The News Crypto -
- Ethereum showed attempts for price recovery in the past few days but struggles to break resistance.
- If price dips further the token might enter into a consolidation phase.
Leading altcoin Ethereum found itself falling to the $2K level during the recent market price dip. In the last few days, the token following Bitcoin showed recovery signs but has struggled to break key resistance levels. Meanwhile, the community witnessed crucial regulatory activity with announcements from the FCA.
Notably, Ethereum in the past 24 hours has shown a price decline of 3.18% according to CMC data. At the beginning of August 7, the market saw ETH rise to $2,534 before bearish candles took over the price activity on Thursday. At the time of writing, Ethereum was trading at $2,429.
Moreover, the altcoin, since the beginning of this week, exhibited struggles to surpass the $2.5K level, despite several upward movements. On Monday, Ethereum slid to a six-month low of $2,111 causing a frenzy among investors. This price downturn has resulted in increased selling pressures for the altcoin with its RSI standing at 26.21.
Meanwhile, the US spot ETH ETFs recorded inflows in the previous two days despite price drops. However, according to Sosovalue data, the digital assets showed $23.68 million outflows on August 7. Contrastingly, the US spot Bitcoin ETFs recorded inflows after significant outflows the previous day.
Ethereum Price Weekly Overview
Zooming out, in the last 7 days Ethereum has shown a price performance of 23.08% decline. At the beginning of the week, the token traded at a high of $3,205. Over the weekend, influenced by the bearish takeover, prices plummeted to $2,600 levels. Additionally, as aforementioned, the present week saw further declines in the altcoin’s price.
ETH/USDT Daily Price Chart (Source: TradingView)
Moreover, ETH’s short-term 9-day MA stands below the 21-day MA indicating the bearish trend according to TradingView data. Furthermore, the HMA stands below the current price highlighting its downward movements. On the other hand, if the token succeeds in price recovery it might break the $2.5K resistance.
According to market analysts, it can also be expected to enter a consolidation phase in case of failure to stage a bull run. Meanwhile, TheNewsCrypto analysts have predicted a bullish price of $4454.21 for Ethereum in 2024.
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This article was originally published on thenewscrypto.com
