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- Ethereum ($ETH) remains consolidated within the $2.6K range.
- $ETH’s fear and greed index suggests fear sentiment in the market.
As in the mid of August, Ethereum ($ETH), has witnessed significant bearish momentum over the past weeks. This largest altcoin struggles to break through the oscillating price range and chooses to consolidate within $2,600-2,700.
Last week on August 5, $ETH declined to its seven-month low at the $2.1K range. Gradually, it recovered from the dip and traded above $2.5K. Over the last 24 hours, $ETH has slipped down by 0.24%. At the press time, $ETH traded at $2,614 with a market cap of $314 billion. Meanwhile, the daily trading volume is slightly up by 0.11%, noting $15.98 billion, as per CoinMarketCap data.
Notable $ETH Moves of the Week
Notably, the US Republican nominee, Donald Trump, holds a portfolio of Ethereum valued between $1 million–5 million. As per Arkham Intelligence data, Trump’s wallet has approximately $1.29 million worth of $ETH.
On the other hand, Ethereum co-founder Vitalik Buterin has recently donated 200 $ETH, worth around $532,000 worth of $ETH to the Effective Altruism Funds Animal Welfare Fund. This donation was funded by selling off meme-themed, Ethereum-based tokens sent to him over the past year.
The US spot Ethereum ETFs recorded the least weekly inflow of $4.93 million on Monday, according to Sosovalue data. And the weekly total net inflow was noted at $836.54K, with total net assets worth $7.16 billion.
Meanwhile, over the last 24 hours, Ethereum observed a $56.92 million liquidation as per the crypto data platform, CoinGlass.
Can $ETH Break the $2.7K Resistance?
$ETH observed a low of $2,226 with a notable decline of 22.32% over the last month, continuing its fall over the past week with a 2.13% plunge. The asset has fallen from $2,761 to $2,533.
Besides, the daily frame of $ETH indicates that it is briefly in bearish momentum as the short-term 9-day (9MA) and 21-day (21MA) moving averages are above the current price at $2,637 and $2,814, respectively. Meanwhile, the daily relative strength index (RSI) is found at 40.46, seemingly approaching the neutral zone.
The initial resistance can be found at $2,708, if $ETH revival befalls. An upside break might further send the price higher toward the $2.8K resistance zone. If Ethereum could not climb above the key resistance, the major support on the downside might be at $2,534. A potential downfall might push the price to $2,425.