short-term pump whenever the relative strength index (RSI) is in or near oversold territory on the 3-day chart. Related Reading: Shiba Inu Recovery To $0.000081 ATH Levels Still In Play While it remains to be seen whether it will be a rally or just a short-term pump, Titan of Crypto added that an upward movement looks to be around the corner for Ethereum either way. The accompanying chart the crypto analyst shared showed that ETH could reach $6,000 if it is a price rally, while the crypto will at least reach $3,000 if it is just a short-term pump. Crypto analyst Crypto Wolf also recently shared an Ethereum update and noted that sentiment is at rock bottom and herd interest in ETH is fading. He added that according to his updated chart, TH is likely approaching a bottom. In line with this, he called for patience as Ethereum will experience a bullish reversal once it finds a bottom. His accompanying chart showed that Ethereum could rise to $2,900 following a price recovery and will set its sights on $5,600 if it breaks the resistance at $3,900. Crypto analyst Poisedon also hinted at an imminent price recovery for ETH, asserting that manipulation is done and that it is time for expansion. Poseidon’s accompanying chart indicated that ETH must reclaim $2,600 if the market structure is to shift to the upside. Based on the crypto analyst’s analysis, this shift to the upside could send Ethereum as high as $3,200 in the short term. Spot Ethereum ETFs Have A Role To Play The Spot Ethereum ETFs undoubtedly play a role in any potential price recovery for ETH. According to data from SoSo Value, these funds have witnessed a cumulative total net outflow of $562.31 million since launching on July 23, thereby putting significant selling pressure on ETH’s price. Related Reading: Dogecoin Moving Averages Say Accumulation Has Ended, Here’s Where Price Is Headed Next These outflows have been largely due to selling pressure from Grasyacle’s Ethereum Trust (ETHE), similar to what happened with Grasyacle’s Bitcoin Trust (GBTC) after the Spot Bitcoin ETFs launched. Bitcoin dropped to as low as $38,00 back then before climbing to its current all-time high (ATH) of $73,000 after the selling pressure from Grayscale eased. Therefore, ETH could also enjoy a parabolic rally if the same situation occurs again, with selling pressure from Graysale’s ETHE easing and other Spot Ethereum ETFs witnessing impressive inflows. At the time of writing, Ethereum is trading at around $2,320, down over 3% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Ethereum price is attempting a recovery wave above $2,380. ETH must clear the $2,440 resistance to continue higher in the near term. Ethereum is attempting a recovery wave from the $2,350 zone. The price is trading below $2,440 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $2,400 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear the $2,440 resistance to continue higher in the near term. Ethereum Price Faces Resistance Ethereum price attempted a recovery wave above the $2,440 level. However, ETH failed to clear the $2,500 resistance zone. A high was formed at $2,488 and the price declined again like Bitcoin. It tested the $2,350 support zone. A low was formed at $2,347 and the price is now attempting a recovery wave. There was a move above the $2,365 and $2,380 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $2,488 swing high to the $2,347 low. Ethereum price is now trading below $2,440 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,400 level. There is also a connecting bearish trend line forming with resistance at $2,400 on the hourly chart of ETH/USD. The first major resistance is near the $2,440 level or the 61.8% Fib retracement level of the downward wave from the $2,488 swing high to the $2,347 low. A close above the $2,440 level might send Ether toward the $2,500 resistance. The next key resistance is near $2,550. An upside break above the $2,550 resistance might send the price higher toward the $2,720 resistance zone in the near term. Another Decline In ETH? If Ethereum fails to clear the $2,440 resistance, it could start another decline. Initial support on the downside is near $2,365. The first major support sits near the $2,350 zone. A clear move below the $2,350 support might push the price toward $2,310. Any more losses might send the price toward the $2,250 support level in the near term. The next key support sits at $2,120. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $2,350 Major Resistance Level – $2,440
Ethereum is trading near its yearly low of $2,400 after an 18% drop from local highs. ETH has notably underperformed compared to Bitcoin and other altcoins like Solana this cycle, leading to investor concerns. Related Reading: Ethereum (ETH) Struggles To Break Past $2,600: What’s Driving ETH Down? One of the key reasons for this underperformance is the lack of enthusiasm surrounding Ethereum ETFs. Metrics from these funds show low interest from traditional investors, adding to the bearish sentiment around ETH. As the crypto market is gripped by fear and uncertainty, Ethereum traders are searching for clues on whether a potential recovery is on the horizon. Top analysts and investors have started sharing their views on ETH’s next move, with many suggesting that a bounce could occur if certain technical levels hold. If this bounce materializes, it may relieve Ethereum, but until then, the market remains cautious. Ethereum Price Action Suggests A Bounce Ethereum is currently trading at a critical level that could propel the next big move if it holds support. Top analyst and investor Mags has shared an analysis on X, revealing that ETH has been consolidating within a massive triangle formation since 2021. According to Mags, Ethereum is now approaching the lower boundary of this formation, which is a crucial support level that could define its next significant move. Mags anticipates a potential double-bottom pattern forming near this upward-sloping trendline, indicating that a bullish reversal may be on the horizon. Related Reading: Is Chainlink (LINK) Sliding To $9? On-Chain Metrics Expose Weak Network Activity Recently, the price tested a key demand zone at $2,307, showing initial signs of recovery. This level is essential for Ethereum’s price action, as a hold above it could signal strength and create the foundation for a move higher. The analysis suggests that the next target for ETH could be new all-time highs if it breaks out of the triangle pattern, defying the bearish expectations of many traders still waiting for lower prices. This potential bullish scenario could unfold if Ethereum’s price holds the lower boundary of the triangle and gains upward momentum. A breakout would send ETH toward higher levels, outperforming current market sentiment and surprising investors. ETH Holding Above $2,300 Ethereum (ETH) currently trades at $2,396 following intense volatility and market uncertainty. The price is in a consolidation phase, which could still be susceptible to a surprising retrace if demand weakens further. Currently, ETH is trading below the 4-hour 200 moving average (MA) at $2,596, aligning with the crucial $2,600 level. This level is vital for ETH to retake if it aims to push higher in the short term. A sustained trading position below these levels signals weakness and the potential for further declines. For bulls, reclaiming the $2,600 mark is essential to shift the price structure and initiate a new uptrend. Success in pushing this level could set the stage for targeting the local high of $2,820. Related Reading: Ethereum’s Plunge Could Be Over: This Key Pattern Signals A Rally Back To $4,000 However, if ETH fails to close above $2,600, the next significant support is anticipated around $2,116. The price action in the coming days will be critical in determining ETH’s next move, with traders watching closely for signals of either a breakout or a deeper retrace. Featured image from Dall-E, chart from TradingView
Bitcoin (BTC) and Ethereum (ETH) have started September in the red, having already suffered price declines since the beginning of the month. This bearish sentiment towards the foremost cryptocurrencies and, by extension, the broader crypto market is due to several macroeconomic factors. Market Still Feeling The Effects Of The Yen Carry Trade Recent developments suggest Bitcoin and Ethereum are still feeling the effects of the abandonment of the Yen carry trade. The Yen recently surged against the US dollar, suggesting that investors are still selling riskier assets like these cryptocurrencies to unwind their carry trade positions, which utilized the low-yielding Yen. Related Reading: Bitcoin Short-Term Holder Behavior Reminiscent Of 2019 As BTC Remains Below $60,000 In an X (formerly Twitter) post, hedge fund manager James Lavish also suggested that the effects of the Yen carry trade was still in play. He noted that the Nikkei 225 had dropped by 3.7% while the USD/Yen trading pair was heading lower. The Bank of Japan (BOJ) Kazuo Ueda also recently made a hawkish statement that they will continue to hike rates if the economy and prices continue to perform as expected. This has also sparked fear among traders and prompted them to close their carry trade positions, thereby putting more selling pressure on Bitcoin and Ethereum. Bitcoin and Ethereum suffered major losses during the August 5 market crash, which was caused by the BOJ’s decision to hike interest rates for the second time since 2007. Bitcoin, on its part, dropped below $50,000, while Ethereum dropped to as low as $2,200. As such, with the effects of the Yen carry trade still in play and the BOJ hinting at more rate hikes, Bitcoin and Ethereum risk suffering further price declines. US Stock Market Crash Contributes To Bitcoin And Ethereum’s Fall Furthermore, Bitcoin and Ethereum’s correlation with the US stock market has also contributed to their price crash since the beginning of September. Specifically, on September 3, over $1.05 million was wiped out from the stock market, which also sparked fear in the crypto market and led to a wave of sell-offs for Bitcoin and Ethereum. Related Reading: XRP Price To $8: Analyst Says Repeat Of 2017 Could Drive Rally This was evident in the outflows that both Spot Bitcoin and Ethereum ETFs witnessed on that day. Data from Farside investors showed that the Spot Bitcoin ETFs and Spot Ethereum ETFs witnessed total net outflows of $287.8 million and $47.4 million, respectively. With such a bearish outlook for Bitcoin and Ethereum, there is an urgent need for a spark that could provide bullish momentum for the crypto market. Crypto community members are hoping that the US Federal Reserve will cut interest rates at the next FOMC meeting set to be held between September 17 and 18, as that will provide some relief to the market and help inject more liquidity into Bitcoin and Ethereum. At the time of writing, Bitcoin and Ethereum are trading at around $57,160 and $2,400, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Ethereum price dived below the $2,420 and $2,400 support levels. ETH tested $2,300 and is now showing signs of a decent recovery wave. Ethereum is attempting a recovery wave from the $2,300 zone. The price is trading below $2,500 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $2,440 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear the $2,500 resistance to start a steady increase in the near term. Ethereum Price Dips Again Ethereum price extended losses below the $2,420 level. ETH even traded below the $2,400 support before the bulls appeared. A low was formed at $2,308 and the price is now attempting a recovery wave like Bitcoin. There was a move above the $2,320 and $2,350 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $2,564 swing high to the $2,308 low, but there are many hurdles on the upside. Ethereum price is now trading below $2,500 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,440 level. It is close to the 50% Fib retracement level of the downward wave from the $2,564 swing high to the $2,308 low. There is also a key bearish trend line forming with resistance at $2,440 on the hourly chart of ETH/USD. The first major resistance is near the $2,500 level. A close above the $2,500 level might send Ether toward the $2,550 resistance. The next key resistance is near $2,650. An upside break above the $2,650 resistance might send the price higher toward the $2,800 resistance zone in the near term. Another Decline In ETH? If Ethereum fails to clear the $2,440 resistance, it could start another decline. Initial support on the downside is near $2,320. The first major support sits near the $2,300 zone. A clear move below the $2,300 support might push the price toward $2,250. Any more losses might send the price toward the $2,120 support level in the near term. The next key support sits at $2,040. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,300 Major Resistance Level – $2,440
Ethereum price started another decline below the $2,550 support. ETH could dive toward the $2,250 support zone before the bulls emerge. Ethereum started a fresh decline below the $2,550 level. The price is trading below $2,500 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $2,500 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above $2,400 to start another increase in the near term. Ethereum Price Extends Losses Ethereum price failed to stay above the $2,620 support and extended losses. ETH traded below the $2,550 and $2,500 support levels like Bitcoin. It even tested the $2,400 support. A low was formed near $2,401 and the price is now attempting a recovery wave. There was a move above the $2,420 level. The price is testing the 23.6% Fib retracement level of the downward wave from the $2,596 swing high to the $2,401 low. Ethereum price is now trading below $2,500 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance at $2,500 on the hourly chart of ETH/USD. On the upside, the price seems to be facing hurdles near the $2,500 level and the 100-hourly Simple Moving Average. It is close to the 50% Fib retracement level of the downward wave from the $2,596 swing high to the $2,401 low. The first major resistance is near the $2,550 level. A close above the $2,550 level might send Ether toward the $2,620 resistance. The next key resistance is near $2,660. An upside break above the $2,660 resistance might send the price higher toward the $2,800 resistance zone in the near term. More Downsides In ETH? If Ethereum fails to clear the $2,500 resistance, it could start another decline. Initial support on the downside is near $2,420. The first major support sits near the $2,400 zone. A clear move below the $2,400 support might push the price toward $2,320 where the bulls could emerge. Any more losses might send the price toward the $2,250 support level in the near term. The next key support sits at $2,110. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,400 Major Resistance Level – $2,500
Justin Bons, the founder and chief investment officer of European cryptocurrency fund Cyber Capital, has once again criticized the operations of Ethereum L2 solutions. In a recent X post on Saturday, Bons tagged these blockchain platforms designed to improve the scalability of the Ethereum network as dangerous with the capacity to cart away users’ funds […]
So far in 2024, the Ethereum price performance has fallen short of market expectations. Instead of rallying alongside Bitcoin to new all-time highs as expected, it stalled and failed to claim $4,000 even at the height of its rally. Now, with the third quarter in full gear, the Ethereum price may still be far from […]
Ethereum whales are on the move once again, with thousands of ETH being transferred at a rapid pace in the past few days. One of the latest ETH whale transfers spotted recently was carried out by the project’s co-founder Vitalik Buterin, triggering speculations about the digital asset’s potential in the long term. Another Huge Ethereum […]
Ethereum price started a recovery wave from the $2,400 zone. ETH is now struggling to gain pace for a move above the $2,600 resistance zone. Ethereum started a recovery wave above $2,500 and $2,550. The price is trading below $2,550 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance at $2,550 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above $2,485 to start another increase in the near term. Ethereum Price Attempts Recovery Ethereum price remained stable above $2,400 and attempted a recovery wave like Bitcoin. The price was able to rise above the $2,480 and $2,500 resistance levels. There was a move above the 23.6% Fib retracement level of the downward wave from the $2,792 swing high to the $2,395 low. The price even surpassed the $2,550 resistance. There was a break above a key bearish trend line with resistance at $2,550 on the hourly chart of ETH/USD. However, the bears were active near the $2,600 resistance. They protected the 50% Fib retracement level of the downward wave from the $2,792 swing high to the $2,395 low. Ethereum price is now trading below $2,580 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,550 level and the 100-hourly Simple Moving Average. The first major resistance is near the $2,600 level. A close above the $2,600 level might send Ether toward the $2,660 resistance. The next key resistance is near $2,720. An upside break above the $2,720 resistance might send the price higher toward the $2,820 resistance zone in the near term. Another Decline In ETH? If Ethereum fails to clear the $2,600 resistance, it could start another decline. Initial support on the downside is near $2,500. The first major support sits near the $2,485 zone. A clear move below the $2,485 support might push the price toward $2,420 where the bulls could emerge. Any more losses might send the price toward the $2,320 support level in the near term. The next key support sits at $2,250. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,485 Major Resistance Level – $2,600
On-chain data shows the Ethereum whales have recently gone on a significant accumulation spree, a sign that could be bullish for ETH’s price. Ethereum Whales Have Added 200,000 ETH To Their Holdings Recently As explained by analyst Ali Martinez in a new post on X, the ETH whales have gone on a buying spree recently. […]
Ethereum price is correcting gains from the $2,820 resistance. ETH could start another increase unless there is a close below the $2,645 support. Ethereum is correcting gains below the $2,780 and $2,750 levels. The price is trading below $2,720 and the 100-hourly Simple Moving Average. There was a break below a key bullish trend line with support at $2,740 on the hourly chart of ETH/USD (data feed via Kraken). The pair could find bids near the $2,650 and $2,645 levels. Ethereum Price Starts Downside Correction Ethereum price extended its increase above the $2,750 resistance level. ETH even climbed above $2,800 before the bears appeared. A high was formed at $2,820 and the price started a downside correction like Bitcoin. There was a move below the $2,780 level. The price declined below the 50% Fib retracement level of the upward wave from the $2,535 swing low to the $2,820 high. Besides, there was a break below a key bullish trend line with support at $2,740 on the hourly chart of ETH/USD. Ethereum price is now trading below $2,740 and the 100-hourly Simple Moving Average. However, the bulls are likely to remain active near the $2,645 support. It is close to the 61.8% Fib retracement level of the upward wave from the $2,535 swing low to the $2,820 high. If there is another increase, the price might face hurdles near the $2,720 level. The first major resistance is near the $2,740 level. A close above the $2,740 level might send Ether toward the $2,820 resistance. The next key resistance is near $2,880. An upside break above the $2,880 resistance might send the price higher toward the $3,000 resistance zone in the near term. More Downsides In ETH? If Ethereum fails to clear the $2,740 resistance, it could continue to move down. Initial support on the downside is near $2,645. The first major support sits near the $2,600 zone. A clear move below the $2,600 support might push the price toward $2,550 where the bulls could emerge. Any more losses might send the price toward the $2,500 support level in the near term. The next key support sits at $2,440. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,645 Major Resistance Level – $2,740
A member of the Ethereum Foundation has recently addressed investors’ concerns following a massive ETH transfer by the non-profit organization on Friday. This development is particularly important as this transaction sparked bearish talks in the crypto community especially due to EF’s association with the Ethereum network. Related Reading: Spot Ethereum ETFs Are 1-Month Old – […]
Since the inception of Ethereum, the network’s high transaction costs have been a major issue in the crypto market, prompting users to seek an alternative for their day-to-day activities. However, with the recent development regarding the network’s gas fees, Ethereum could be poised for massive adoption as its transaction cost has declined to a level […]
In a recent report, market researcher and analyst DeFi Ignas has provided a detailed analysis of the current bearish and bullish cases for the leading altcoin, Ethereum (ETH), offering valuable insights into the cryptocurrency’s prospects. Factors Behind The Ethereum Underperformance Ethereum has struggled to keep pace with its crypto peers over the past two years, declining 47% against Bitcoin (BTC) and underperforming Solana (SOL) by 6.8x since the market lows of early 2023. According to Ignas, the reasons behind this underperformance are open to debate, but a few key factors stand out. Firstly, the “digital gold” narrative surrounding Bitcoin is easier for new retail users and institutions to grasp than Ethereum’s more complex story. Related Reading: Bitwise CIO Reveals Three Super Bullish Signals From Bitcoin ETFs Additionally, the rising prominence of Solana, which is catching up to or sometimes even surpassing Ethereum in active users, transaction volume, and mindshare, has put pressure on the leading smart contract platform. “Solana is a riskier (lower market cap) bet on smart contract adoption, while Ethereum is squeezed in between,” Ignas explains. “Ethereum’s modular approach with Layer-2 solutions has also led to a fragmentation of liquidity and a more complicated user experience.” However, the researcher remains bullish on Ethereum’s long-term potential, citing several compelling reasons to watch. Network Effects And Real-World Use Cases Efficient and Deflationary Network: If Ethereum’s gas prices remain around 20 Gwei, the network is considered deflationary and scalable, making it an attractive and efficient option for users. Decentralization and Security: Ethereum’s decentralization and security have attracted the trust of major institutions, including BlackRock, PayPal, JPMorgan, and Santander, who are testing blockchain settlement and tokenization on the platform. Mature DeFi Ecosystem: Ignas contends that Ethereum and its Layer-2 solutions boast “the most mature decentralized finance (DeFi) ecosystem” in the crypto space, with significant combined total value locked (TVL) and trading volume, attracting more users and driving up gas fees and ETH burning. Network Effects: Ethereum’s first-mover advantage and the largest developer mindshare contribute to its network effects, solidifying its position as the leading smart contract platform. Real-World Asset Tokenization: Ethereum is emerging as the preferred chain for tokenizing real-world assets (RWAs), with 52% of all stablecoins and 73% of all U.S. Treasuries currently tokenized on the platform. The Overlooked Catalyst? According to the researcher, another catalyst that few are discussing but that could have a significant impact is the upcoming Pectra upgrade, which is expected in the first quarter of 2025. This upgrade, which merges the Prague (execution layer) and Electra (consensus layer) updates, promises to introduce several key improvements, including Account Abstraction (enhancing user experience), staking improvements, and scalability. “The market is underestimating the importance of the Pectra upgrade,” Ignas said. “Features like Account Abstraction, staking enhancements, and scalability improvements could be game-changers for Ethereum’s adoption and usability.” Related Reading: Tron Bullish Rebound At Support Level Signals Potential Upside To $0.1443 While trading at $2,670 as of this writing, VanEck’s ETH base price forecast of $11,800 by 2030 may seem bearish to some, Ignas pointed out, but it still represents a 4.4x increase – significantly more than Solana’s 2.2x forecast over the same period. Ultimately, with a solid ecosystem, growing institutional support, and upcoming technical upgrades, the researcher notes that the bullish case for Ethereum looks increasingly compelling, even as the asset navigates near-term headwinds. Featured image from DALL-E, chart from TradingView.com
Ethereum price struggled to clear the $2,750 resistance. ETH is now consolidating near $2,635 and remains at risk of more downsides. Ethereum started a fresh decline from the $2,750 resistance. The price is trading below $2,700 and the 100-hourly Simple Moving Average. There was a break below a key contracting triangle with support at $2,695 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend losses if it drops below the $2,635 support zone. Ethereum Price Slides Again Ethereum price started a decent increase from the $2,650 support zone. ETH outperformed Bitcoin and surpassed the $2,720 resistance zone. However, the bears were active near the $2,750 zone. The recent swing high was formed at $2,763 before the price corrected gains. There was a move below the $2,720 and $2,700 levels. Besides, there was a break below a key contracting triangle with support at $2,695 on the hourly chart of ETH/USD. Ethereum price is now trading below $2,700 and the 100-hourly Simple Moving Average. A low is formed near $2,635 and the price is now consolidating. If there is another increase, the price might face hurdles near the $2,700 level. It is close to the 50% Fib retracement level of the recent decline from the $2,763 swing high to the $2,635 low. The first major resistance is near the $2,735 level or the 76.4% Fib retracement level of the recent decline from the $2,763 swing high to the $2,635 low. A close above the $2,735 level might send Ether toward the $2,765 resistance. The next key resistance is near $2,800. An upside break above the $2,800 resistance might send the price higher toward the $2,880 resistance zone in the near term. More Losses In ETH? If Ethereum fails to clear the $2,700 resistance, it could continue to move down. Initial support on the downside is near $2,635. The first major support sits near the $2,600 zone. A clear move below the $2,600 support might push the price toward $2,550. Any more losses might send the price toward the $2,520 support level in the near term. The next key support sits at $2,440. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,635 Major Resistance Level – $2,700
Ethereum and Solana registered net inflows last week despite a price correction among most cryptocurrencies. According to the most recent Digital Asset Fund Flows Weekly Report published by CoinShares, the cumulative inflows into these investment products reached an impressive $176 million over the week. This positive trend was consistent across all regions, with each registering […]
After enduring a significant downturn at the beginning of the past week, Ethereum (ETH), the second-largest cryptocurrency, has staged a modest recovery, reclaiming the crucial $2,600 level and setting its sights on the $3,000 milestone once again. The August 5 crash, which saw Ethereum’s price plummet to $2,112, marked the year’s largest market slump. However, the digital asset has since bounced back, 8% in the last seven days, hinting at the possibility of a more sustained bullish trend. Massive Ethereum Liquidations Trigger Bullish Signals According to a recent report by market analytics firm CryptoQuant on the ETH’s price action, the chart below highlights a substantial liquidation of long perpetual positions on the futures market experienced during last week’s crash. The firm notes that in sustained bull markets, such a significant liquidation event is often followed by a major price rally as the futures market stabilizes and spot buying pressure takes over. Related Reading: Legendary Fibonacci Extension Reveals When Bitcoin Will Reach $109,000 “The recent cascade has triggered massive long liquidations, reaching levels not seen since November 2022,” the firm noted. “This substantial liquidation likely indicates a cooling of the futures market, where many leveraged positions have been flushed out. Such a development can set the stage for renewed interest in the futures market.” With the futures market potentially resetting, CryptoQuant believes that if demand returns, Ethereum could be poised for another impulsive bullish surge in the longer term that could send prices above previous all-time high levels. ETH’s Price Path To $3,000 Crypto analyst Caleb Franzen echoed a similar prediction for ETH’s price in a social media post on the X platform (formerly Twitter), suggesting that if Ethereum can take out the $2,725 level, it could signal a strong move higher. Franzen’s analysis of the 4-hour candles and market structure indicates a series of higher lows and a bullish reading on the supertrend indicators, further fueling the optimism surrounding Ethereum’s future performance. Related Reading: Bitcoin Investors Again Show Extreme Fear As BTC Slips To $59,000 However, with ETH currently trading at $2,645, the first resistance on the ETH/USDT weekly chart, located at the $2,700 level, has proven to be the first hurdle for the second-largest cryptocurrency to overcome in recent days. In a scenario where the current rally extends into the coming weeks and the ETH price tackles the level highlighted by Franzen, the $2,900 and $2,990 resistance walls would be the last obstacles to reclaim the $3,000 level. Conversely, the token will need to secure and consolidate above the $2,550 level to prevent further declines toward the next support on the daily chart, currently located at the $2,345 level following its 25% correction. Featured image from DALL-E, chart from TradingView.com