Ethereum Consolidating: Will ETH Dump Or Fly? Ceiling At $2,700
Ethereum bulls are attempting to push higher, looking at the daily chart. However, what's needed is a strong close above $2,700
Ethereum is also capped at around $2,700, though buyers are upbeat, expecting prices to extend recent gains, even floating to $3,000. Though this is highly possible, the odds of ETH also contracting, aligning with the sell-off of early August, cannot be discounted. If anything, traders are closely tracking performance, aware that the complete unwinding of losses of August 4 and 5 might ignite demand. Traders are hopeful, looking at a retest of $3,500 and July highs. On the flip side, losses below August lows will be catastrophic for optimists.
The sideways chop is evident, looking at how Ethereum is performing in the past few trading days. With the local resistance at $2,700 and traders unwilling to push higher, ETH is stable in the past day. At the same time, it is up nearly 9% in the previous week. A concern amid this is the tepid participation at just $15 billion in the past 24 hours.
Traders are monitoring the following Ethereum news days:
- Amid the proliferation of bot activity, one analyst thinks they are not all bad. Instead, they should not be seen in a bad light but as agents of liquidity and general stability. The only negative aspect of these tools is the deployment of malicious MEV bots.
- Spot Ethereum ETFs continue to post outflows. By August 13, all nine issuers saw a combined outflow of over $32 million of ETH. Of them all, thousands of ETH are being redeemed from Grayscale’s ETHE.
Ethereum Price Analysis
ETH/USD is stable when writing.
Aggressive traders might choose to load the dip above $2,100, targeting $3,000 and $3,500 in the medium term.
Notice that prices are inside the August 8 bull bar, a positive from volume analysis perspective.
A close above $2,700 will confirm buyers of mid-last week, setting the base for another leg up above $2,800 and $3,000.
Conversely, losses below $2,100, reversing all August 8 gains, will confirm weakness, setting the stage for bears angling for $1,500 or lower.
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