Ethereum

Rally

bullish

Bitcoin

Resistance

<ul>
 <li>Ethereum trades at $3.1K, down by 3.70% over the last 24 hours.</li>
 <li>ETH’s fear and greed index suggests neutral sentiment in the market.</li>
</ul>
The crypto market exhibits a bearish sentiment followed by the unchanged Fed rate. Bitcoin has dropped by 3%, and the largest altcoin, Ethereum, recorded a similar downside price action by falling over 3.70%. A low has formed near $3,136, indicating a negative outlook.&nbsp;
The price drop of ETH can also be aligned to the substantial <a href="https://thenewscrypto.com/spot-ethereum-etf-witnesses-massive-outflows-led-by-grayscales-ethe/" target="_blank" rel="noopener noreferrer nofollow">outflows</a> from the Ethereum Grayscale Trust. On Wednesday, another substantial outflow of $77 million was noted. When spot BTC ETFs were launched, in the early weeks the price of <a href="https://thenewscrypto.com/grayscale-officially-launches-bitcoin-mini-trust-on-nyse-arca/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> experienced a decline accompanied by significant outflows. Meanwhile, over the last 24 hours, Ethereum observed a $62.14 million liquidation as per coinglass <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener noreferrer nofollow">data</a>.&nbsp;
<h3 class="wp-block-heading" id="h-is-the-nearby-resistance-breakable">Is the Nearby Resistance Breakable?&nbsp;</h3>
Analysing the monthly price chart, Ethereum was down by 8.52%, hitting a monthly low of $2,850. Later, the price climbed to $3,543. At press time, ETH traded at $3,188, with a market cap of $383 billion. Meanwhile, the daily trading volume has increased by 36.35% and stands at $18.73 billion, according to CMC <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">data</a>.&nbsp;
The daily relative strength index (RSI) stands at 42.60, suggesting the asset is close to the neutral zone. Both the short-term 9-day and 21-day moving averages are found above the current price at $3,259 and $3,339, respectively, indicating bearish momentum.&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdE-a-RDzkraSCtH7JAmIvJ82kaS-3BvSwnCI3gwgMoo0cTZsbsGzUR5rIO3jM8_xAPr5UrN_DI4Zp30jqUq07nLhaKCZ_81-R6fUSw_XlgxYiM5NDtr4ykKgeOv4wRYVDPMKlXoLPeCJtP_eEWR5zPPBQ?key=DbNPT1lJwX3VyrVd79KL6Q" alt="">
 <figcaption class="wp-element-caption">ETH price chart (Source: <a href="https://in.tradingview.com/symbols/ETHUSD/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
If the leading altcoin bulls follow the bullish momentum, the initial resistance is likely to be found at $3,323. Furthermore, it might test a higher resistance at the $3.5K range if the bulls persist. If the ETH bulls could not conquer the bears, the price might fall to $2,999. The subsequent support may be found at the $2.8K level.&nbsp;
Highlighted Crypto News&nbsp;
<a href="https://thenewscrypto.com/south-korea-fsc-announces-supervisory-fees-for-crypto-exchanges/" target="_blank" rel="noopener noreferrer nofollow">South Korea FSC Announces Supervisory Fees For Crypto Exchanges</a>

Will Ethereum Defy the Bears and Rally in August?

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