Ethereum

TRON

<ul>
 <li>Ethereum recovers to $2,500 after dropping to $2,100, with $2,750 as the next resistance level.</li>
 <li>Justin Sun, founder of TRON, reportedly bought 16,236 ETH using 37 million USDT.</li>
</ul>
Following a <a href="https://thenewscrypto.com/how-did-major-cryptos-bitcoin-and-ethereum-crash-overnight/" target="_blank" rel="noopener noreferrer nofollow">sharp dip</a> to the $2,100 zone on Monday, Ethereum (ETH) has climbed back to test the $2,500 barrier. This recovery raises questions about the Ethereum market trend, with a target at the $2,750 level before possibly resuming a bearish trend.
On Monday, ETH’s price plummeted more than 23% but has since rebounded, currently testing a $2,500 zone and potentially resuming its bearish trend. Still, the technical indicator suggests a loss of positive momentum, nearing overbought conditions, which may lead to a bearish reversal if the $2,600 resistance remains unbroken. Key support levels are observed at $2,650 and $2,500, which could come into play if the bearish trend resumes.
The market’s attention has also shifted to Justin Sun, founder of the <a href="https://thenewscrypto.com/tron-network-and-ethereum-show-massive-surges-in-on-chain-activity/" target="_blank" rel="noopener noreferrer nofollow">TRON blockchain</a> after reports surfaced of a suspicious address linked to him purchasing 16,236 ETH with 37 million USDT while Ethereum’s price fell to $2,112.
The address, created shortly before the purchase, withdrew $36 million (14,884 ETH) from Binance, accumulating 392,474 ETH since February at an estimated cost of $1.19 billion, now valued at $995 million. Sun has denied rumors of liquidation despite ETH trading below his average buying price of $3,051.
<h3 class="wp-block-heading" id="h-ethereum-s-price-recovery-and-current-technical-outlook">Ethereum’s Price Recovery and Current Technical Outlook</h3>
Ethereum’s price dipped below the $2,200 support, briefly touching the $2,000 mark before bulls managed to drive it back up. The <a href="https://in.tradingview.com/symbols/ETHUSDT/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">recovery</a> pushed the price above the 61.8% Fibonacci retracement level, rising to $2,530 from a low of $2,100.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="511" src="https://thenewscrypto.com/wp-content/uploads/2024/08/image-24-1024x511.png" alt="" class="wp-image-104947" srcset="https://thenewscrypto.com/wp-content/uploads/2024/08/image-24-1024x511.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-24-300x150.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-24-768x383.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-24.png 1297w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
Currently, Ethereum is trading around $2,503, marking a 10.84% increase in the past 24 hours, with a daily trading volume of $46 billion, according to <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>. On the hourly chart, ETH/USD is still below the $2,650 mark and the 21-day simple moving average. Immediate resistance is seen at $2,550, with significant hurdles at $2,680 and $2,750. A breakout above $2,750 could propel the price towards $2,850 and potentially higher towards $3,250 in the near term.
If Ethereum fails to surpass the $2,550 resistance, another decline could be imminent. Initial support lies near $2,350, with major support at $2,225. A drop below $2,225 could push the price back towards $2,100 and potentially lower, testing the $2,000 support level again.
Today’s trading range is expected to be between $2,350 support and $2,700 resistance.

Can Ethereum Bulls Regain Control If ETH Sustains $2.5K?

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