Ethereum Slips, Jump Trading Offloading Millions: ETH Bears Targeting $2,000
Ethereum remains within a bearish formation. However, this will change if spot ETF inflows push ETH prices above $2,800 and $3,000
Ethereum is printing discouraging lower lows at press time, looking at the price action in the daily chart. Even though bulls are confident of what lies ahead, the short-term trend favors sellers. With the bear bar of August 7, sellers are back in the picture, even setting up the momentum for a drop to $2,000 or worse. Before resuming the Bull Run, buyers must push the price above the liquidation wall between $2,500 and $2,800.
The contraction of Ethereum prices means the downtrend remains, pushing losses from July highs to roughly 30%. At this pace, bears might retest this week’s low and even crash lower. Thus far, ETH is in red in the past day, shaving off nearly 4%. Meanwhile, participation is within average, dropping to around $24 billion.
The following trending Ethereum news events are worth monitoring:
- Even with falling Ethereum prices, spot ETFs continue to see inflows. What this means is that investors are confident about the coin’s prospects. It is worth knowing that interest in spot Ethereum ETFs is rising despite the absence of staking, which the United States SEC barred.
- Jump Trading is selling its ETH holdings. The impact of their action is visible on prices. The coin is under pressure as the market maker liquidates their holdings following news that the United States CFTC is investigating their operations.
Ethereum Price Analysis
ETH/USD is down, looking at the daily chart.
The immediate resistance is around the $2,500 to $2,800 zone.
On the lower end, support is at $2,100.
Since Ethereum is within a bear breakout formation, every high within the August 5 bar may offer entries for sellers.
The first target will be a retest of this week’s low at $2,100.
Further losses may force ETH to $1,800 and $1,500 in a bear trend continuation formation.
Any sharp break above $2,800 will trigger demand.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals