Ethereum Bulls Struggling For Momentum, Sellers In Charge Below $2,700

Ethereum is tight, looking at the performance in the daily chart. Even though there are hints of strength, the failure of bulls to push higher is a concern for optimistic traders. Still, the coin is trading above important support lines, and the $3,300 level remains critical. Unless there is movement driving ETH either up or down the current bull flag, conservative, risk-on investors can stay on the sidelines until there is a trend definition.

Traders are upbeat, even with Ethereum struggling for momentum. The state of price action in the daily chart means ETH is flat in the daily and weekly charts. However, what’s notable is the drastic improvement in engagement, rising to over $12.8 billion in the past 24 hours.

The following trending Ethereum news events are worth watching today:

• Analysts argue that though Ethereum bulls are struggling to redefine trend, fundamentals are strong, and better than the last bull cycle. It is worth noting that institutions are now part of the play following the approval of spot ETFs.
• The proliferation of Ethereum layer-2s, one analyst said, means there is rising demand for ETH. So far, trackers show that Base, Arbitrum, and other top off-chain platforms manage over $36 billion worth of assets as of August 20.

Ethereum Price Analysis

ETH/USD is flat at spot rates.

Despite the confidence, the coin remains within a bearish formation, struggling to reverse the gains of August 5.

In the short term, conservative traders can wait for a clean close above $2,700 or $2,100 before committing. Preferably, this break must be with higher volume, exceeding that of August 5.

Meanwhile, aggressive traders can short on every attempt higher as long as prices are below $2,700. This outlook will align with the losses of August 4 and 5.

The next target would be $1,800 and $1,500.