Ethereum

Cryptocurrency

Future

Strong

Spot

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cryptocurrency-market-faces-strong-downward-trend/" data-wpel-link="internal">Cryptocurrency Market Faces Strong Downward Trend</a><br></p>
<p style="text-align: justify">The <a href="https://en.coin-turk.com/the-tangled-web-of-ftxs-founder-scandal-bankruptcy-and-unexpected-legal-proceedings/" data-wpel-link="internal">cryptocurrency </a><a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> has been moving in a strong downward trend since the beginning of the week, with selling pressure increasing daily. Bitcoin’s (BTC) price dropped by approximately 3% in the last day, while Ethereum (ETH) experienced a 4.38% loss. This situation creates a negative atmosphere in the cryptocurrency market and causes skepticism towards ETH, which is a guide for altcoins.</p> 
<h2 style="text-align: justify" id="strong-ethereum-s-price-and-technical-indicators-strong"><strong>Ethereum’s Price and Technical Indicators</strong></h2> 
<p style="text-align: justify">Ethereum formed multiple technical formations in the daily timeframe and traded within these formations for a while. Specifically, the altcoin king, which has been trading in a descending channel since mid-May, maintained this trend, but the price fluctuations in the cryptocurrency market in July resulted in ETH retesting the support level at $2,800.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-376086" src="https://coin-turk.com/wp-content/uploads/2024/08/Altcoin-Ethereum-ETH.png" alt="" width="1433" height="758"></p> 
<p style="text-align: justify">As a result of this retest, an ascending channel formation emerged. However, in the early hours of the day, ETH broke below this ascending channel.</p> 
<p style="text-align: justify"><strong>Simple Moving Average</strong> (SMA) continues to form resistance on Ethereum’s price chart, indicating a bearish trend in the market. Additionally, the <strong>Relative Strength Index</strong> (RSI) failed to pass its neutral point and drew a downward curve on the average trend line. All these significant technical indicators present a negative outlook for ETH in the short term.</p> 
<h2 style="text-align: justify" id="strong-analysis-of-spot-ethereum-etfs-and-future-expectations-for-eth-strong"><strong>Analysis of Spot Ethereum ETFs and Future Expectations for ETH</strong></h2> 
<p style="text-align: justify">Grayscale’s “ETH” fund recorded an inflow of $19.8 million, while Fidelity’s “FETH” fund recorded an inflow of $18.8 million. Other funds similarly recorded inflows, while Grayscale’s “ETHE” fund recorded an outflow of $133.3 million. Despite a total inflow of $1.49 billion, the Spot Ethereum ETFs have a negative total flow of $483.6 million.</p> 
<p style="text-align: justify">If the cryptocurrency market gains momentum, Ethereum’s price could retest the resistance level at $3,300. Additionally, increasing positive sentiments in the cryptocurrency market could lead ETH to break out of the descending channel formation and move towards $3,700. Conversely, if bears continue to dominate the market, the altcoin king’s price could drop to the critical support level at $2,800 within this month.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/cryptocurrency-market-faces-strong-downward-trend/" data-wpel-link="internal">Cryptocurrency Market Faces Strong Downward Trend</a></h5>
<p>The post <a href="https://en.coin-turk.com/cryptocurrency-market-faces-strong-downward-trend/" data-wpel-link="internal">Cryptocurrency Market Faces Strong Downward Trend</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Cryptocurrency Market Faces Strong Downward Trend

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