Ethereum

bullish

<ul>
 <li>Ethereum struggles to break the $3,000 resistance level despite new U.S. spot ETFs.</li>
 <li>ETH saw a 2% increase in the past 24 hours, moving from $2,538 to $2,662.</li>
</ul>
As new <a href="https://thenewscrypto.com/us-spot-ethereum-etfs-experience-longest-withdrawal-streak/" target="_blank" rel="noopener noreferrer nofollow">spot exchange-traded funds</a> (ETFs) enter the U.S. market, Ethereum, the second-largest cryptocurrency by market cap, continues to grapple with substantial difficulties. Despite recent efforts to reach new price peaks, ETH has struggled to surpass the crucial $3,000 resistance level, contending with market fluctuations and waning dominance compared to Bitcoin.
In the past 24 hours, Ethereum showcased has modest 4.88% increase, rising from a low of $2,538 to a high of $2,662. This uptick follows Bitcoin’s 3% climb to approximately $62,000. At the time of writing, ETH is trading at $2,638, with a daily trading volume of $12.90 billion.
The current market performance shows Ethereum lagging behind, with its price below $2,600 at the end of August—a mere 15.80% gain from the start of the year. This slump has caused mixed dissatisfaction among Ethereum traders and enthusiasts, who have voiced their concerns directly to Vitalik Buterin, the blockchain’s founder.&nbsp;
Following that, <a href="https://x.com/VitalikButerin/status/1826253901240431083" target="_blank" rel="noopener noreferrer nofollow">Buterin</a> has been criticized for focusing on philosophical topics rather than addressing Ethereum’s market challenges. In response, he posted a message along with a bull-themed image, referring to it as an “Ethereum bullpost.”
<h3 class="wp-block-heading" id="h-ethereum-s-consolidation-and-potential-breakout-scenarios">Ethereum’s Consolidation and Potential Breakout Scenarios</h3>
Over the past two weeks, Ethereum’s price has been range-bound between $2,680 and $2,529, indicating a consolidation phase.&nbsp;
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="516" src="https://thenewscrypto.com/wp-content/uploads/2024/08/image-78-1024x516.png" alt="" class="wp-image-106229" srcset="https://thenewscrypto.com/wp-content/uploads/2024/08/image-78-1024x516.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-78-300x151.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-78-768x387.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-78.png 1297w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
Ethereum technical indicators suggest a potential breakout, with the 50-day EMA currently at $2,617, reflecting a bullish trend. Additionally, ETH’s Relative Strength Index (RSI) stands at 57, placing the asset in a neutral zone.
According to the <a href="https://thenewscrypto.com/ethereum-eth-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Ethereum price prediction</a>, a successful breach of the $2,700 resistance could pave the way for ETH to test the next major resistance at $2,950. Surpassing this level might propel ETH towards $3,000. If momentum continues, ETH could potentially rise to $3,250 and even approach $4,000.
Conversely, if Ethereum falls below $2,600, it may enter another extended period of consolidation. This could push the price below $2,300, dampening short-term bullish sentiment. Continued declines might follow, leading to further market challenges.

Will Ethereum Overcome Market Struggles and Break $3000?

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