After the recent recovery from levels below $2000, it was assumed that the ETH price would rise back above $3000. Unfortunately, the bulls fell weak and the bears are utilizing the opportunity and as a result, the price is unable to reach the required resistance. With this, the possibility of reclaiming these levels appears to have been delayed for a while, which may raise concern for the upcoming price action.
The Ethereum ETF has not attracted much volume as the outflows continue to supersede the inflows, recording the lowest close to just $5 million. Interestingly, Grayscale’s inflow and outflow were $0, while Fidelity and Bitwise recorded minimum inflows. This may scare the market participants, as the bulls also display less interest in elevating the levels beyond $2800 which may pave the way to achieving $3000.
The market bought back ETH after a big fall due to fear. The bulls kept the price below $2000 then and now they are trying to keep it above $2500. Overall, the bullish backdrop continues to remain in place but a short-term pullback may hinder the rally.
The whales continue to buy the token after a strong fall, regardless of the bearish influence hovering over the ETH price. However, some prerequisites indicate that the big players are still bullish. The token has reached a crucial range, which needs to be closely monitored as the price displays both bullish and bearish possibilities. If the trend replicates, the Ethereum price may print another couple of daily bearish candles before the next bullish action.
Otherwise, the token may trigger a pullback to levels close to $2500 which may attract fresh volume and initiate a consolidated rise beyond $3000. The volume has drained, while the selling pressure has also dropped to a large extent. Therefore, the target at $3200 seems to have been triggered but reaching these levels may depend on the trend followed in the next couple of days.
If the Ethereum (ETH) price initiates a breakout, MACD is about to undergo a bullish crossover, it may reach above $3000 in the first few days of September, or it may reach it during the second fortnight.
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