Ethereum At A Critical Point: Will Bears Give Up For ETH To Retest $3,000?

Ethereum is within a very tight range. The current state of price action favors bears. Notably, even with the general optimism among ETH holders, the coin is yet to breach $2,800—a key resistance. At the same time, engagement has been decreasing as prices move inside a narrow zone. In the coming days, traders can look at other fundamental factors and, mostly, inflows to spot Ethereum ETFs. If there is an uptick, most analysts expect ETH prices to rip higher, countering the early August drop.

At press time, buyers are confident of what lies ahead. The problem is that traders are cautious. As prices consolidate below $2,700, ETH is in a tight zone, reflecting in its daily and weekly performances. Ethereum is up 3% in the past week. The absence of trading activity means engagement is suppressed as volume sinks to nearly $12 billion in the past day.

Traders are closely monitoring the following Ethereum trending news:

• Vitalik Buterin, the co-founder, thinks over the months, Ethereum has grown. He specifically cites the low transaction fees in layer-2s platforms and the launch of fault-proofs in these scaling solutions.
• Despite the lull in spot Ethereum inflows, BlackRock’s ETHA is the first product to cross the $1 billion mark. This is massive and considers the unwinding of Grayscale’s ETHE.

Ethereum Price Analysis

ETH/USD is flat, but traders are optimistic.

From the daily chart, the immediate support is $2,500. On the upper end, it remains at $2,700.

Bears have the upper hand as long as prices remain inside this zone.

Though prices are also inside the bullish August 8 bar, it is until there is confirmation. This means the coin must break above $2,800 with expanding volumes.

If not, and Ethereum drops below $2,500 with similar vigor, there is no discounting a retest of $2,100 in continuation of August 4 and 5 bear candles.