After the recent recovery from sub-$2000 levels, ETH price was expected to rise above $3000 again. Unfortunately, the bulls have become weak and the bears are taking advantage of the opportunity, preventing the price from reaching the required resistance. With this, the possibility of reclaiming these levels seems to have been delayed for a while, which could raise concerns about the upcoming price action.
The Ethereum ETF has not attracted much volume as outflows continue to exceed inflows, recording the lowest at just under $5 million. Interestingly, Grayscale’s inflows and outflows were at $0, while Fidelity and Bitwise recorded minimal inflows. This could spook market participants as bulls are also showing less interest in pushing the levels above $2800, which could pave the way to $3000.
The market bought back ETH after a major drop out of fear. Bulls kept the price below $2,000 then and are now trying to keep it above $2,500. Overall, the bullish backdrop remains, but a short-term dip could hamper the rally.
The whales continue to buy the token after a sharp decline, regardless of the bearish influence hovering over the ETH price. However, some premises suggest that the major players are still bullish. The token has reached a crucial area that needs to be closely watched as the price has both bullish and bearish possibilities. If the trend repeats itself, the Ethereum price could print a few more daily bearish candles before the next bullish action.
Otherwise, the token could trigger a pullback to levels near $2,500, which could attract fresh volume and initiate a consolidated rise above $3,000. Volume has been declining while selling pressure has also eased significantly. Therefore, the target at $3,200 seems to have been reached, but reaching these levels could depend on the trend of the next few days.
If Ethereum (ETH) price initiates a breakout, the MACD is about to undergo a bullish crossover; it could rise above $3,000 in the first days of September or reach this level in the second half of the month.
