Ethereum

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<ul>
 <li>Ethereum price dipped 0.35% in the last 24 hours according to CMC data.&nbsp;</li>
 <li>The altcoin has shown increased volatility in the past day, before surpassing $2.6K.</li>
</ul>
The beginning of August witnessed a spur of activity within the crypto sector. While most of the market attention was focused on the first-week market crash, regulatory activities, and notable partnerships took place. Meanwhile, this following week exhibits price revivals from key cryptocurrencies as Bitcoin retracted to $60K. Leading altcoin Ethereum also surpassed $2.5K after inching closer to a dip below $2,000.&nbsp;
Notably, Ethereum’s price over the past week despite several bearish candles managed to break resistance at the $2,500 level. In the past 24 hours, fueled by bull-bear combats, the altcoin showed a 0.35% decline in price. Additionally, the token’s daily trading volume dipped 36.71%.&nbsp;
In the Asian evening hours of August 9, ETH struggled to surpass $2.5K and traded at a low of $2,552. Following this, ETH made several attempts to sustain prices above $2,600 until the early hours of Saturday. At the time of writing, Ethereum was trading at $2,633 as per CMC <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">data</a>.&nbsp;
Meanwhile, despite the ETH bulls marking a brief victory, the token shows signs of entering a consolidation phase at the <a href="https://thenewscrypto.com/ethereum-surges-10-can-eth-hit-2800/" target="_blank" rel="noopener noreferrer nofollow">$2.6K level</a>. Additionally, the token exhibited strong bull-bear combats as prices showed intra-day fluctuations. This is indicated by the token’s <a href="https://www.tradingview.com/x/6bVRieyM/" target="_blank" rel="noopener noreferrer nofollow">RVI</a> showing a sharp increase in the past day and currently standing at 46.43.&nbsp;
<h3 class="wp-block-heading" id="h-is-ethereum-showing-increased-sell-offs-after-recent-price-dip-nbsp">Is Ethereum Showing Increased Sell-Offs After Recent Price Dip?&nbsp;</h3>
Zooming out, in the past week ETH price shows 11.89% decline owing to the aforementioned price dips. While the token’s year-to-date performance stands at a 15.43% increase, its monthly performance shows price declines. Relatedly, the token’s short-term 9-day MA lies below the long-term 21-day MA indicating this bearish trend.&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfMomIEjpNVdea9kc2n03O9pTdvubTYpPO_GyR-aGt-M-Z2UbftP-UxNkowdIYyujt82KU6BXfx-hDk7rt43azkChhTQW00jhfaZCmZa8vWVIP_N1AY2pUJI1nk_wTjEoRDqKU507dTjdSOahZ_FcPe34Oe?key=WoEyra5JLMsfOIHXXE-y8g" alt="">
 <figcaption class="wp-element-caption">ETH/USDT Daily Price Chart (Source: <a href="https://in.tradingview.com/symbols/ETHUSDT/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
Moreover, Ethereum’s RSI stands at a low of 37.55 as per TradingView reports. This indicates a persisting selling pressure among investors. Additionally, according to coinglass <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener noreferrer nofollow">data</a>, ETH witnessed $23.29 million in liquidations over the last 24 hours. These inferences suggest that the altcoin might be facing <a href="https://thenewscrypto.com/recent-market-selloff-signals-recession-fears-amid-global-financial-shifts/" target="_blank" rel="noopener noreferrer nofollow">sell-off</a> surges after the recent dip.&nbsp;
Furthermore, the US spot ETH ETFs also recorded outflows as of August 9 as per Sosovalue data. It marks the third consecutive day of outflows in the digital assets.&nbsp;
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Ethereum Price Consolidates at $2.6K Amid Increasing Selling Pressure

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