Ethereum

bullish

Spot

<p>The post <a href="https://coinpedia.org/price-analysis/ethereum-price-retests-2-5k-level-amid-bear-market-whats-next/" rel="noopener noreferrer nofollow">Ethereum Price Retests $2.5K Level Amid Bear Market, What’s Next?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>The cryptocurrency market has experienced a strong bearish reversal after concluding the previous week on a positive note. Notably, the market leader, <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin (BTC) price</a> has plunged 3.99% over the past day. This has resulted in it retesting its low of $58,000.</p>
<p>Moreover, the altcoin leader, Ethereum price followed in the footsteps and has displayed a similar price action by recording a bearish price action over the past day.</p>
<p>With questions like “Why ETH is dropping below the $3K mark?” and “Will Ethereum price crash again?”, the crypto market is experiencing a FUD-like situation.</p>
<p>Scroll down as, in this article, we have covered the in-depth market sentiments, ETF updates, price analysis, and possible monthly targets of the Ethereum (ETH) crypto token.</p>
<h2 class="wp-block-heading" id="h-eth-coin-price-action">ETH Coin Price Action:</h2>
<p>With a drop of 4.08% and a trading volume of $15.549 Billion within the past 24 hours, the <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/" target="_blank" rel="noopener noreferrer nofollow">Ethereum price</a> has experienced a pullback toward its important support level of $2,500. Furthermore, the increasing bearish sentiments hint at a possible breakdown this week.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd6ZC29lXosUoMd5nl60bqvZIN19KqVJqYmeKZTDywqwKWbTk_YOYRwyJRkM0NFL9PnQC3WPXnSjKS--r8Qa8Kcajdz5rXiQOrSoNL3wyETzSObhyxhJn2lG0_fMMWCFviwJrfI2yMkEX1mPvNyBxOxYp4e?key=piXuyNMU1c1EUcoTbSkOBA" alt="Ethereum Price Analysis">
 <figcaption class="wp-element-caption">
  TradingView: ETH/USDT
 </figcaption>
</figure>
<p>Despite recording a correction of approximately 17% over the past 30 days, the <a href="https://markets.coinpedia.org/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH price</a> has formed a bullish expanding triangle pattern in the 1D time frame. This highlights a high possibility of a bullish reversal during the upcoming weeks.</p>
<p>With a trading price of $2,538.01 and a market capitalization of $309.168 Billion, the Ethereum token currently has a dominance of 15.1% in the cryptocurrency market.</p>
<h2 class="wp-block-heading" id="h-ethereum-market-sentiments">Ethereum Market Sentiments:</h2>
<p>The Relative Strength Index (RSI) continues to hover close to its overbought range with its average trendline displaying a constant flatline, highlighting a weak buying-and-selling pressure for the altcoin leader in the market.</p>
<p>The technical indicator, MACD, displays a neutral action with its averages recording a sideways trend in the 1D time frame. This indicates uncertainty in the future price action for the Ethereum crypto token.</p>
<h2 class="wp-block-heading" id="h-ethereum-spot-etf-update">Ethereum Spot ETF Update:</h2>
<p>For the first time, the ETH ETF has concluded a week on a positive note. Reportedly, the ETFs have recorded only 2 out of 5 positive days during the second week of August. In these two days, they added a total of $147.2 Million.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdTGgCi9VJTvyackIGmb0fIqR3WZrpgo8r7Ea-lkPPJdA0obhb9KXOW5LVLxyryAWFs2Y-iXxFHpiRD_j656w8rhXwtP3dtMQfds8p0Xfz8IUQCes1LziBdvbCBcLmiNOEv4liA8KQzKsqxf1KrqdHquqZF?key=piXuyNMU1c1EUcoTbSkOBA" alt="">
 <figcaption class="wp-element-caption">
  Source: SoSoValue
 </figcaption>
</figure>
<p>On the other hand, during the 3 negative days, it lost only $42.4 Million. During this period, 8 out of 9 ETFs recorded a positive inflow. However, Grayscale’s “ETHE” has continued its outflow streak.</p>
<p>With this, the total flow for the week concluded at +$104.8 Million, making it the first-ever positive week since the Ethereum ETF launch.</p>
<h2 class="wp-block-heading" id="h-will-the-eth-price-go-up">Will The ETH Price Go Up?</h2>
<p>If the market holds the Ethereum crypto above its important support level of $2,550, the bulls will prepare to test its resistance level of $2,870. Moreover, an intensified bullish action could result in this altcoin heading toward its upper resistance level of $3,300.</p>
<p>Conversely, if the bears continue to dominate the cryptocurrency market, the ETH price could plunge toward its crucial support level of $2,175.</p>

Ethereum Price Retests $2.5K Level Amid Bear Market, What’s Next?

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