The analysis of Ethereum prices indicates that ETH prices continue to linger below the critical resistance level of 3,132 dollars with a struggle for upward momentum. Ethereum experienced downward pressure falling beneath the key level of $3,300. After testing the 50-day EMA recently Ethereum has finally broken below the key EMA, suggesting that the bearish trend may still be valid. Additionally, this technical setup is confirmed by an RSI slanting downwards indicating a loss of positive momentum.
A stronger support zone around $2,905 exists as well as around $3020 area. A move lower than these levels can cause a much deeper decline. For Ether price to reverse, bulls need a breakout above $3,400 resistance.
Ethereum (ETH) is currently experiencing bearish pressure as it struggles to maintain its position above key support levels. On the daily chart, Ethereum broke below the $3,149.50 mark which is an important support barrier suggesting more downside potential from here on out. These softened upward trends are also accompanied by decline in RSI values – falling from 40.69 back into oversold conditions – indicating less optimism on investors’ part.
This drop-off in the RSI combines with a decreasing positive sloping trend line making the sentiment bearish even more so. Besides, MACD remains negative as it has been throughout, where MACD line comes below the signal line and red bars indicate continuing sell-offs.
A critical level of support to watch is at $3,069.80 since historically this has acted as strong floor for Ethereum’s price action. A break beneath this could lead further down toward around $2,800s which would represent significant retracement from recent tops;; however resistance stands at $3394.60 before we reach any tough hurdles, $3554.00 being one of them.
There is a great deal of volatility in Ethereum (ETH) following the launch of US-based spot Ether exchange-traded funds (ETFs). Positive inflows of $91.4m have been seen into BlackRock’s iShare Ethereum Trust (ETHA), which indicates faith among traders about the future prospects for Ethereum. On the other hand, Grayscale’s ETHE has seen outflows totaling over $2 billion since its launch.
Although there has been some sign that these outflows could be tapering down – ETHE saw a net outflow of $78m on August 1st decreasing by less than $100 million for first time since inception – but mixed reactions from these big funds suggest that the market is not clear about where it is headed in the near term.
The flows into and out of these ETFs highlight how much money can move at once through ether based on sentiment changes, as investors react positively when they see more funds come in or negatively if they start to leave, including this factor significantly influences what is currently happening in trading.
Yet despite having gained approval for ethereum etfs that have boosted positive sentiments and investments, eth outlook remains bearish over the short term. Notwithstanding challenges like these, there are some analysts who are still bullish on ethereum long term; pointing to ongoing accumulation patterns by whales and sharks as proof positive that future prices will rise again someday.
There are many factors leading to this slump, one of which is the presence of significant Ethereum deposits on Binance by Elwood-connected wallets, which in turn led to concerns among large investors who feared a potential sell-off. Besides that, $600 million worth of Ethereum options expired at the same time and as such, there is more volatility in prices