Ethereum price has crawled back in the past few days but remains below a key resistance level.
Ethereum experienced a surge on Saturday, surpassing the low point of $1,762 for this month. It had been selling at about 1,940.57 at the time of publication.
After plummeting by more than 53 percent from its greatest level in December, Ethereum (ETH), which is the second-largest cryptocurrency, is yet to emerge from its deep bear market.
Despite the fact that the cryptocurrency and stock markets are falling due to tariffs imposed by President Donald Trump, investors continue to remain on the sidelines, which is one of the reasons for the current sell-off.
Data from a third source indicates that investors on Wall Street have continued to dump their Ether exchange-traded funds (ETFs). Therefore, according to SoSoValue, all Ethereum exchange-traded funds (ETFs) have lost more than $143 million in assets this week.
This represents a significant increase from the $119 million that they lost the previous week. Over the course of the past three weeks in a row, they have seen a loss of assets, which brings the entire cumulative net inflows to 2.06 billion dollars.
After Grayscale’s ETHE, which has assets worth more than $2.35 billion, Blackrock’s ETHA comes in second with assets worth $2.1 billion. Compared to Bitcoin’s $93 billion, all Ethereum exchange-traded funds (ETFs) have more than $6.6 billion.
In addition, the futures market is emitting a cautionary signal on the pricing of Ethereum. According to the published data, linear weekly futures have entered the backwardation phase for the very first time since the month of August.
A period of time known as backwardation occurs when futures prices are lower than the levels that are currently in effect. There are indications that some investors are buying the drop, which is a potential good development. Trump’s World Liberty Financial made more purchases of ether with a total value of more than $540,000.
According to additional statistics provided by CryptoQuant, whales have continued to amass significant amounts of ETH. These large investors have seen their balances fluctuate over the past few months, as demonstrated in the table below. For more information, visit https://twitter.com/CryptooELITES/status/1900622963076198544.
Ethereum price analysis
According to the daily chart, the price of Ethereum has been stable throughout the course of the last few days. Up from a low of $1,762 to a high of $1,930, it has increased. Ethereum has not been successful in turning the significant psychological threshold of $3,000 into a support level.
Additionally, it continues to stay below the critical resistance level at $2,115, which represents the lowest swing in the month of August, as well as the neckline of the triple-top point at $4,000. The 50-day and 200-day moving averages have crossed each other, resulting in the formation of a death cross pattern as it pertains to Ethereum.
In addition, it has established a bearish pennant pattern, indicating a potential further decline. The confirmation of this pessimistic stance will occur if the price falls below the low point of this month, which is $1,762.
