With a correction of around 5% in the past 24 hours, Ethereum price has recorded the biggest loss among the top 14 cryptocurrencies by market capitalization. Additionally, it is on track to break the $2,300 threshold, indicating that the market sentiment is becoming more bearish.
Along with this, questions like “Can Ethereum regain its value?” and “How low will ETH go?” have seen a surge in internet searches. To understand the short-term price outlook of the largest altcoin, our team of experts has done a technical analysis.
ETH Price Records Strong Reversal!
After being rejected at the resistance line of the symmetrical triangle pattern, Ethereum price has dropped by more than 5% in the past seven days. Additionally, with a trading volume of $16.54 billion, it is currently valued at $2,300.73.
Additionally, it is down around 12% over the past 30 days and has a year-to-date (YTD) return of less than 1%. Furthermore, the altcoin leader is currently down 43.79% from its yearly high of $4,092.
Ethereum ETF Spot Fund Update
The US ETH ETF has seen steady inflows over the past week, suggesting that the crypto market is cooling down. Notably, ETFs saw two out of five positive days last week, with inflows of $11.4 million and $1.5 million, for a total of $12.9 million.
In contrast, the highest outflow was recorded on September 12 at $20.1 million. This added up to a total outflow of $25.8 million. When both are considered, the net outflow for the week ended at -$12.9 million. This marks a decline of more than 85% in weekly outflows.
Notably, this indicates a reduction in selling pressure, while also highlighting the potential upside outlook in the coming period.
Will ETH Price Rise Again?
A bullish reversal could see the altcoin leader retest the triangle pattern resistance line. Additionally, if the market continues to favor the buyers, this could push the Ethereum token price as high as $2,530 in the coming weeks.
Conversely, if bears continue to dominate the crypto market, ETH price could retest the key support level of $2,175 this month.
Also read, Ethereum price prediction 2024 – 2030