Ethereum

Million

Spot

<p>The post <a href="https://coinpedia.org/price-analysis/ethereum-breakdown-confirmed-eth-price-to-retest-2-8k-this-week/" rel="noopener noreferrer nofollow">Ethereum Breakdown Confirmed! ETH Price To Retest $2.8K This Week?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>The cryptocurrency market has displayed a strong bearish action since the week started, highlighting an increase in the selling-over-buying pressure. Further, the market leader, <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> has dropped approximately 3% over the past day, suggesting a negative outlook.</p>
<p>Following this, the altcoin leader, <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/" target="_blank" rel="noopener noreferrer nofollow">Ethereum price</a> has recorded a similar price action by recording a correction of 4.38% in valuation with a trading volume of $18.61 Billion. With the present market sentiments, will ETH price record a bullish reversal or plunge toward its crucial support level of $2,800?</p>
<h2 class="wp-block-heading" id="h-eth-price-breaks-down-its-important-support-trendline">ETH Price Breaks Down Its Important Support Trendline:</h2>
<p>The Ethereum token has formed a multi-pattern in its 1D time frame and has continued to trade within it for a brief period. Notably, the altcoin has been trading with a descending channel pattern since mid-May, highlighting a long-term bearish sentiment.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXf1zTaCPobOCAaoSrdAONFGsPDJl1uGW_DWqwmMiWGkIlx1RnqZ4WyxRxtsEWqhez09-DWBsoJ-Tllbj9dKc7PJLhrzPMGdD4VQQB2cbVvBYHNVDMuzAuFGg-LGkyLDO_Wbned40JBmQg-dOfQmoOXAkceg?key=JpIejCkulrMre9EEK7weyg" alt="Ethereum Price Analysis">
 <figcaption class="wp-element-caption">
  TradingView: ETH/USDT
 </figcaption>
</figure>
<p>However, with the increased price volatility in the crypto space during July, the <a href="https://markets.coinpedia.org/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH token</a> formed an ascending channel pattern after successfully retesting its crucial support level of $2,800.</p>
<p>This has further resulted in the Ethereum crypto forming a bearish diamond-shaped pattern in the price chart. With the recent cross-border market correction, the altcoin has recorded a breakdown during the early trading hours today.</p>
<h2 class="wp-block-heading" id="h-ethereum-eth-market-sentiments">Ethereum (ETH) Market Sentiments:</h2>
<p>The Simple Moving Average (SMA) constantly acts as a resistance to the ETH price chart in the 1D time frame, highlighting an increase in the bearish sentiment within the crypto space.</p>
<p>Further, the technical indicator, RSI, has failed to surpass its neutral point with its average trendline recording a bearish curve. This indicates a negative outlook for the altcoin leader during the upcoming days.</p>
<h2 class="wp-block-heading" id="h-analyzing-market-trend-of-ethereum-spot-etfs">Analyzing Market Trend Of Ethereum Spot ETFs:</h2>
<p>Grayscale’s “ETH” recorded the highest inflow of $19.8 Million, followed by Fidelity’s “FETH” with $18.8 Million. Blackrock’s “ETHA” records an inflow of $5 Million, whereas 21 Shares “CETH”, VanEck’s “ETHV”, and Bitwise’s “ETHW” record inflows worth $3.3 Million, $4.8 Million, and $4.7 Million respectively.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd3WRFyI11xUGBwyrC6r4tNLcEDl4DViRRH0OYtmqLbYcsRalYIzjFKLZnr7NVzvogex8qmQOaIH9os4LYW8gami8E4WgC18agc5ayTPaknTn2oUov07YGxGKiH5SNH-cT8bNNhRJF5ixFAGWGfZ0lskq1i?key=JpIejCkulrMre9EEK7weyg" alt="">
 <figcaption class="wp-element-caption">
  Source: FARSIDE Investors
 </figcaption>
</figure>
<p>Further, Invesco’s “QETH” and Franklin’s “EZET” record a neutral flow. Conversely, Grayscale’s “ETHE” has recorded an outflow of $133.3 Million. With an outflow of $77.2 Million, the Ethereum ETFs have recorded outflows for 5/7 days.</p>
<p>Notably, 8 out of 9 ETFs have recorded a positive flow since the Ethereum ETF launch totaling $1,493.5 Million. However, with an outflow of $1,977.1 Million by Grayscale’s “ETHE”, the total flow of ETH ETF stands at (-)$483.6 Million.</p>
<h2 class="wp-block-heading" id="h-will-eth-price-boon-again">Will ETH Price Boon Again?</h2>
<p>If the market regains momentum, the Ethereum coin price will prepare to retest its resistance level of $3,300. Moreover, with increasing bullish sentiment in the crypto space, the ETH token could break out of its descending channel pattern and head toward its upper level of $3.7K.</p>
<p>However, if the bears continue to dominate the cryptocurrency market, this could result in the Ethereum (ETH) price plunging toward its crucial support level of $2,800 this month.</p>

Ethereum Breakdown Confirmed! ETH Price To Retest $2.8K This Week?

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