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

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The cryptocurrency market has experienced a strong bearish reversal after concluding the previous week on a positive note. Notably, the market leader, Bitcoin (BTC) price has plunged 3.99% over the past day. This has resulted in it retesting its low of $58,000.

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.

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.

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.

ETH Coin Price Action:

With a drop of 4.08% and a trading volume of $15.549 Billion within the past 24 hours, the Ethereum price has experienced a pullback toward its important support level of $2,500. Furthermore, the increasing bearish sentiments hint at a possible breakdown this week.

Despite recording a correction of approximately 17% over the past 30 days, the ETH price 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.

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.

Ethereum Market Sentiments:

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.

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.

Ethereum Spot ETF Update:

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.

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.

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.

Will The ETH Price Go Up?

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.

Conversely, if the bears continue to dominate the cryptocurrency market, the ETH price could plunge toward its crucial support level of $2,175.