With a correction of ~5% over the past 24 hours, the Ethereum price has recorded the highest loss among the top 14 cryptocurrencies by market capitalization. Moreover, it is on the verge of breaking down its $2.3k level, indicating increased bearish sentiment in the market.
With this, questions like “Will Ethereum ever regain value?” and “How low will ETH price go?” have recorded increased search volume on the internet. To understand the short-term price prospects of the largest altcoin, our expert panel has documented the technical analysis.
ETH Price Records A Strong Bearish Reversal!
After facing rejection at its resistance trendline of the symmetric triangle pattern, the Ethereum price has recorded a drop of over 5% within the past seven days. Moreover, with a trading volume of $16.54 billion, it is currently valued at $2,300.73.
Moreover, it has plunged ~12% during the past 30 days and has a Year-to-Date (YTD) return of less than 1%. Moreover, the altcoin leader is currently down by 43.79% from its yearly high of $4,092.
Ethereum Spot ETF Update
Over the past week, the U.S. ETH ETF has recorded a stable flow. This indicates a cool-off period in the crypto market. Notably, the ETFs have recorded 2 out of 5 positive days during the previous week. With an inflow of $11.4 million and $1.5 million, the total inflow was $12.9 million.
On the contrary, the highest outflow was recorded on 12th September with $20.1 million. Moreover, it recorded a total outflow of $25.8 million. Evaluating the two, the net flow for the week concluded at -$12.9 million. This highlights a drop of over 85% in the outflow Week-on-Week.
Notably, this signifies a decline in the selling pressure, further, highlighting a potential bullish outlook in the coming time.
Will The ETH Price Go Up?
A bullish reversal could result in the altcoin leader retesting its resistance trendline of the triangle pattern. Moreover, if the market continues to favor the bulls, this could push the price of the Ethereum token toward its upper high of $2,530 during the upcoming weeks.
On the flip side, if the bears continue to dominate the crypto market, the ETH coin price could retest its crucial support level of $2,175 this month.
Also read, Ethereum price prediction 2024 – 2030
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