Ethereum

2024

DeFi

Spot

Status

<p>The post <a href="https://coinpedia.org/news/ethereum-news-eth-price-faces-death-cross-worst-august-in-5-years/" rel="noopener noreferrer nofollow">Ethereum News: ETH Price Faces Death Cross, Worst August in 5 Years</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Ethereum (ETH) price is en route to registering its worst August performance in the past five years. Despite the decent rebound in the past two days, the Ethereum price is about to register a death cross between the 50 and 200-day Moving Averages (MAs).</p>
<p>However, the worst-case scenario for Ethereum’s price action has already happened, but another retrace before an inevitable rally to an all-time high could happen soon. Furthermore, Ethereum’s daily Relative Strength Index (RSI) continues to hover in the oversold territory, the lowest level since September last year.</p>
<h2 class="wp-block-heading" id="h-impressive-performance-by-spot-ethereum-etfs">Impressive Performance by Spot Ethereum ETFs</h2>
<p>The notable cash inflows to the U.S. spot Ether ETFs have bolstered the recent Ethereum price rebound. In the past two days, the US spot Ether ETFs have registered a net cash inflow of nearly $150 million.</p>
<p>On Tuesday, BlackRock’s ETHA registered a net cash inflow of about $109 million, thus currently holding a total of about $704 million.</p>
<h2 class="wp-block-heading" id="h-network-status">Network Status</h2>
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   <p lang="en" dir="ltr">I think people will be surprised by how quickly "cross-L2 interoperability problems" stop being problems and we get a smooth user experience across the entire ethereum-verse (incl L1, rollups, validiums, even sidechains). I'm seeing lots of energy and will to make this happen.</p>— vitalik.eth (@VitalikButerin) <a href="https://twitter.com/VitalikButerin/status/1820404774493110309?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 5, 2024</a>
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<p>In the past few years, the Ethereum network has thoroughly prepared for the mass adoption of its smart contracts and Web3 protocols. Out of the $81 billion in total value locked in the entire DeFi industry, the Ethereum network accounts for $47 billion.</p>
<p>According to Ether’s cofounder Vitalik Buterin, the Ethereum network has significantly improved through its layer two scaling solutions. However, Buterin emphasized that the developers need to focus more on enabling interoperability between the settlement and consensus layers.</p>
<h2 class="wp-block-heading" id="h-what-next-for-eth-price-action">What Next for ETH Price Action</h2>
<p>As the lead altcoin in the industry, Ethereum price has been waiting for a reversal signal of the Bitcoin dominance in the weekly time frame. Notably, the ETH/BTC pair recently broke down to a new multi-year low, signaling the altseason has not yet begun.&nbsp;</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> cycle comparison: <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> 2017-2021 vs <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETH</a> 2021-2024 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Looks like we’re exactly where we should be <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f44c.png" alt="👌" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Ignore the noise, stay focused! Markets will recover <a href="https://t.co/z12Jx0QFJ5" rel="noopener noreferrer nofollow">pic.twitter.com/z12Jx0QFJ5</a></p>— CryptoBullet (@CryptoBullet1) <a href="https://twitter.com/CryptoBullet1/status/1820854465953698243?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 6, 2024</a>
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<p>From a technical standpoint, Ethereum price has been forming a similar fractal pattern with the past two major bull cycles. As a result, Ethereum’s price could break out to a new all-time high in the fourth quarter.</p>
<p>However, Ethereum’s macro bullish outlook could be delayed if the asset consistently closes below the crucial support/resistance level of around $2,100.</p>

Ethereum News: ETH Price Faces Death Cross, Worst August in 5 Years

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