Ethereum Price Hits $2.5K Again: What’s Next?

ETH Coin Price Action

Ethereum has experienced a drop of 4.08% with a trading volume of $15.549 billion over the past 24 hours, pulling back towards its crucial support level of $2,500. The current bearish sentiment suggests a possible breakdown this week. Despite a 17% correction over the past 30 days, Ethereum has formed a bullish expanding triangle pattern in the 1-day timeframe, indicating a potential bullish reversal in the upcoming weeks.

Currently, Ethereum is trading at $2,538.01 with a market capitalization of $309.168 billion and holds a market dominance of 15.1%.

Ethereum Market Sentiments

The Relative Strength Index (RSI) remains close to its overbought range, with its average trendline showing a flatline. This indicates weak buying and selling pressure for Ethereum. Additionally, the MACD technical indicator is displaying a neutral action with averages recording a sideways trend in the 1-day timeframe, reflecting uncertainty in future price movements.

Ethereum Spot ETF Update

For the first time, the Ethereum ETF has ended a week on a positive note. In the second week of August, the ETFs recorded 2 out of 5 positive days, adding a total of $147.2 million. Conversely, during the 3 negative days, only $42.4 million was lost. Notably, 8 out of 9 ETFs saw positive inflows, though Grayscale’s “ETHE” continued its outflow streak.

This led to a total weekly inflow of +$104.8 million, marking the first positive week since the launch of the Ethereum ETF.

Will The ETH Price Go Up?

If Ethereum can maintain its position above the important support level of $2,550, there is potential for the bulls to test the resistance level of $2,870. An intensified bullish trend could push Ethereum towards the upper resistance level of $3,300. However, if bearish trends persist, the price might decline towards its critical support level of $2,175.