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Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) retested $2,111 on Aug. 5 for the first time since Jan. 3, briefly giving away 98% of its 2024 yearly gains. The ETH/BTC chart also illustrates weakness against Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>), with the trading pair reaching a 1,211-day low.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-08/97c59891-c171-4065-bfcf-ac24043ea982.png" alt="Why is Ethereum (ETH) price up today?">
 <figcaption style="text-align: center;">
 ETH/BTC weekly chart. Source: Trading View
 </figcaption>
</figure>
Meanwhile, Ethereum ETF inflows <a href="https://farside.co.uk/?p=1518" target="_blank" rel="noopener nofollow">recorded</a> a minor netflow of negative 2.9 million on Aug. 8 after exhibiting over $150 million in positive inflows right after Monday’s market rout. The total flow remains negative at $390 million at the time of publication.&nbsp;&nbsp;
<h2 id="ethereum-rises-as-crowd-s-primary-focus-after-dip">Ethereum rises as crowd’s "primary focus" after dip</h2>
Ethereum has regained 27% since hitting Monday’s lows at $2,111, primarily due to the market’s overall recovery. 
Bitcoin witnessed a strong rally of 12% over the past 24 hours, and Ether followed suit. Both the assets currently share a correlation index of 0.82 over a 90-day period, suggesting that BTC and ETH are virtually in lockstep.&nbsp;
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-08/85df39a5-dad7-49b5-8a23-a38589ab6515.png" alt="Why is Ethereum (ETH) price up today?">
 <figcaption style="text-align: center;">
 BTC-ETH correlation chart. Source: blockchaincenter.net
 </figcaption>
</figure>
Meanwhile, Santiment, an analytics platform, <a href="https://x.com/santimentfeed/status/1820531593972506883" target="_blank" rel="noopener nofollow">highlighted</a> that the crowd was primarily focused on Bitcoin and Ethereum after Monday's sharp decline. Ether appeared as a potential buy opportunity, and ETH addresses illustrated this sentiment, as explained in the next section.&nbsp;
<h2 id="ethereum-addresses-add-757k-eth-post-dip">Ethereum addresses add 757K ETH post-dip</h2>
According to&nbsp;, an on-chain data aggregator, ETH accumulation addresses with balances between 10-10K ETH and 10K-100K have gradually increased their allocations since July.&nbsp;
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-08/826240b0-6380-4541-a5df-0a01fe676ac7.png" alt="Why is Ethereum (ETH) price up today?">
 <figcaption style="text-align: center;">
 ETH accumulation chart. Source: Cryptoquant
 </figcaption>
</figure>
As observed in the chart, the big addresses absorbed a significant amount of ETH selling after Monday's lows. Addresses with a balance between 10 and 10K added 530K ETH, while addresses between 10K and 100K added roughly 227K ETH after Aug. 5.&nbsp;
<h2 id="market-to-offer-several-chances-to-buy-eth-analyst">Market to "offer several chances” to buy ETH — Analyst</h2>
While Ether has jumped swiftly from its recent lows, the altcoin is expected to consolidate sideways over the next few weeks. According to CrediBULL Crypto, a popular crypto trader, Ethereum will possibly witness “one more marginal lower low," which will see a retest of support at $2,111. 
He <a href="https://x.com/CredibleCrypto/status/1821687375900131684" target="_blank" rel="noopener nofollow">highlighted</a>&nbsp;Ethereum’s weakness against Bitcoin as a primary reason. In other words, a minor correction for BTC might trigger a bigger decline for ETH.&nbsp;
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-08/5ac84754-68fb-4150-a4bf-9e0f51ac25e3.jpg" alt="Why is Ethereum (ETH) price up today?">
 <figcaption style="text-align: center;">
 Bitcoin 1-hour chart by CredibleCrypto. Source: X.com
 </figcaption>
</figure>
Meanwhile, another popular crypto trader, CryptoPoseidonn, sees the above scenario as an opportunity. He <a href="https://x.com/CryptoPoseidonn/status/1821241012687138927" target="_blank" rel="noopener nofollow">mentioned</a> on X.com, 
<blockquote>
 “The market will bottom in the green and will offer several chances to buy $ETH over the next 2 months.”
</blockquote>
Despite the recovery, however, Ethereum’s daily chart is looking bearish. ETH price closed below its long-term bullish trendline (white ascending line), which dates back to October 2023. 
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-08/f786e914-adfa-4fe2-87ad-5763f006563d.png" alt="Why is Ethereum (ETH) price up today?">
 <figcaption style="text-align: center;">
 ETH/USDT daily chart. Source: Trading View
 </figcaption>
</figure>
Moreover, Ether price dropped below the 100-day and 200-day exponential moving averages (EMA) — blue and orange indicators, respectively. Therefore, ETH/USDT may face resistance between $2,850 and $2,700, which previously acted as a support range in 2024.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Why is Ethereum (ETH) price up today?

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