Plunge

Ethereum

Verge

<p>The post <a href="https://coinpedia.org/price-analysis/ethereum-eth-price-to-recalim-3k-or-plunge-below-2-5k-this-august/">Ethereum (ETH) Price To Recalim $3K Or Plunge Below $2.5K This August?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The crypto industry’s market cap rose from $2.075 T to over $2.14 T in the past 24 hours, registering a surge of 4.89%. With this, Bitcoin has reclaimed its $61,000 mark, by adding gains of 4.13%.</p> 
<p>Following suit, <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/">Ethereum’s price</a> has shown a similar trend, adding 2.76% to its portfolio with a trading volume of $12.17 billion, indicating a 17.29% increase. This has led to questions like “Will Ethereum reach $3K” and&nbsp; “How high will the ETH price go in 2024?”.</p> 
<h2 class="wp-block-heading" id="h-eth-price-on-the-verge-of-a-major-breakout">ETH Price On The Verge Of A Major Breakout?</h2> 
<p>Since May, the <a href="https://markets.coinpedia.org/ethereum/">Ethereum </a>price has been trading within a bullish expanding triangle pattern, signaling a weak price action. Positively, it has successfully retested its crucial support trendline, highlighting a potential bullish reversal in the market.</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfAQXey09ek2ISnMW8z-8I6ZpQxY5leJfJ4dIZCyqHiSEtr0kJM5sBDqO0fyJCxWMcYWc-ro9u3UO3P4hH_1jR_kRhMMXblWlFQilXPCtS6xLWf76-VqFxfy6a8UtjK4au2oGnNhCPS85vs4ZV5U87neeI?key=MSQ5LA9gw6Jhbnc-g_onqA" alt="ETH Price">
</figure> 
<p>Moreover, with the recent price jump, it has also formed an ascending triangle pattern. This indicates a constant increase in the buying pressure for the Ethereum crypto in the market.</p> 
<h2 class="wp-block-heading" id="h-ethereum-token-s-market-sentiments">Ethereum Token’s Market Sentiments</h2> 
<p>The EMA 50/200-day has recorded a Death Cross in the ETH price chart in the 1D time frame. Reflecting a strong bearish influence in the cryptocurrency market.</p> 
<p>However, the RSI indicator has recorded a constant uptrend with its average trendline recording a bullish action. This highlights uncertainty in the future price action for the leader of altcoins.</p> 
<h2 class="wp-block-heading" id="h-ethereum-spot-etf-update">Ethereum Spot ETF Update</h2> 
<p>Over the past 24 hours, Grayscale’s “ETH” recorded the highest inflow of $4.9 Million, followed by Bitwise’s “ETHW” with $1.9 Million. On the other hand, Blackrock’s “ETHA”, Fidelity’s “FETH”, 21 Shares ”CETH”, VanEck “ETHV”, Invesco “QETH”, and Franklin “EZET” have recorded a neutral flow.</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcaWm8UX866R5C7pbuemCkWibde3bOdViKRPNeJjrfykPGIOCmxmcIrEZ5cfGiV_h3IGJUmJEojTs_sS9cMAKrSOFc44ve3lRtWysEPi0AVXetMSJfHlVT7jJrlA6TckMrf6wEs0kRFC1OjNF-FqEksg6TV?key=MSQ5LA9gw6Jhbnc-g_onqA" alt="">
</figure> 
<p>On the flip side, Grayscale’s “ETHE” with a drop of $20.3 Million has recorded an outflow for the 5th consecutive day. Notably, it has recorded 12 out of 13 red days, 1 neutral day, and zero positive days since inception. With this, the total outflow for the day concluded at $13.5 Million.</p> 
<h2 class="wp-block-heading" id="h-can-eth-price-reach-3k-this-august">Can ETH Price Reach $3K This August?</h2> 
<p>If the bulls continue to dominate the market, the Ethereum price will prepare to test its resistance level of $2,870 this month. Suppose, the ETH coin price holds its value above that level. In such a case, the altcoin leader will head toward its upper high of $3,272 during the upcoming weeks.</p> 
<p>However, if a bearish reversal occurs, the ETH price will test its support level of $2,530. Moreover, if the bulls fail to regain momentum at that point, the price will plunge toward its yearly low of $2,175.</p>

Ethereum (ETH) Price To Recalim $3K Or Plunge Below $2.5K This August?

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